Avaada Group Successfully Pockets INR 10,700 Cr as Funding

Avaada Group in MoU with REC for INR 20,000 Funding Towards its Energy Transition Projects  

Avaada Group, an integrated energy platform, has announced the successful closure of INR 10,700 crore ($1.3 billion) funding round. The firm says this marks a historic moment for the green energy industry in Asia and India’s renewable energy sector as this funding round is the largest equity round ever raised by any green energy company in Asia.

The funding will be used to bolster Avaada’s green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures. This achievement underscores the effectiveness of government policies encouraging investment in green energy and the global transition towards sustainable energy solutions, states the firm.

In a significant boost to its solar manufacturing capabilities, Avaada Group had previously won a production-linked incentive of INR 961 crore ($116.78 million) for 3 GW of wafer-to-module capacity under the PLI Scheme. This win, coupled with the successful funding round, further solidifies Avaada’s position as a leader in the renewable energy sector and underscores its commitment to harnessing green energy for a sustainable future, it states.

Avaada Energy Private Limited has won several tenders, amounting to almost 1.8 GW, in the last three months from corporate customers and utilities.

Brookfield Renewables, through its Brookfield Global Transition Fund (BGTF), had earlier committed to investing up to INR 8,225 crore ($1 billion) in Avaada Ventures Private Limited. In addition, Global Power Synergy Public Company Limited (GPSC), an existing shareholder with a 42.93% equity holding in Avaada Energy Private Ltd (AEPL), has pledged to increase its capital by investing an additional INR 1,917 crore ($233 million) in AEPL, further supporting the company’s growth. This follows GPSC’s previous investment of INR 558 crore ($68 million) in AEPL in April, bringing their total investment in Avaada to around INR 6,037 crore ($779 million).

Vineet Mittal, Chairperson and Founder, Avaada Group, commented, “This funding round marks a significant milestone in Avaada Group’s journey and India’s energy transition. We are grateful for the support from our investors and the Indian government, which is enabling us to contribute to the global energy transition and deliver on our promise of a sustainable future.”

Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company Limited (GPSC), said, “Our decision to invest further in AEPL is based on our confidence in their strategic approach to the renewable energy sector, aiming to achieve at least 11 GW in 2026.  AEPL’s commitment to renewable power generation aligns well with our own focus on sustainable growth and innovation.”

Avaada Group has diversified into manufacturing Green Hydrogen, Green Methanol, Green Ammonia, and expanded its footprint into the Solar PV supply chain with the manufacturing of solar cell and module. The company currently operates a renewable energy portfolio of 4 GW and around 7 GW in different stages of implementation.