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

The investment came from Brookfield Renewable.

Avaada Group has raised $1.07b to be used for its green hydrogen and green ammonia ventures in India, with Brookfield Renewable investing up to $1b in Avaada Ventures Private Limited.

In a statement, Avaada Group said the amount raised is part of its $1.3b fundraising plan.

Brookfield Renewable is investing in the company through its Brookfield Global Transition Fund.

READ MORE: What could be expected from India’s Green Hydrogen Missions

Avaada added that Global Power Synergy Public Limited will also be investing $68m in Avaada Energy Private Limited for releasing debt obligations and its growth.

It is also in “advanced discussions” with other potential investors for $200m.

Avaada’s renewable portfolio is at around four gigawatts (GW) and is targeted to reach 11 GW by 2026.