India’s Avaada Group raises ‘Largest’ Ever Funding Raised By An Asian Sustainable Energy Firm

Dubai: Indian integrated energy company Avaada Group has raised, what it terms as the largest ever funding by a sustainable energy firm in Asia, INR 107 billion ($1.3 billion) with Brookfield Renewables alone pitching in INR 82.25 billion ($1 billion), thus achieving financial closure for its $1.3 billion fund raise plan.

Brookfield Renewables has invested in Avaada Ventures Private Limited through Brookfield Global Transition Fund (BGTF). Avaada’s existing investor Global Power Synergy Public Company Limited (GPSC) has committed INR 19.17 billion ($233 million) in Avaada Energy Private Ltd (AEPL).

“Our decision to further invest in AEPL is based on our confidence in its strategic approach to the renewable energy sector, which aims to achieve at least 11 GW in 2026. AEPL’s commitment to renewable energy generation aligns perfectly with our own goal of sustainable growth and innovation,” said CPSC CEO Worawat Pitayasiri.

Avaada says it will use the proceeds to support its businesses in sustainable hydrogen, sustainable methanol, sustainable ammonia, solar product manufacturing and renewable energy generation.

The company is one of the winners of Indian government’s flagship Production Linked Incentive (PLI) scheme tranche II under which it won INR 9.61 billion ($116.78 million) to build 3 GW silicon wafer production capacity (see India Allocates 39.6 GW PV Under PLI Tranche-II).

It currently operates nearly 4 GW renewable energy portfolio and has close to 7 GW in various stages of implementation.