Avaada Group closes $1.3 billion funding round


Avaada Group, an integrated energy platform, has closed INR 10,700 crore ($1.3 billion) in financing for its green energy ventures. This is the largest-ever equity round raised by any green energy company in Asia.

Avaada will use the funding to bolster its green hydrogen, green methanol, green ammonia, solar manufacturing, and renewable power generation ventures. 

Avaada Group had previously won a production-linked incentive of $116.78 million for 3 GW of wafer-to-module manufacturing capacity. In the last three months, the Group has won almost 1.8 GW of projects from corporate customers and utilities

The funding included $1 billion from Brookfield Renewables and $301 million from Avaada’s existing investor Global Power Synergy Public Co (GPSC).

Brookfield Renewables invested in Avaada through its Brookfield Global Transition Fund. GPSC, Avaada Energy’s existing shareholder with a 42.93% equity, has pledged to invest an additional $233 million in Avaada Energy following its $68 million announced in April. This brings GPSC’s total investment in Avaada to around $779 million.

Worawat Pitayasiri, president and CEO of GPSC, 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 focus on sustainable growth and innovation.”

Avaada Group currently operates a renewable energy portfolio of 4 GW with around 7 GW in different stages of implementation. It has diversified into manufacturing green hydrogen, green methanol, and green ammonia, and expanded its footprint into the solar PV supply chain with the manufacturing of solar cells and modules. 

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