Canada’s Brookfield to invest $1 billion in renewable energy firm Avaada: Report

Canadian investor Brookfield has agreed to invest $1 billion in Avaada Ventures in what will be its largest clean energy bet in the country. Recently, a formal agreement was signed between Brookfield and entrepreneur Vineet Mittal – founder of the Avaada group, and the first tranche of $400 million has been disbursed, according to a report by The Economic Times.

The remaining $600 million will be disbursed based on performance-linked milestones as projects scale up. Avaada Ventures is the holding company of the group. Funds raised from Brookfield will be used for the group’s solar cell or module manufacturing and green ammonia plans, and scaling up its renewable energy generation capacity.

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Avaada is also negotiating with existing investor, Thailand’s state-owned utility PTT, to deploy another $300 million. In July 2021, PTT invested $454 million in Avaada Energy, the solar arm of the Avaada Group, and holds a 43 percent stake in the unit, the report added.