Avaada raises $1.07 bn to fund green hydrogen, ammonia ventures

INTEGRATED ENERGY PLATFORM Avaada Group on Wednesday said it has tied up $1.07 billion capital from Brookfield Renewable and the Global Power Synergy Public Company (GPSC) to fund its green hydrogen and green ammonia ventures in India.

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Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), will be investing up to $1 billion in Avaada Ventures, a company statement said.

The Global Power Synergy Public Company (GPSC), will further invest $68 million in Avaada Energy for releasing debt obligations and supporting the growth, it added.

This fund tie-up is part of the $1.3 billion fundraise plan of Avaada Group.