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Brookfield to invest $1 bn in Avaada Group to fund green hydrogen project

Avaada currently operates a renewable energy portfolio of 4 gigawatt (GW) with plans to reach 11 GW by 2026

Reuters NEW DELHI

IOC, L&T, ReNew announce joint venture for India green hydrogen business

Representative Image

1 min read Last Updated : Apr 26 2023 | 4:11 PM IST

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NEW DELHI (Reuters) - Avaada Group on Wednesday said it raised $1.07 billion to fund its green hydrogen and green ammonia ventures in India.

Brookfield Renewable, through Brookfield Global Transition Fund (BGTF), will invest upto $1 billion in Avaada Ventures Private Ltd, the company said in a statement.

Global Power Synergy Public Company Ltd, will invest $68 million in Avaada Energy Private Ltd to cut debt and support growth. The Avaada Group is also in advanced discussions with potential investors to raise another $200 million, it said.

Avaada currently operates a renewable energy portfolio of 4 gigawatt (GW) with plans to reach 11 GW by 2026.

(Reporting by Sarita Chaganti Singh, Editing by Louise Heavens)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : Brookfield Avaada renewable energy

First Published: Apr 26 2023 | 4:11 PM IST