Avaada Group has raised $1.07 billion in funding as part of an ongoing $1.3 billion fund raise plan. The funding comes from Brookfield Renewable’s Brookfield Global Transition Fund (BGTF), which will invest up to $1 billion in Avaada Ventures Private Limited, and Global Power Synergy Public Company Limited, which will invest $68 million in Avaada Energy Private Limited.
Avaada Group was founded by Vineet Mittal and operates a renewable energy portfolio of approximately 4 GW, with plans to expand to 11 GW by 2026 and 30 GW by 2030.
The company’s business interests include manufacturing solar cells, modules, and electrolysers, as well as renewable power generation, green hydrogen, and green ammonia production.
The group is currently in the advanced stages of developing a solar manufacturing facility for wafer, cell, and modules, and is executing Green Ammonia projects across multiple geographies.
The funding from Brookfield Renewable and Global Power Synergy Public Company Limited will support Avaada’s growth and help release debt obligations.
Avaada Group’s flagship company Avaada Energy is India’s fastest-growing renewable energy IPP.
Avaada Group’s solar manufacturing business comprises a state-of-the-art facility with an annual production capacity of 5 GW for cells and modules. The capacities are expected to get operational by early next year.
By 2030, the group plans to scale up to 10 GW along with backward integration into polysilicon, ingots, and wafers.
Avaada Group is getting future-ready and has diversified in Green Hydrogen/Ammonia, targeting massive capacity to cater to domestic and foreign markets.
The group is also geared up for a new segment of business involving electrolyser manufacturing.
Avaada Group, known for its rich expertise in EPC, is a leader in executing end-to-end projects.
Avaada’s path-breaking technological solutions, capacity, quality, execution speed, and total cost of ownership attracted equity funding from marquee investors from across the globe, such as Asian Development Bank (ADB, Asia), DEG (Germany), FMO (Netherlands) and Proparco (France).
In mid-2021, PTT Group of Thailand became a strategic investor in Avaada. PTT is a renowned business conglomerate with a presence across the entire value chain of the Oil and Gas business. PTT has market cap exceeding US $ 70 Billion and figures prominently in Forbes’s Fortune 500 list of most valuable companies.
Avaada Group Raises US $1.07 Billion Funding
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