Avaada receives $1 billion from Brookfield Renewables
Post date: 28/04/2023 - 17:04
India’s Avaada Group has raised $ 1.07 billion as part of its plan to acquire $ 1.3 billion in capital. According to Avaada, Canadian-headquartered renewable energy company Brookfield Renewables will invest »up to $ 1 billion« in Avaada Ventures Private Ltd. Global Power Synergy Public Company Limited (GPSC) is investing $ 68 million.
Avaada says it operates renewable energy plants with a total capacity of four gigawatts and plans to reach eleven gigawatt by 2026. But as part of its strategy to produce green hydrogen and green ammonia, the company also plans to enter large-scale production of silicon ingots, solar cells and modules. The company has recently been awarded three gigawatts of annual production capacity under the Indian government’s Production Linked Incentives (PLI) bidding process.
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