Avaada, a comprehensive energy company headquartered in India, received $1.3 billion in a round of financing, touted as the largest round of equity financing in the history of any green energy company in Asia. The company intends to use this funds to promote the development of its green hydrogen, green methanol, green ammonia, solar manufacturing, and renewable energy power generation enterprises.

Avaada stated that this investment highlights the effectiveness of the government's policies to encourage green energy investment and transition to sustainable energy. Previously, it had received $116.78 million in production related incentives under the Indian government's PLI program for 3GW of wafer to component production capacity.

Vineet Mittal, Chairman and Founder of Avaada Group, stated that this round of financing marks an important milestone in Avaada Group's journey and India's energy transformation. We are grateful to investors and the Indian government for their support, which has enabled us to contribute to the global energy transformation and fulfill our commitment to a sustainable future.

Avaada is engaged in manufacturing solar cells, modules, and electrolytic cells for renewable energy generation, green hydrogen energy, and green ammonia production. Its Avaada Energy Private has received multiple bids from corporate clients and utility companies in the past three months, totaling nearly 1.8GW. Brookfield Renewables has committed to investing up to $1 billion in Avaada Ventures Private through its Brookfield Global Transition Fund.

In addition, the existing shareholder Global Power Synergy Public Company of AEPL, headquartered in Thailand, announced an additional $233 million investment in AEPL. This investment commitment was made after GPSC invested $68 million in AEPL in April, bringing its total investment in Avaada to approximately $779 million.

Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company, stated that our decision to further invest in AEPL is based on our confidence in our strategic approach in the renewable energy sector, with the goal of achieving at least 11GW by 2026. AEPL's commitment to renewable energy generation aligns well with our own focus on sustainable growth and innovation.Editor/XingWentao