Avaada Group which specializes in renewable energy has raised an investment of $233 million from Global Power Synergy Company Limited (GPSC), a subsidiary of Thailand-based PTT Group.
GPSC already holds 42.93% of Avaada Energy Private Ltd (AEPL) and with the latest round of fundraising, Avaada Group has raised $1.3 billion or Rs 10,700 crore. In April, Avaada Group announced raising $1 billion from Brookfield Renewables, through Brookfield Global Transmission Fund (BGTF).
Avaada Group in their statement following fundraising said, “The funds will be utilized in green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures.” Avaada Group also earned an incentive of Rs 961 crore for 3 gigawatts (GW) of wafer-to-module capacity under the government production-linked incentive scheme.
The company claimed to have won several tenders in the past three years which amounts to 1.8 GW from both corporate customers and utilities. Total investment in Avaada Group has reached Rs 6,037 crore or $779 million and the latest investment by GPSC.
Vineet Mittal, Founder and Chairperson of Avaada Group shared his thoughts, “This funding round marks a significant milestone in Avaada Group’s journey and India’s energy transition. We are grateful for the support of our investors and the Indian Government, which is enabling us to contribute to global energy transition and delivery on our promise of a sustainable future.”
