Avaada Group, a Mumbai, India-based provider of an integrated energy platform, raised US$1.07 Billion in funding.
Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), will be investing up to US $ 1 billion in Avaada Ventures Private Limited. Global Power Synergy Public Company Limited will further invest US $ 68m in Avaada Energy Private Limited for releasing debt obligations and supporting the growth.
This funding is part of an ongoing US$ 1.3 billion fund raise plan.
Founded by Vineet Mittal, Avaada Group is an integrated energy platform with business interests ranging from manufacturing solar cells, modules and electrolysers to renewable power generation, green hydrogen, and green ammonia production. Avaada currently operates a renewable energy portfolio of ~4 GW with plans to reach 11 GW by 2026 and 30 GW by 2030.
The solar manufacturing business of Avaada is in the advanced stages of developing a manufacturing facility for wafer, cell, and modules. The group is also executing Green Ammonia projects across multiple geographies.
FinSMEs
26/04/2023