India-based integrated energy company Avaada has secured $1.3bn in a funding round, which is touted to be the largest equity round ever raised by any green energy company in Asia.
The company intends to use the funding to boost its green hydrogen, green methanol, green ammonia, solar manufacturing, and renewable power generation ventures.
Avaada said that the investment underlines the effectiveness of government policies encouraging investment in green energy and the transition towards sustainable energy.
It had previously secured a production-linked incentive of $116.78m for 3GW of wafer-to-module capacity under the Indian government’s PLI Scheme.
The incentive, together with the funding round, further strengthens the company’s position in the renewable energy sector, for harnessing green energy for a sustainable future.
Avaada Group chairperson and founder Vineet Mittal 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.”
Avaada is engaged in manufacturing solar cells, modules and electrolysers for renewable power generation, green hydrogen, and green ammonia production.
Its Avaada Energy Private (AEPL) has been awarded several tenders, amounting to almost 1.8GW in the last three months from corporate customers and utilities.
Brookfield Renewables, through its Brookfield Global Transition Fund (BGTF), has committed to investing up to $1bn in Avaada Ventures Private.
In addition, Thailand-based Global Power Synergy Public Company (GPSC), an existing shareholder of AEPL, has announced an additional $233m investment in AEPL.
The investment commitment follows GPSC’s previous investment of $68m in AEPL in April, bringing its total investment in Avaada to around $779m.
Global Power Synergy Public Company (GPSC) president and CEO Worawat Pitayasiri 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 11GW in 2026.
“AEPL’s commitment to renewable power generation aligns well with our own focus on sustainable growth and innovation.”
