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Brookfield To Invest $1 Billion In Indian Renewable Energy Company

Canadian investor Brookfield will reportedly invest $1 billion in Indian renewable energy project developer Avaada Ventures. 

According to media reports, Brookfield has signed an agreement to invest $1 billion in multiple tranches in Avaada Ventures. Avaada Ventures in the holding company of Avaada Energy, a renewable energy project developer operating in India. 

The first tranche of $400 million has been released by Brookfield while the balance is linked to achievement of milestones. The investment would be used by Avaada to expand its renewable energy portfolio and venture into new areas like module manufacturing and green ammonia production. 

Avaada had commissioned nearly 3 gigawatts of renewable energy capacity by April 2022 with another 1.5 gigawatts of capacity under construction.  

The company has announced plans to set up 5 gigawatts of module manufacturing capacity and increase annual production to 10 gigawatts by 2030. It eventually plans to have fully vertically integrated manufacturing capability producing polysilicon, ingots, wafers, cells, and modules. 

Avaada also signed a memorandum of understanding Rajasthan Department of Industries and Commerce to invest Rs 400 billion to set up a renewable energy and green ammonia production facility in Rajasthan. 

Media reports also suggest that Thai utility PTT may also be looking to invest $300 million in Avaada Energy, a subsidiary of Avaada Ventures focused on developing solar power projects. PTT invested $454 million in Avaada Energy in 2021 and already holds 43% stake in the company. 

Foreign investors have been aggressively looking to invest in Indian renewable energy companies for the last few years. Several Canadian and European pension funds and international private equity funds have picked up stakes in Indian renewable energy companies in the last two years. Increasing power demand, attractive policies and incentives for renewable energy, ambitious capacity addition targets, and increased focus towards decarbonization in the corporate sector has brought India to the focal point of international investors. 

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