Avaada Group on Wednesday said that Brookfield Renewables will invest up to $1 billion in the company and the funds will be utilised to fund green hydrogen and green ammonia ventures in India.

Avaada, which has a renewable energy portfolio of around 4 gigawatts (GW), also announced that it has raised $1.07 billion as a part of its ongoing $1.3-billion fund raise plan.

“Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), will be investing up to $1 billion in Avaada Ventures. Global Power Synergy Public Company (GPSC), will further invest $68 million in Avaada Energy for releasing debt obligations and supporting the growth,” Avaada Group said.

The group is also in advanced discussions with potential investors to raise another $200 million, it added.

Avaada Group Chairperson Vineet Mittal said, “The collaboration will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy and position ourselves at the forefront of the global energy transition.”

The group is planning to create a renewable energy portfolio of 11GW by 2026. It has recently secured a bid under the production linked incentive (PLI) scheme for setting up 3GW of ingots, cell and module manufacturing facility.

Brookfield Managing Director (Renewable Power & Transition) Nawal Saini said, “This strategic partnership will leverage Brookfield’s global track record, access to capital and operational expertise alongside Avaada’s strong local footprint, to enable their vision for the energy transition business.”

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Brookfield Renewable, the listed arm of Brookfield Asset Management, operates one of the world’s largest publicly traded platforms for renewable power and decarbonisation solutions.

It has an installed capacity of around 25.4 GW and a development pipeline of about 110GW of renewable power assets, 8 million tonnes per annum (MTPA) of carbon capture and storage, 2 MTPA of recycled materials capacity and 3 million British thermal units (mBtu) annual capacity of renewable natural gas projects.