Avaada Group Formally Confirms Raising US $1 Bn Funding for Augmenting Renwables from Brookfield

Avaada Group Secures Rs 315 Cr Financing For Karnataka Solar Project

Avaada Group has formally announced that it has raised US $ 1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing US$ 1.3bn fund raise plan. 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 (“GPSC”), will further invest US $ 68 million in Avaada Energy Private Limited for releasing debt obligations and supporting the growth. The Group is also in advanced discussions with potential investors to raise another US$ 200 million. GPSC is an electricity and utility flagship of PTT group with core business to generate and supply electricity, steam and utilities to its industrial customers, the Electricity Generating Authority of Thailand (EGAT) etc.

Avaada Group has diversified into manufacturing of Green Hydrogen, Green Ammonia. The Group has also expanded its footprint into the solar PV supply chain with manufacturing of solar cell and module. Avaada currently operates a renewable energy portfolio of 4 GW with plans to reach 11 GW by 2026.

The firm recently won a bid under Production Linked Incentive (PLI) scheme launched by the Government of India for setting up 3 GW ingots, cell, and module manufacturing facility.

Vineet Mittal, Chairperson and Founder, Avaada Group commented, “Avaada Group is a leading player in energy transition in India, building an integrated ‘Sand to molecule’ business aligned for the global energy transition towards decarbonization. I am delighted to welcome Brookfield to join us in our next phase of growth. The collaboration will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy and position ourselves at the forefront of the global energy transition. I’m also thankful to GPSC for their continued support in fulfilling our mission of delivering promise of a sustainable future for posterity.”

Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield added, “We are pleased to be investing in Avaada through the Brookfield Global Transition Fund, which focuses on investments that accelerate the progress to a net-zero carbon economy. This strategic partnership will leverage Brookfield’s global track record, access to capital and operational expertise alongside Avaada’s strong local footprint, to enable their vision for the energy transition business. Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India’s net-zero aspirations. “

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 boasts of a portfolio of 4 GW and the firm plans to reach 11 GW by 2026 and 30 GW by 2030. GPSC is a 42.9% equity partner in Avaada Energy, the renewable arm of the Avaada Group.

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 and plan significant capacity addition to meet the domestic and international demand for the clean fuel through a separate business vertical.

Brookfield Renewable claims to operate one of the world’s largest publicly traded platforms for renewable power and decarbonization solutions. Its diversified portfolio consists of hydroelectric, wind, solar, distributed energy and sustainable technology solutions across five continents. The firm’s installed capacity totals approximately 25,400 megawatts and a development pipeline of approximately 110,000 megawatts of renewable power assets, 8 million metric tonnes per annum (“MMTPA”) of carbon capture and storage, 2 million tons per annum of recycled materials capacity and 3 million metric million British thermal units (“MMBtu”) annual capacity of renewable natural gas projects.

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

It may be recalled that the Gujarat Urja Vikas Nigam Limited (GUVNL) recently awarded a 200 MW solar power project to Avaada Energy, an arm of Avaada Group. The project contract was given at a tariff of Rs 2.75 per Kilo-Watt-Hour (KwH).

Earlier this month, Avaada also bagged a 560 MW solar energy project to supply renewable power to the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) at a quoted rate of Rs 2.88 per KwH. On April 3, the company also announced bagging a 470 MW solar project from Damodar Valley Corporation at Rs 2.70 per KwH.