Integrated energy platform Avaada Group said on Wednesday it has tied up $1.07 billion in capital from Brookfield Renewable and the Global Power Synergy Public Company Ltd. to fund its green hydrogen and green ammonia ventures in India.
Brookfield Renewable, through its Brookfield Global Transition Fund, will be investing up to $1 billion in Avaada Ventures Pvt. Ltd., a company statement said.
The Global Power Synergy Public Company will further invest $68 million in Avaada Energy to release debt obligations and support growth, it added.
This fund tie-up is part of the $1.3 billion fund-raising plan of Avaada Group.
The group is also in advanced discussions with potential investors to raise another $200 million, it informed.
The Avaada Group has become future-ready in the Global Energy Transition theme and has diversified into the manufacturing of green hydrogen and green ammonia.
The group has also expanded its footprint into the solar PV supply chain with the manufacturing of solar cells and modules.
"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 the promise of a sustainable future for posterity," Vineet Mittal, Chairperson and Founder, Avaada Group, said.
Avaada currently operates a renewable energy portfolio of 4 gigawatts, with plans to reach 11 GW by 2026.
Avaada has recently won a bid under the production-linked incentive scheme launched by the government for setting up 3 GW of ingots, cells, and module manufacturing facilities.
"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," Nawal Saini, Managing Director, Renewable Power and Transition, Brookfield, said.
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