India’s Avaada Group raises record $1.3bn to fuel renewable energy ventures

India-based Avaada Group, an integrated energy platform, has successfully closed a landmark $1.3 billion funding round.

The largest equity round by a green energy company in Asia, this financing event is a significant milestone for both India’s renewable energy sector and the wider Asian green energy industry.

The proceeds from the funding round will be channelled towards strengthening Avaada’s green hydrogen, green methanol, green ammonia, solar manufacturing, and renewable power generation projects. This aligns with India’s pledge towards a sustainable future and reflects the effective government policies promoting green energy investments.

Vineet Mittal — Avaada Group Chairperson and Founder said: “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.”

Boosting Avaada Group’s solar manufacturing prowess, the company had previously secured a production-linked incentive of $116.78 million for 3GW of wafer-to-module capacity under the PLI Scheme. Coupled with this recent funding round, Avaada further cements its position as a renewable energy sector frontrunner and reinforces its commitment to green energy utilization for a sustainable future.

In the past three months, Avaada Energy Private Limited, an Avaada Group company, has secured numerous tenders, totaling nearly 1.8GW, from corporate customers and utilities. This accomplishment underlines Avaada’s capacity to fulfil the surging demand for renewable energy and its commitment to delivering top-notch, sustainable energy solutions.

Notably, Brookfield Renewables, via its Brookfield Global Transition Fund (BGTF), had earlier pledged an investment of up to $1 billion in Avaada Ventures Private Limited. Moreover, Global Power Synergy Public Company Limited (GPSC), an existing shareholder possessing a 42.93% equity stake in Avaada Energy Private Ltd (AEPL), has promised to boost its capital by investing an additional $233 million in AEPL, further bolstering the company’s expansion.

Worawat Pitayasiri — Global Power Synergy Public Company Limited (GPSC) President and CEO said: “Our decision to invest further in AEPL is based on our confidence in their strategic approach to the renewable energy sector, aiming to achieve at least 11 GW in 2026.

“AEPL’s commitment to renewable power generation aligns well with our own focus on sustainable growth and innovation.”

With its diverse manufacturing interests in green hydrogen, green methanol, green ammonia, and the solar PV supply chain, Avaada Group currently operates a renewable energy portfolio of approximately 4GW and has around 7GW at various implementation stages.