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Avaada Group Successfully Closes Historic INR 10,700 Cr ($1.3 billion) Funding Round, Reinforcing its Commitment to Green Energy
In a significant boost to its solar manufacturing capabilities, Avaada Group had previously won a production-linked incentive of INR 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 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.
Brookfield Renewables, through its Brookfield Global Transition Fund (BGTF), has earlier committed to investing up to INR 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% equity holding in Avaada Energy Private Ltd (AEPL), has pledged to increase its capital by investing an additional INR 1,917 crore ( $233 million ) in AEPL, further supporting the company's growth. This follows GPSC's previous investment of INR 558 crore ( $68 million ) in AEPL in April, bringing their total investment in Avaada to around INR 6,037 crore ( $779 million ).
This successful funding round is a testament to India's commitment to choosing innovation and technology over traditional energy sources. The country stands at a pivotal moment, with the potential to grow using either conventional energy or the latest green technologies. The choice of the latter is creating enormous opportunities through the global transition fund.
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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