PRNewswire—Avaada Group announced that it has raised $1.07 B to fund its green H₂ and ammonia ventures in India as a part of its ongoing $1.3-B fund raise plan. Brookfield Renewable, through its Brookfield Global Transition Fund, will be investing up to $1 B in Avaada Ventures Private Limited.

Global Power Synergy Public Company Limited (GPSC), will further invest $68 MM in Avaada Energy Private Limited for releasing debt obligations and supporting the growth. The Group is also in advanced discussions with potential investors to raise another $200 MM.

Avaada Group has become future-ready in the global energy transition theme and has diversified into manufacturing of Green H₂, Green Ammonia. The Group has also expanded its footprint into the Solar PV supply chain with manufacturing of solar cells and modules. Avaada currently operates a renewable energy portfolio of ~4 GW with plans to reach 11 GW by 2026.

Vineet Mittal, Chairperson and Founder, Avaada Group said, "Avaada Group is a leading player in energy transition in India, building an integrated 'Sand to molecule' business aligned for the global energy transition towards decarbonization. I am delighted to welcome Brookfield to join us in our next phase of growth. 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. I'm also thankful to GPSC for their continued support in fulfilling our mission of delivering the promise of a sustainable future for posterity."

Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield said, "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."