New Delhi: Renewable vitality participant Avaada Group has raised $233 million from World Energy Synergy Public Firm Restricted (GPSC), a subsidiary of Thailand’s PTT Group.
GPSC is an present shareholder with 42.93% fairness holding Avaada Vitality Non-public Ltd (AEPL).
With the newest fundraise, Avaada Group has closed the funding spherical o $1.3 billion or ₹10,700 crore.
In April, the corporate had introduced elevating $1 billion from Brookfield Renewables, via Brookfield World Transition Fund (BGTF).
In a press release, Avaada mentioned that the fundraise can be utilized within the inexperienced hydrogen, inexperienced methanol, inexperienced ammonia, photo voltaic manufacturing and renewable energy era ventures.
It might assist its photo voltaic manufacturing capabilities as Avaada Group has additionally bagged a incentive of ₹961 crore or $116.78 million for 3 GW of wafer-to-module capability beneath the federal government’s manufacturing linked incentive (PLI) scheme.
The corporate mentioned that previously three months, Avaada Vitality Pvt Ltd has gained a number of tenders, amounting to virtually 1.8 GW from each company prospects and utilities
The newest funding by GPSC follows its earlier funding of ₹558 crore $68 million in AEPL in April, bringing their whole funding in Avaada to round ₹6,037 crore $779 million.
Vineet Mittal, Chairperson and Founder, Avaada Group, mentioned: “This funding spherical marks a major milestone in Avaada Group’s journey and India’s vitality transition. We’re grateful for the help from our traders and the Indian authorities, which is enabling us to contribute to the worldwide vitality transition and ship on our promise of a sustainable future.“
Worawat Pitayasiri, President and CEO of World Energy Synergy Public Firm Restricted (GPSC) mentioned: “Our determination to speculate additional in AEPL is predicated on our confidence of their strategic strategy to the renewable vitality sector, aiming to realize no less than 11 GW in 2026. AEPL’s dedication to renewable energy era aligns properly with our personal give attention to sustainable progress and innovation.”
Avaada Group has diversified into manufacturing inexperienced hydrogen, inexperienced methanol, inexperienced ammonia, and expanded its footprint into the Photo voltaic PV provide chain with the manufacturing of photo voltaic cell and module. The corporate presently operates a renewable vitality portfolio of 4 GW and round 7 GW is in numerous phases of implementation.
Up to date: 28 Jun 2023, 07:26 PM IST