Avaada Closes $1.3B Round for Green Energy Push
- Avaada Energy has closed a USD 1.3bn funding round, the largest equity raise for a green energy firm in Asia. Canada's Brookfield Asset Management and Thai power company Global Power Synergy have invested significantly, to be used for green hydrogen, green methanol, green ammonia projects and more. Recent tenders won by the firm amount to 1.8 GW. Sustainable future ahead with Avaada.
Indian renewable energy developer Avaada Energy has closed a USD 1.3bn funding round, the largest equity round for a green energy firm in Asia. The money raised will be used to enhance its green hydrogen, green methanol, green ammonia, solar manufacturing, and renewable power generation ventures. Canada's Brookfield Asset Management and Thai power company Global Power Synergy PCL have provided significant investments for the fund-raiser. In recent months, Avaada has also won several tenders, amounting to nearly 1.8 GW from corporate customers and utilities, as well as a 421-MWdc solar farm from the Indian government's Production Linked Incentive (PLI) programme. Avaada's founder Vineet Mittal believes the funding will enable them to contribute to the global energy transition and deliver on their promise of a sustainable future.
What Impact Will Avaada's $1.3bn Funding Round Have?
- The $1.3bn funding round will be used to support Avaada's renewable energy projects, including green hydrogen, green methanol, green ammonia, solar manufacturing, and renewable power generation.
- The fund-raiser was backed by Canadian Brookfield Asset Management and Thai Global Power Synergy PCL.
- Avaada has already won several tenders amounting to nearly 1.8 GW from corporate customers and utilities, as well as a 421-MWdc solar farm from the Indian government's Production Linked Incentive (PLI) programme.
- The funding will help Avaada to accelerate the global energy transition and achieve their goal of a sustainable future.
- The investment could enable Avaada to expand their operations and reach greater heights in the renewable energy sector.
- Avaada could use the funding to further improve their technology and research, as well as strengthen their renewable energy capacities.