The Avaada Group announced today that it has raised $1.07 billion to fund its green hydrogen and green ammonia ventures in India as part of its ongoing $1.3 billion financing plan. Brookfield Renewable will invest up to $1 billion in Avaada Investments Pte Ltd through its Brookfield Global Transformation Fund.

Global Power Synergy Public Limited will invest an additional US$68 million in Avaada Energy Private Limited to pay down debt and support the company's growth. The group is also in advanced discussions with potential investors to raise another $200 million. The Avaada Group is ready for the future of the theme of global energy transition and has increased the production of green hydrogen and green ammonia. The group has also expanded its reach into the solar photovoltaic supply chain by manufacturing solar cells and modules.

Vineet Mittal, Chairman and Founder of Avaada Group, said that Avaada Group is a leader in India's energy transition, building a sand-to-molecular integration business to accommodate the global transition to zero-carbon energy. I am delighted to welcome Brookfield to join us in this next phase of development. This collaboration will help us access exciting opportunities as we play a key role in tackling the exponential growth in sustainable energy and position ourselves at the forefront of the global energy transition. I am also very grateful for the ongoing support of the GPSC in fulfilling our mission of delivering on our commitment to a sustainable future for future generations.

Nawal Saini, Managing Director, Brookfield Renewable Energy & Transition, added, "We are delighted to invest in Avaada through the Brookfield Global Transformation Fund, which focuses on investments that accelerate the path to a net-zero carbon economy. This strategic partnership will leverage Brookfield's global track record, backed by funding and expertise, and Avaada's strong local presence to realize their vision for the energy transition business. Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India's aspiration to achieve net zero emissions.Editor/XingWentao