Avaada Group strengthens green energy commitment with closure of Rs 10,700-cr funding round

Avaada Group, a leading integrated energy platformm on Wednesday said that it had successfully closed the Rs 10,700 crore ($1.3 billion) funding round, a milestone for India’s renewable energy sector.

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.”

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. This achievement underscores the effectiveness of government policies encouraging investments in green energy and global transition towards sustainable energy solution.

Avaada Group had previously won a production-linked incentive of Rs 961 crore ($116.78 million) for 3 GW 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".

Adding to its list of achievements, Avaada Energy Private Limited (AEPL) has won several tenders, amounting to almost 1.8 GW, in the last three months from corporate customers and utilities. This success demonstrates Avaada’s ability to meet the growing demand for renewable energy and its commitment to delivering high quality, sustainable energy solutions.

“Our decision to invest further in AEPL is based on our confidence in their strategic approach to the renewable energy sector, aiming to achieve at least 11 GW in 2026.  AEPL’s commitment to renewable power generation aligns well with our own focus on sustainable growth and innovation,” said Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company Limited (GPSC).

Brookfield Renewables, through its Brookfield Global Transition Fund (BGTF), has earlier committed to investing up to Rs 8,225 crore ($1 billion) in Avaada Ventures Private Limited. In addition, Global Power Synergy Public Company Limited (GPSC), an existing shareholder with a 42.93 per cent equity holding in Avaada Energy Private Ltd (AEPL), has pledged to increase its capital by investing an additional Rs 1,917 crore ($233 million) in AEPL, further supporting the company's growth. This follows GPSC's previous investment of Rs 558 crore ($68 million) in AEPL in April, bringing their total investment in Avaada to around Rs 6,037 crore ($779 million).

Avaada Group has diversified into manufacturing Green Hydrogen, Green Methanol, Green Ammonia, and expanded its footprint into the Solar PV supply chain with the manufacturing of solar cell and module. The company currently operates a renewable energy portfolio of 4 GW and around 7 GW in different stages of implementation.

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