Avaada Group has successfully closed a funding round of INR 10,700 crore ($1.3 billion), making it the largest equity round ever raised by a green energy company in Asia. The funding will be used to support Avaada’s green energy ventures, including green hydrogen, green methanol, green ammonia, solar manufacturing, and renewable power generation. This significant investment reinforces Avaada’s commitment to a sustainable future and highlights the effectiveness of government policies in encouraging investment in green energy.
The funding round comes on the heels of Avaada Group’s recent success in securing a production-linked incentive of INR 961 crore ($116.78 million) for 3 GW of wafer-to-module capacity under India’s PLI Scheme. This win, combined with the substantial funding, solidifies Avaada’s position as a leader in the renewable energy sector and underscores its dedication to harnessing green energy for a sustainable future.
Avaada Energy Private Limited, a subsidiary of Avaada Group, has also won several tenders totaling nearly 1.8 GW in the past three months from both corporate customers and utilities. This achievement demonstrates Avaada’s ability to meet the increasing demand for renewable energy and its commitment to delivering high-quality, sustainable energy solutions.
Brookfield Renewables, through its Brookfield Global Transition Fund (BGTF), has committed to investing up to INR 8,225 crore ($1 billion) in Avaada Ventures Private Limited. Additionally, 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. 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).
The successful closure of this funding round is a testament to India’s commitment to embracing innovation and technology in the transition to sustainable energy sources. The country finds itself at a pivotal moment, with the choice to continue relying on conventional energy or embrace the latest green technologies. By choosing the latter, India is creating enormous opportunities through the global transition fund.
Vineet Mittal, the Chairperson and Founder of Avaada Group, expressed gratitude for the support from investors and the Indian government, which enables Avaada to contribute to the global energy transition and fulfill its promise of a sustainable future. Mr. Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company Limited, also expressed confidence in AEPL’s strategic approach to the renewable energy sector and commended their focus on sustainable growth and innovation.
Avaada Group has expanded its operations beyond renewable power generation and diversified into manufacturing green hydrogen, green methanol, green ammonia, as well as entering the solar PV supply chain with the manufacturing of solar cells and modules. The company currently operates a renewable energy portfolio of approximately 4 GW, with an additional 7 GW in various stages of implementation.
Overall, Avaada Group’s successful funding round and continued growth exemplify the rapid development and commitment of India’s renewable energy sector. As the country embraces sustainable energy solutions, it is poised to become a global leader in the transition to a cleaner, greener future.
