Avaada Group said it had raised $1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing $1.3-bn fund raise plan. Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), will be investing up to $1 billion in Avaada Ventures Pvt. Ltd., Avaada Group said in a statement.
Global Power Synergy Public Company Ltd. will invest $68 million in Avaada Energy for releasing debt obligations and supporting growth. The group is also in advanced discussions with potential investors to raise another $200 million, it said.
Vineet Mittal, chairperson and founder, Avaada Group said the group is building an integrated ‘sand to molecule’ business aligned for the global energy transition towards decarbonisation. He said the collaboration with Brookfield will support the group in pursuing exciting opportunities.
Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield added, “This strategic partnership will leverage Brookfield’s global track record, access to capital and operational expertise alongside Avaada’s strong local footprint, to enable their vision for the energy transition business.”
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