Avaada Ventures repays Rs.6,713-Cr debt to Brookfield Renewable

Mumbai-based Avaada Ventures has repaid debt owed to Brookfield Renewable in a deal valued at about INR 6,713 crore. The transaction, which resulted in a two-fold return for Brookfield, involved the redemption of optionally convertible debentures.Brookfield had previously committed USD 1 Billion to the holding company through its Brookfield Global Transition Fund in 2023, of which about USD 400 million was invested.Founded in 2007 by Vineet Mittal, Avaada Ventures is a renewable energy solutions firm that maintains diversified operations across energy generation, solar component manufacturing, green fuel production, and storage projects. The repayment follows a series of exits by institutional investors from the company, including partial stake sales by Global Power Synergy Company.The repayment occurs ahead of a planned INR 7,600 crore initial public offering by group company Avaada Electro. This public offering intends to raise INR 1,600 crore through a fresh issue of shares, alongside an offer for sale by promoter Avaada Ventures for INR 6,000 crore.