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Avaada Group has secured US$1.07 billion for its green hydrogen and green ammonia ventures in India in a funding round led by Brookfield Renewable’ the renewables arm of Canada’s Brookfield Asset Management.
The Indian energy platform is looking to raise US$1.3 billion for its endeavors.
Brookfield Global Transition Fund (BGTF), which facilitated Brookfield Renewable’s participation in the fundraising initiative, will inject up to US$ 1 billion into Avaada Ventures Pvt Ltd.
Avaada’s green hydrogen business will get a US$ 68 million boost from Global Power Synergy Public Co Ltd.
Avaada is holding advanced talks with potential investors for an additional US$ 200 million funding.
Avaada Group has begun manufacturing solar cells and modules and embarked on green hydrogen production. It as around 4 GW of renewable power assets and plans to expand its fleet to 11 GW by 2026 and to 30 GW by 2030.
