- Global Power Synergy Public Company will also invest $68 million
- Avaada Group is in advanced discussions with potential investors to raise another $200 million
- The $1.07 billion investment’s proceeds will be used to fund local green hydrogen and green ammonia projects
Avaada Group, a Mumbai, India-based renewable energy company, has raised $1.07 billion to fund its local green hydrogen and green ammonia projects.
Brookfield Renewable, through the $15 billion Brookfield Global Transition Fund, will be investing up to $1 billion.
Global Power Synergy Public Company will also invest $68 million to release debt obligations and support growth. Avaada is in advanced discussions with potential investors to raise another $200 million.
Avaada Group is an integrated energy platform with interests ranging from manufacturing solar cells, modules and electrolysers to renewable power generation, green hydrogen and green ammonia production. Its flagship company Avaada Energy is India’s fastest-growing renewable energy IPP. Within five years, it has developed a portfolio of 4 gigawatts and plans to reach 11 gigawatts by 2026 and 30 gigawatts by 2030.
On the deal, Nawal Saini, managing director, renewable power and transition, Brookfield Renewable, in a statement, “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.”
Brookfield Renewable, an affiliate of Toronto-based Brookfield Asset Management, is an operator of a decarbonization technologies platform.