Avaada Group ends $1.3b funding found

This is the largest equity round raised amongst green energy firms in Asia.

India-based independent power producer (IPP) Avaada Group successfully closed its $1.3b funding round that will support its green energy projects ranging from green hydrogen, methanol and ammonia, solar manufacturing, and renewable power generation.

In a statement, Avaada Group said this is also the largest equity round raised by a green energy company in Asia.

“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," said Avaada Group Chairperson and Founder Vineet Mittal.

READ MORE: Avaada Group secures $1b for green hydrogen, ammonia development

The company’s investors include Brookfield Renewables which committed to invest up to $1b in Avaada Ventures Private Limited through the Brookfield Global Transition Fund.

Global Power Synergy Public Company Limited, which holds a 42.93% stake in Avaada Energy Private Ltd (AEPL), has pledged to raise its capital by adding $233m investment in AEPL, following its previous investment of $68m in April, bringing its total investment in Avaada to around $779m.

The Group also previously won a production-linked $116.78m incentive for the 3-gigawatt wafer-to-module capacity, whilst Avaada Energy Private Limited bagged several tenders reaching almost 1.8GW in the last three months.