Avaada Group announced on Wednesday that Brookfield Renewables will invest up to $1 billion in the company, which will be used to finance green hydrogen and green ammonia projects in India. Avaada, boasting a 4GW renewable energy portfolio, has also raised $1.07 billion as part of its ongoing $1.3-billion fundraising effort.
Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), will invest up to $1 billion in Avaada Ventures, while Global Power Synergy Public Company (GPSC) will invest an additional $68 million in Avaada Energy to relieve debt obligations and support growth.
Avaada Group aims to establish a renewable energy portfolio of 11GW by 2026, and has recently secured a bid under the production-linked incentive (PLI) scheme for a 3GW ingot, cell, and module manufacturing facility. The group is also in advanced talks with potential investors to raise another $200 million.
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