Indian renewable energy company Avaada has secured $1bn in investment from clean energy investor Brookfield Renewable and $68mn from Thai power company Global Power Synergy Public Company towards its green hydrogen and ammonia ventures. The firm plans to raise $1.3bn and claims to be in “advanced discussions” with potential investors on securing an additional $200mn.

Avaada operates 4GW of renewable energy—primarily utility solar—with plans to expand to 11GW by 2026. Last year, the firm signed a memorandum of understanding with the state government of Rajasthan to develop a INR400mn ($4.89mn) green ammonia plant.

$1.3bn – Target fundraise

“We are pleased to be investing in Avaada through the Brookfield Global Transition Fund, which focuses on investments that accelerate the progress to a net-zero carbon economy,” says Nawal Saini, managing director for Brookfield’s renewable power and transition group.

“This strategic partnership will leverage Brookfield's global track record, access to capital and operational expertise alongside Avaada's strong local footprint, to enable their vision for the energy transition business. Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India's net-zero aspirations,” he adds.

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Author: Polly Martin