Avaada Group Procures INR 10,700 Crore Funding Round to Boost Renewable Energy Solutions
This funding will be utilised to promote Avaada’s green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures, as a part of India’s commitment to a sustainable future.
June 29, 2023. By EI News Network
The financing will be used to promote Avaada’s green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures, under India’s pledge to a sustainable future.
This attainment highlights the effectiveness of government policies boosting investment in green energy and the worldwide transition towards renewable energy solutions.
The remarkable boost to its solar manufacturing capabilities, Avaada Group had earlier secured a production-linked incentive of INR 961 crore (USD 116.78 million) for 3 GW of wafer-to-module capacity under the PLI Scheme.
This project, paired with the successful funding round, future ahead strengthens Avaada’s position in the renewable energy sector and highlights its commitment to tap green energy for a sustainable future.
Adding to its list of achievements, Avaada Energy Private Limited has procured several tenders, amounting to almost 1.8 GW, from corporate customers and utilities in the last three months.
This success demonstrates Avaada’ s ability to meet the growing demand for renewable energy and its commitment to delivering high quality, sustainable energy solutions.
Through its Brookfield Global Transition Fund (BGTF), Brookfield Renewables has previously committed to investing up to INR 8,225 crore (USD 1 billion) in Avaada Ventures Private Limited.
Vineet Mittal, Chairperson and Founder, Avaada Group, stated,“This funding round marks a significant milestone in Avaada Group’s journey and India’s energy transition. We are grateful for the support from our investors and the Indian government, which is enabling us to contribute to the global energy transition and deliver on our promise of a sustainable future.”
Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company Limited (GPSC), added, “Our decision to invest further in AEPL is based on our confidence in their strategic approach to the renewable energy sector, aiming to achieve at least 11 GW in 2026. AEPL’s commitment to renewable power generation aligns well with our own focus on sustainable growth and innovation.”
Avaada Group deals in the production of Green Hydrogen, Green Methanol, Green Ammonia, and augmented its footprint into the Solar PV supply chain with the production of solar cells and modules.
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