Global Power Synergy Public invests $233 mn in Avaada Group

New Delhi: Renewable energy player Avaada Group has raised $233 million from Global Power Synergy Public Company Limited (GPSC), a subsidiary of Thailand’s PTT Group.

GPSC is an existing shareholder with 42.93% equity holding Avaada Energy Private Ltd (AEPL).

With the latest fundraise, Avaada Group has closed the funding round o $1.3 billion or ₹10,700 crore. 

In April, the company had announced raising $1 billion from Brookfield Renewables, through Brookfield Global Transition Fund (BGTF). 

In a statement, Avaada said that the fundraise would be utilized in the green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures. 

It would help its solar manufacturing capabilities as Avaada Group has also bagged a incentive of ₹961 crore or $116.78 million for 3 GW of wafer-to-module capacity under the government’s production linked incentive (PLI) scheme. 

The company said that in the past three months, Avaada Energy Pvt Ltd has won several tenders, amounting to almost 1.8 GW from both corporate customers and utilities

The latest investment by GPSC follows its previous investment of ₹558 crore $68 million in AEPL in April, bringing their total investment in Avaada to around ₹6,037 crore $779 million.

Vineet Mittal, Chairperson and Founder, Avaada Group, said: “This funding round marks a significant milestone in Avaada Group’s journey and India’s energy transition. We are grateful for the support from our investors and the Indian government, which is enabling us to contribute to the global energy transition and deliver on our promise of a sustainable future.“

Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company Limited (GPSC) said: “Our decision to invest further in AEPL is based on our confidence in their strategic approach to the renewable energy sector, aiming to achieve at least 11 GW in 2026. AEPL’s commitment to renewable power generation aligns well with our own focus on sustainable growth and innovation.”

Avaada Group has diversified into manufacturing green hydrogen, green methanol, green ammonia, and expanded its footprint into the Solar PV supply chain with the manufacturing of solar cell and module. The company currently operates a renewable energy portfolio of 4 GW and around 7 GW is in different stages of implementation.