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Avaada Group raises $1 billion in funding for green hydrogen

Avaada Group raises $1.07 billion to fund its hydrogen and green ammonia projects in India. With this fundraising, the company will be able to pursue its goal of becoming a major player in the global energy transition, while positioning itself as an industry leader in India.

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The Avaada Group, an integrated energy platform led by entrepreneur Vineet Mittal, has raised a whopping US$1.07 billion to fund its green hydrogen and green ammonia projects in India. This financing is part of its ongoing US$1.3 billion fundraising plan.

Avadaa seeks investors to diversify its activities

Brookfield Renewable will invest up to US$1 billion in Avaada Ventures Private Limited through its Brookfield Global Transition Fund. Global Power Synergy Public Company Limited (“GPSC”) will also invest US$68 million in Avaada Energy Private Limited to support growth and release debt obligations.

The Avaada Group is also in advanced discussions with potential investors to raise another US$200 million. This funding will help the group prepare for the future in the theme of global energy transition, diversifying into green hydrogen and green ammonia manufacturing. The group has also expanded its footprint in the solar panel supply chain by manufacturing solar cells and modules.

Avadaa wants to expand in the renewable energy sector

Currently, Avaada operates a renewable energy portfolio of approximately 4 GW, and the company plans to reach 11 GW by 2026 and 30 GW by 2030. The collaboration with Brookfield Renewable and GPSC will support the Avaada Group in pursuing projects as it plays a critical role in addressing the exponential growth of sustainable energy and positioning itself at the forefront of the global energy transition.

Vineet Mittal, chairman and founder of the Avaada Group, said he was delighted to welcome Brookfield to join the group in their next phase of growth. He said the collaboration would help the group fulfill its mission to deliver the promise of a sustainable future for future generations. Avaada Energy is India’s fastest growing independent renewable energy producer and the flagship company of the Avaada Group. Avaada’s solar panel manufacturing operations are in the advanced stages of developing a manufacturing facility for wafers, cells and modules. The group is also executing green ammonia projects in several regions of the world.

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