New Delhi: Avaada Ventures Pvt. Ltd has repaid Brookfield Renewable's debt in a deal valued at about ₹6,713 crore, marking the Canadian investor’s exit with roughly twice the money it had invested in the Indian renewable energy firm, according to two people aware of the development.
Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF), had committed up to $1 billion to Avaada Group holding company Avaada Ventures through optionally convertible debentures in 2023. The actual investment, however, was a fraction of that commitment.
“Out of the commitment of up to $1 billion, about $400 million was invested by Brookfield,” one of the people said, requesting anonymity, adding that Brookfield did not convert its debentures.
Brookfield invested ₹3,290 crore and realized ₹6,713 crore, the people said.
The investment has delivered a return of about two times for Brookfield, said a second person, who also asked not to be identified.
“We will not be commenting on this matter,” a Brookfield spokesperson said in an emailed response to Mint. Queries emailed to an Avaada Group spokesperson on Tuesday remained unanswered till publishing time.
Brookfield’s exit comes ahead of a ₹7,600 crore initial public offering (IPO) by Avaada Group company Avaada Electro Ltd. The company plans to raise ₹1,600 crore through a fresh issue of shares and promoter Avaada Ventures proposes to sell shares worth ₹6,000 crore through an offer for sale, according to a document dated 25 August filed with the regulator.
The company proposes to use ₹1,200 crore of the net proceeds of the fresh issue to repay debt. Its outstanding borrowings stood at ₹3,926.4 crore as of June.
Apart from Brookfield, Global Power Synergy Company (GPSC), a subsidiary of Thailand’s PTT Group invested in the group in 2023. GPSC holds an almost 43% stake in Avaada Energy, the group’s renewable energy arm.
Diversified operations
With diversified operations across renewable energy generation, solar component manufacturing, green fuel production and storage projects, Avaada is founder Vineet Mittal’s second innings in the green energy space after Tata Power bought the entire 1.1 GW renewable energy portfolio of Welspun Energy Pvt Ltd for $1.4 billion in 2016. Mittal was a co-promoter of Welspun Energy.
Brookfield Asset Management Inc. is a major investor in India’s green energy space. Brookfield, which has over $1 trillion in assets under management worldwide, has invested $25 billion in India. Brookfield Renewable acquired a controlling stake in rooftop solar power producer CleanMax Enviro Energy Solutions Pvt Ltd for $360 million in 2024.
Brookfield Asset Management has also signed an agreement with Mukesh Ambani-promoted Reliance Industries Ltd to explore opportunities to manufacture renewable energy and decarbonization equipment in Australia.
The Brookfield transaction adds to Avaada’s list of investor exits. GPSC realized a partial exit through its subsidiary’s sale of a 3.03% stake in Avaada Energy for about $79 million in 2025. Other institutional investors that have exited the company include German investment corporation DEG, Dutch development bank FMO and Proparco, the private sector arm of France’s Agence Française de Développement Group.
Avaada, which started with renewable power generation, has diversified into solar component manufacturing, battery energy storage systems and green molecules. By FY28, Avaada Electro aims to increase its solar module manufacturing capacity to 13.6 GW, solar cell capacity to 12 GW and ingot and wafer capacity to 3 GW.
The Indian government’s target of achieving 500 GW of non-fossil energy capacity has boosted investments in this space. Currently, India has a total non-fossil capacity of 300 GW, with the country’s renewable energy space going through a transitional phase as the sector evolves.