The Canadian company Brookfield Asset Management’s renewables division spearheaded a funding round that saw Avaada Group secure $1.07 billion for its green hydrogen and green ammonia projects in India. The Indian energy platform announced on Wednesday that it plans to raise $1.3 billion for its projects. The Brookfield Global Transition Fund (BGTF), managed by Brookfield Renewable, took part in the fundraising campaign. The latter will give Avaada Ventures Pvt Ltd. an investment of up to $1 billion USD.
Global Power Synergy Public Co Ltd. will provide $68 million to help Avaada’s green hydrogen company expand. The Indian group is currently in advanced discussions with possible investors and is looking for an additional $200 million. Commenting on Brookfield’s participation in the deal, Avaada Group’s founder Vineet Mittal said: “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.”
Recently, the Avaada Group began producing green hydrogen and solar cells and modules. The business has around 4 GW of renewable energy assets currently, and it intends to increase its fleet to 11 GW by 2026 and to 30 GW by 2030.