Avaada raises funding for green hydrogen projects

Avaada Group has raised $1.07 billion from Brookfield Renewable to support its green hydrogen and green ammonia projects in India. The funding is part of the company’s ongoing plan to raise $1.3 billion.

The funding will be made from the Brookfield Global Transition Fund (BGTF).

To support its growth and release debt obligations, Avaada will receive an additional investment of $68 million from Global Power Synergy Public Company Limited (GPSC).

The company is also in advanced talks with potential investors to secure an additional $200 million in funding.

Brookfield Renewable is a global renewable power and decarbonization solutions company with a diversified portfolio of hydroelectric, wind, solar, distributed energy, and sustainable technology solutions across five continents.

Brookfield Renewable is part of Brookfield Asset Management, a global alternative asset manager with approximately $800 billion of assets under management.

In India, Brookfield has over 9 GW of diversified assets across wind, solar and hybrid assets in various stages of execution across seven states.

Avaada Group has ventured into the manufacturing of green hydrogen and green ammonia in addition to its existing renewable energy portfolio.

The company has also forayed into manufacturing of solar cells and modules.

Avaada operates a renewable energy portfolio of around 4 GW and aims to achieve a target of 11 GW by 2026.

Vineet Mittal, the Chairperson and Founder of Avaada Group, said the Avaada Group’s business is aligned with the global energy transition towards decarbonization.

Nawal Saini, Managing Director of Renewable Power & Transition at Brookfield, said the strategic partnership will leverage Brookfield’s global expertise, access to capital, and operational skills alongside Avaada’s strong local presence to enable the company’s vision for the energy transition business.

Avaada recently won a bid to set up a manufacturing facility for ingots, cells, and modules with a capacity of 3 GW under the Production Linked Incentiveprogram.

The company also won REC Power Development and Consultancy’s auction to supply 300 MW of power from interstate transmission system -connected solar power projects to be set up across the country.