Avaada Group said on Wednesday, April 26, the company has raised $1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing $1.3-billion fund raise plan.

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Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF) will be investing up to $1 billion in Avaada Ventures Private Ltd, a press release from the company said.

Also, Global Power Synergy Public Company (GPSC), will further invest $68 million in Avaada Energy Private Ltd for releasing debt obligations and supporting the growth. The group is also in advanced discussions with potential investors to raise another $200 million.

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The group has expanded its footprint into the solar PV supply chain with the manufacturing of solar cells and modules. Avaada currently operates a renewable energy portfolio of 4 GW with plans to reach 11 GW by 2026.

Further, Avaada has won a bid under the 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 of Avaada Group, said the company is a leading player in energy transition in India, building an integrated ‘sand to molecule’ business aligned for the global energy transition towards decarbonisation.

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Nawal Saini, Managing Director of Renewable Power & Transition at Brookfield, said 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.

Avaada Group is India's integrated energy enterprise with business interests ranging from manufacturing solar modules and electrolysers to renewable power generation, green hydrogen and green ammonia production.

(Edited by : Shoma Bhattacharjee)