Avaada Group has raised $1.07bn to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing US$ 1.3bn fund raise plan, according to a news release.
Brookfield Renewable, through its Brookfield GlobalTransition Fund, will be investing up to $1bn in Avaada Ventures Private Limited.
Global Power Synergy Public Company Limited will further invest $68m in Avaada for releasing debt obligations and supporting the growth.
The group is also in advanced discussions with potential investors to raise another US $200m.
“Avaada Group has become future-ready in the global EnergyTransition theme and has diversified into manufacturing of Green Hydrogen, Green Ammonia,” the release states. “The group has also expanded its footprint into the Solar PV supply chain with manufacturing of solar cell and module.”
Avaada currently operates a renewable energy portfolio of about 4 GW with plans to reach 11 GW by 2026.
