Avaada announces $2.44 billion REC funding for energy transition projects

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State-owned power finance company Rural Electrification Corp. (REC) will support Avaada‘s diverse energy transition ventures with a total investment of INR 20,000 crore. Avaada and REC signed a memorandum of understanding for this investment on the sidelines of the 4th meeting of the G20 Energy Transition Working Group (ETWG) in Goa. 

Avaada will utilize the REC investment to spearhead a plethora of renewable energy projects across India in the next years. These ventures include green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind, and hybrid projects. 

“The substantial endorsement from REC underscores Avaada’s unwavering dedication to a greener and more sustainable future for India. For over a decade, REC has extended steadfast support to Avaada, either directly or via the KFW and World Bank line. Through these strategic alliances, Avaada is poised to transform India’s renewable energy landscape, solidifying its role as a key contributor in the global fight against climate change,” stated Avaada.

Avaada Group is an integrated energy company in India that through its renewable subsidiary, Avaada Energy, manages a myriad of large-scale renewable projects across the nation. The group has also forayed into the green hydrogen/ammonia sector to serve both the domestic and international markets.

Recently, Avaada clinched a funding round of $1.3 billion, inclusive of a $1 billion investment from the Canadian asset management fund, Brookfield. This funding is aimed at boosting its green hydrogen and derivative business, with Thailand’s GPSC, part of the PTT Group , also contributing $300 million.

 

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