The Avaada Group has announced that it has raised $1.3 billion as part of its $1.07 billion capital raising plan to fund its green hydrogen and green ammonia projects in India.
Brookfield Renewable is investing up to $1 billion in Avaada Ventures Private Limited through the Brookfield Global Transition Fund (BGTF). The group plans to raise an additional $200 million from potential investors. The Avaada Group specializes in the production of green hydrogen and green ammonia and has expanded its presence in the solar PV supply chain with the manufacture of solar cells and modules. The group currently operates a renewable energy portfolio of approximately 4 GW and plans to reach 2026 GW by 11.
Vineet Mittal, Chairman and Founder of the Avaada Group, said, “The Avaada Group is a leading player in India’s energy transition, building an integrated “sand-to-molecule” business focused on the global energy transition all the way to decarbonization. I am excited to welcome Brookfield as a partner in our next phase of growth. The collaboration will help us pursue exciting opportunities as we play a critical role in managing the exponential growth of sustainable energy and position ourselves at the forefront of the global energy transition.”
Brookfield’s Managing Director of Renewable Energy & Transition, Nawal Saini, added, “We are excited to invest in Avaada through the Brookfield Global Transition Fund, which focuses on investments that accelerate progress towards a carbon-free economy. This strategic partnership will leverage Brookfield’s global track record, access to capital and operational expertise, and strong local presence to realize its vision for the energy transition. Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India’s net-zero ambitions.”
The Avaada Group’s recent win in a tender under the “Production Linked Incentive” program introduced by the Government of India for the establishment of a production facility for 3 GW of blocks, cells, and modules signifies the group’s commitment to sustainable energy.
This significant capital raise for the Avaada Group will support the company’s green hydrogen and green ammonia projects in India and further the country’s commitment to a sustainable future.