The Avaada Group, an Indian power company involved in the manufacture of solar panels, has closed its latest funding round, which generated US$1.3 billion for the group’s solar and green hydrogen businesses.
The group announced the funding round earlier this year, and will be pleased to have resolved the round with more than a billion dollars of investment. Canadian company Brookfield Renewables and its Brookfield Global Transition Fund are responsible for the majority of the funding, with the fund committing US$1 billion to Avaada Ventures.
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Additional funding has come from Global Power Synergy, which invested US$223 million and US$68 million in separate tranches this year, bringing its total investment into Avaada to around US$779 million.
“This funding round marks a significant milestone in Avaada Group’s journey and India’s energy transition,” said Vineet Mittal, chair and founder of the Avaada Group. “We are grateful for the support from our investors and the Indian government, which is enabling us to contribute to the global energy transition and deliver on our promise of a sustainable future.”
Avaada announced that the money would be spent on its green power businesses, including hydrogen and methanol, and solar manufacturing. The company is a major player in Indian solar manufacturing, having built the 1.25GW Bikaner solar plant in Rajasthan, and has announced that it has won “several tenders” for new solar projects with a combined capacity of almost 1.8GW.
The group’s plans for solar expansion could help India meet the ambitious targets set by its government for renewable power generation within its borders. Avaada currently operates a renewables portfolio of 4GW, but the Indian government plans to install 500GW of total renewable capacity by 2030, up from 89.4GW of solar and onshore wind at the end of 2021. Of this renewable capacity, 280GW will come from solar power.
India added just 10.3GW of new solar capacity in 2021, and in that year oil, gas and coal still accounted for 90% of the country’s energy consumption, so successful investment rounds for Indian solar power developers such as Avaada will be crucial for the country’s long-term energy future.