Avaada Ventures Bagged Most Likely Its Largest Clean Energy Investment

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Brookfield, the Canadian investor, has agreed to bankroll Avaada Ventures with a $1 billion investment. The investment is made to support its plans on green ammonia and scale up renewable energy. As per the ET report, it would be the largest investment bet by a clean energy company in one go in the country. A formal agreement is signed between Brookfield and Vineet Mittal, founder of the Avaada group for the same. It is to note that the first tranche of $400m is already disbursed and the remaining amount of $600m will be given out on the basis of performance-linked milestones.

The group has the motive of generating 30 GW of installed renewable energy capacity, with a $20 billion asset base by 2030. This fund will support Avaada’s Group’s solar cell/module manufacturing and green ammonia projects along with clean energy generation capacity.

Notably, Brookfield is one of the largest investors in renewable power and climate transition assets, having around 24,000 MW of generating capacity worldwide. On the other hand, Avaada Ventures was founded in 2007, and a Thailand-based PTT Group is an equity partner in the group’s solar arm named Avaada Energy Pvt. Ltd. with a 41.6% stake. Avaada is also in talks with the PTT Group to deploy another $300 million.