Avaada Group
Company typePrivate limited company
IndustryGreen Energy
Founded2017
FounderVineet Mittal
HeadquartersMumbai, India
Key people
Vineet Mittal(Chairman), Sindoor Mittal(Vice Chairperson), Kishor Nair (CEO – IPP Business)
Number of employees
500-1000
Websitewww.avaada.com

Avaada Group is an integrated green energy solutions provider headquartered in Mumbai, India.[1] It has business interests across the spectrum of the energy transition value chain, including renewable power generation using Solar energy, Wind energy, Pumped Hydro, Solar PV Manufacturing, Green Fuels (Green Hydrogen. Green Ammonia, Green Methanol, Sustainable Aviation Fuel).[2]

Background

After establishing ventures in the BPO and IT space, Vineet Mittal co-founded Welspun Energy in 2010. In 2016, the company underwent successful demerger and monetization, selling its operational portfolio of approximately 1.2 GW to Tata Power at a valuation of USD 1.4 billion.[3][4]

Subsequently, Mr. Mittal rechristened the company as Avaada Energy. Over period of time, the firm diversified into multiple business areas, forming a group of companies known as Avaada Group.[5][6]

Equity Partners

Avaada Group has secured funding from various marquee investors globally, including Brookfield, PTT Group, ADB, DEG, GE Capital, FMO, Proparco, etc. [7][8]

Avaada Energy

Avaada Energy, IPP arm of the group. Avaada Energy has a total portfolio of ~12 GW with operational capacity exceeding over 4 GW and under-implementation and secured capacity of another 8 GW. The company develops utility-scale renewable energy projects for utilities as well as C&I consumers.[9]

Green Bonds

In early 2022, Avaada Energy raised INR 1,440 crore (USD 192 million) through green bonds in the Indian capital market at a 6.75% interest rate, marking India’s largest ‘AAA’ rated green bond issued by any renewable energy developer. These bonds received certification from the Climate Bonds Standard Board of the Climate Bonds Initiatives and are compliant with the Securities and Exchange Board of India (SEBI) guidelines for Green Debt Securities.[10][11]

Avaada Foundation

Avaada Foundation is the philanthropic arm of the Avaada Group. It has made initiatives in Education, Empowerment, Environment, Health, and Energy across 15 states in India.[12][13]

References

  1. ^ Bhaskar, Utpal (9 April 2019). "Avaada Energy raises ₹1,000 crore from ADB, Germany's DEG and Netherlands' FMO". Livemint. Retrieved 30 June 2022.
  2. ^ "Thailand's oil major PTT Group buys stake in Avaada Energy". The Live Mint. Retrieved 14 July 2022.
  3. ^ "Exclusive | Vineet Mittal-backed Avaada Energy eyeing up to $250m fund-raise". Moneycontrol. Retrieved 30 June 2022.
  4. ^ "ABD to Invest 50 Billion in Solar Power Project Developer Avaada". The Economic Times.
  5. ^ "An integrated green molecular company. Avada Group". Archived from the original on 13 October 2022. Retrieved 13 October 2022.
  6. ^ "Jayapur: A look at PM Narendra Modi's first adopted village". Money Control.
  7. ^ "Environmental and Social Monitoring Report" (PDF). adb.org. August 2020. Retrieved 8 April 2023.
  8. ^ "Thai PTT power unit invests $453 mln in India's Avaada Energy". Reuters. 14 July 2021. Retrieved 2 July 2022.
  9. ^ "Avaada Group signs MoU for Rs 40,000-cr green ammonia plant with Rajasthan". The Economic Times. Retrieved 25 August 2022.
  10. ^ "Avaada Energy raises Rs 1,440 cr through green bonds". The Economic Times. Retrieved 2 July 2022.
  11. ^ "Avaada Energy raises Rs 1,440 cr through green bonds". The Economic Times. Retrieved 30 June 2022.
  12. ^ Arora, Madhu; Khurana, Poonam; Choiden, Sonam (5 October 2020). Performance Management: Happiness and Keeping Pace with Technology. CRC Press. ISBN 9781000175110.
  13. ^ "Avada Foundation inaugurated Covid Care Center" (PDF). avaadafoundation.com. August 2020.
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