Brookfield Renewable to invest $1 billion in Avaada Group- Statement

NEW DELHI (Reuters) - Avaada Group on Wednesday said it raised $1.07 billion to fund its green hydrogen and green ammonia ventures in India.

Brookfield Renewable, through Brookfield Global Transition Fund (BGTF), will invest upto $1 billion in Avaada Ventures Private Ltd, the company said in a statement.

Global Power Synergy Public Company Ltd, will invest $68 million in Avaada Energy Private Ltd to cut debt and support growth. The Avaada Group is also in advanced discussions with potential investors to raise another $200 million, it said.

Avaada currently operates a renewable energy portfolio of 4 gigawatt (GW) with plans to reach 11 GW by 2026.

(Reporting by Sarita Chaganti Singh, Editing by Louise Heavens)