Avaada Group Formally Confirms Raising United States $1 Bn Financing for Augmenting Renwables from Brookfield

• Avaada Group has officially introduced that it has increased United States $ 1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing US$ 1.3 bn fund raising plan. Brookfield Renewable, with its Brookfield Global Transition Fund (BGTF) will certainly be spending approximately United States $ 1 billion in Avaada Ventures Private Limited.

Avaada Group has officially introduced that it has raised United States $ 1.07 billion to money its green hydrogen and also green ammonia ventures in India as a part of its ongoing US$ 1.3 bn fund raising strategy. Brookfield Renewable, via its Brookfield Global Transition Fund (BGTF) will certainly be investing as much as US $ 1 billion in Avaada Ventures Private Limited.

Global Power Synergy Public Company Limited (" GPSC"), will additionally invest US $ 68 million in Avaada Energy Private Limited for launching financial obligation obligations and also sustaining the growth. The Group is additionally in advanced discussions with prospective financiers to raise an additional US$ 200 million. GPSC is an electricity as well as utility flagship of PTT group with core organization to generate and also supply electricity, steam and utilities to its commercial customers, the Electricity Generating Authority of Thailand (EGAT) etc.

Avaada Group has diversified right into production of Green Hydrogen, Green Ammonia. The Group has actually additionally increased its footprint into the solar PV supply chain with manufacturing of solar cell and module. Avaada presently operates a renewable energy portfolio of 4 GW with strategies to get to 11 GW by 2026.

The firm recently won a bid under Production Linked Incentive (PLI) scheme released by the Government of India for setting up 3 GW ingots, cell, and also module manufacturing center.

Vineet Mittal, Chairperson and Owner, Avaada Group commented, "Avaada Group is a leading gamer in energy transition in India, constructing an incorporated 'Sand to molecule' organization straightened for the worldwide energy transition in the direction of decarbonization. I am delighted to welcome Brookfield to join us in our next phase of growth. The collaboration will support us in pursuing amazing opportunities as we play an essential role in satisfying the rapid development of lasting energy and also position ourselves at the center of the international energy transition. I'm also thankful to GPSC for their continued support in fulfilling our goal of supplying pledge of a lasting future for posterity."

Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield included, "We delight in to be buying Avaada with the Brookfield Global Transition Fund, which concentrates on investments that increase the progression to a net-zero carbon economic situation. This calculated partnership will certainly take advantage of Brookfield's international track record, accessibility to resources as well as operational proficiency together with Avaada's solid neighborhood footprint, to enable their vision for the energy transition company. Brookfield stays committed to sustaining the future generation of clean energy modern technologies and also adding to India's net-zero goals. "

Avaada Group is an integrated energy platform with business passions varying from making solar cells, modules and electrolysers to renewable power generation, green hydrogen, and green ammonia production. Avaada boasts of a portfolio of 4 GW as well as the firm prepares to get to 11 GW by 2026 and 30 GW by 2030. GPSC is a 42.9% equity partner in Avaada Energy, the renewable arm of the Avaada Group.

The solar production company of Avaada remains in the sophisticated stages of creating a manufacturing facility for wafer, cell, and also modules. The group is additionally carrying out Green Ammonia projects throughout multiple locations and also strategy considerable capacity addition to fulfill the domestic as well as international need for the clean gas via a separate company vertical.

Brookfield Renewable declares to operate among the globe's largest publicly traded platforms for renewable power as well as decarbonization options. Its diversified portfolio includes hydroelectric, wind, solar, distributed energy and also lasting innovation services across 5 continents. The firm's set up capacity total amounts roughly 25,400 megawatts and also an advancement pipe of roughly 110,000 megawatts of renewable power assets, 8 million metric tonnes per annum ("MMTPA") of carbon capture and storage, 2 million tons per annum of recycled materials capacity and also 3 million statistics million British thermal units ("MMBtu") annual capacity of renewable natural gas projects.

In India, Brookfield has more than 9 GW of varied assets throughout of wind, solar and hybrid assets in various stages of execution throughout seven different states.

It might be remembered that the Gujarat Urja Vikas Nigam Limited (GUVNL) recently awarded a 200 MW solar energy project to Avaada Energy, an arm of Avaada Group. The project contract was offered at a tariff of Rs 2.75 per Kilo-Watt-Hour (KwH).

Earlier this month, Avaada also got a 560 MW solar energy project to provide renewable power to the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) at a quoted rate of Rs 2.88 per KwH. On April 3, the company likewise revealed bagging a 470 MW solar project from Damodar Valley Corporation at Rs 2.70 per KwH.