Avaada Group has raised $1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its $1.3 billion fund-raise plan.
Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF) will be investing up to $1 billion in Avaada Ventures.
Global Power Synergy will further invest $68 million in Avaada Energy for releasing debt obligations and supporting the growth.
The Group is also in advanced discussions with potential investors to raise another $200 million.
Avaada Energy is India’s fastest-growing renewable energy IPP. Within five years, it has developed a portfolio of 4 GW. It plans to reach 11 GW by 2026 and 30 GW by 2030.
The solar manufacturing business of Avaada is in the advanced stages of developing a manufacturing facility for wafer, cell, and modules. The group is also executing Green Ammonia projects across multiple geographies.