Avaada Group secures $1b for green hydrogen, ammonia development
The investment came from Brookfield Renewable.
Avaada Group has raised $1.07b to be used for its green hydrogen and green ammonia ventures in India, with Brookfield Renewable investing up to $1b in Avaada Ventures Private Limited.
In a statement, Avaada Group said the amount raised is part of its $1.3b fundraising plan.
Brookfield Renewable is investing in the company through its Brookfield Global Transition Fund.
READ MORE: What could be expected from India’s Green Hydrogen Missions
Avaada added that Global Power Synergy Public Limited will also be investing $68m in Avaada Energy Private Limited for releasing debt obligations and its growth.
It is also in “advanced discussions” with other potential investors for $200m.
Avaada’s renewable portfolio is at around four gigawatts (GW) and is targeted to reach 11 GW by 2026.
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