Clean energy focused Avaada Group attracts $1-B from Brookfield

Canadian investment firm Brookfield, through its Brookfield Global Transition Fund (BGTF), would invest about USD 1 Billion in Avaada Ventures Pvt Ltd. Brookfield has already disbursed the first tranche of USD 400 million. The Vineet Mittal led Avaada Group is aiming to raise USD 1.3 Billion to fund its green hydrogen and green ammonia ventures in India. Global Power Synergy Public Company Ltd (GPSC), part of Thailand state utility PTT, will invest USD 68 million in Avaada Energy Pvt Ltd that will be used to restructure existing debt obligations. The group is in discussions with other investors to raise another USD 200 million. In five years since inception, Avaada has developed a portfolio of 4 GW and plans to reach 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, having invested USD 454 million in 2021. The solar manufacturing business of Avaada is in the advanced stages of developing a manufacturing facility for wafer, cell, and modules.