Brookfield Asset Management, a leading global infrastructure and renewable energy investor, has announced plans to invest $1 billion in Avaada Energy, one of India’s fastest-growing renewable energy companies. The investment will help Avaada expand its portfolio of renewable energy assets and accelerate its growth in the Indian market.
Avaada Energy, which was founded in 2017 by serial entrepreneur Vineet Mittal, has emerged as a major player in India’s renewable energy industry, with a focus on solar and wind power projects. The company currently has a portfolio of over 2.4 GW of renewable energy assets, with an additional 1 GW under construction.
The $1 billion investment from Brookfield will give Avaada the financial resources to scale up its operations and build more renewable energy projects across India. The investment is also expected to create jobs and contribute to India’s transition to a low-carbon economy.
Commenting on the investment, Bruce Flatt, CEO of Brookfield Asset Management, said, “We are excited to partner with Avaada Energy, which has a proven track record of developing and operating renewable energy assets in India. This investment aligns with Brookfield’s strategy to invest in high-quality businesses that deliver sustainable growth and contribute to a low-carbon future.”
The investment is subject to regulatory approvals and is expected to be completed in the next few months.