Avaada Group is looking to raise $1 billion (over ₹8,400 crore) in debt by March next year to fund its projects. "We will raise this debt to fund wind, solar and other projects. We have already raised equity," chairman Vineet Mittal told FE.
The group has an operational capacity of over 4 gigawatt (GW) and aims to have an installed base of 11 GW by 2026 and 30 GW by 2030. "We could do it (30 GW capacity) earlier if transmission lines come up," Mittal said.
The portfolio includes 5 gigawatt-hours of battery storage and 10 GWh of long-duration pumped hydel storage.
Last year, Avaada Group raised $1.3 billion from Canadian investor Brookfield and Global Power Synergy (GPSC) to fund its green hydrogen and green ammonia ventures in the country.
This story is from the December 23, 2024 edition of Financial Express Ahmedabad.
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This story is from the December 23, 2024 edition of Financial Express Ahmedabad.
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