FCC

Avaada Group to Raise $1 Billion for Green Projects

2024-12-26

Avaada Group plans to raise $1 billion (over Rs 8,400 crore) in debt by March next year to fund its wind, solar, and other renewable energy projects, as confirmed by chairman Vineet Mittal. The group has already raised equity to support its initiatives.

With an operational capacity of over 4 gigawatts (GW), Avaada aims to achieve 11 GW by 2026 and 30 GW by 2030. “We could reach 30 GW sooner if transmission infrastructure improves,” Mittal said.

Avaada’s portfolio includes 5 gigawatt-hours (GWh) of battery storage and 10 GWh of long-duration pumped hydel storage. Last year, it raised $1.3 billion from Canadian investor Brookfield and Global Power Synergy to fund its green hydrogen and green ammonia ventures in India.

The group is establishing a 5 GW solar manufacturing plant in Nagpur, which will convert silicon into ingots, wafers, and solar panels. It is investing Rs 13,560 crore in the project, which is expected to begin operations next year.

Avaada is also working on developing pumped storage projects (PSPs) in Rajasthan and Odisha and has secured $1.8 billion for green ammonia and green hydrogen projects in Odisha’s Gopalpur Industrial Park.