Avaada Group raises $1 billion funding

Avaada Group announced that it 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 fundraise plan. Brookfield Renewable, through its Brookfield Global Transition Fund, will be investing up to $1 billion in Avaada Ventures Private Limited. Global Power Synergy Public Company Limited will further invest $ 68 million in Avaada Energy Private Limited for releasing debt obligations and supporting the growth. The company is also in advanced discussions with potential investors to raise another $ 200 million.

Avaada has recently won a bid under Production Linked Incentive (PLI) scheme launched by the Government of India for setting up 3 GW ingots, cell, and module manufacturing facility.

Also, recently, Avaada Energy won the 560 MW (DC) solar project bid in an e-reverse auction conducted by Maharashtra State Electricity Distribution Company Limited. The project was awarded through competitive bidding, followed by an e-reverse auction in which Avaada emerged as the winner with a quoted tariff of Rs 2.88 per kWh.