India’s Avaada Group has secured $1.07bn from Brookfield Renewable Partners to produce solar photovoltaic (PV) panels and green hydrogen and to support the growth of its renewable energy platform.
This forms part of Avaada’s ongoing $1.3bn fundraising.
Brookfield will invest in Avaada Ventures via its global transition fund. GPSC has committed $68m to Avaada Energy for releasing debt obligations and to facilitate growth.
Brookfield Renewable power and transition managing director Nawal Saini stated: “We are pleased to be investing in Avaada through the Brookfield global transition fund, which focuses on investments that accelerate the progress to a net zero carbon economy.
“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.
“Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India’s net zero aspirations.”
The group is in talks with other potential investors to bring in a further $200m, and has diversified into the production of ammonia.
It has also expanded its presence in the solar PV supply chain by manufacturing solar cells and modules.
The company operates a 4GW renewable energy portfolio and aims to increase this capacity to 11GW by 2026.
Avaada Group founder and chairperson Vineet Mittal stated: “Avaada Group is a leading player in the energy transition in India, building an integrated ‘sand to molecule’ business aligned for the global energy transition towards decarbonisation.
“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.”