Avaada Group closes US$1.3bn funding round

Avaada Group has announced the successful closure of funding round raising more than US$1bn.

This US$1.3bn funding round is the largest equity round ever raised by any green energy company in Asia, the Indian developer said.

The funding will be used to bolster Avaada’s green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures, as part of India’s commitment to a sustainable future.

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 In a significant boost to its solar manufacturing capabilities, Avaada Group had previously won a production-linked incentive of $116.78m for 3GW of wafer-to-module capacity under the PLI Scheme.

This win, coupled with the successful funding round, further solidifies Avaada’s position as a leader in the renewable energy sector and underscores its commitment to harnessing green energy for a sustainable future, it said.

Brookfield Renewables, through its Brookfield Global Transition Fund (BGTF), has earlier committed to investing up to US$1bn in Avaada Ventures Private Limited.

In addition, 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 US$233m in AEPL, further supporting the company’s growth.

This follows GPSC’s previous investment of US$68m in AEPL in April, bringing their total investment in Avaada to around US$779m.

Vineet Mittal, chairperson and founder of Avaada Group, said: “This funding round marks a significant milestone in Avaada Group’s journey and India’s energy transition.

“We are grateful for the support from our investors and the Indian government, which is enabling us to contribute to the global energy transition and deliver on our promise of a sustainable future.”

Source: renews

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