This article contains promotional content. (October 2024) |
Avaada Group is an Indian green energy company headquartered in Mumbai.[1] It has business interests in renewable energy generation using Solar energy, Wind energy, Pumped Hydro, and Green Fuels (Green Hydrogen, Green Ammonia, Green Methanol and Sustainable Aviation Fuel).[2]
| Company type | Private limited company |
|---|---|
| Industry | Green Energy |
| Founded | 2017 |
| Founder | Vineet Mittal |
| Headquarters | Mumbai, India |
Key people | Vineet Mittal(Chairman), Sindoor Mittal(Vice Chairperson), Kishor Nair (CEO – IPP Business) |
Number of employees | 500-1000 |
| Website | www |
Background
editAfter establishing ventures in the BPO and IT space, Vineet Mittal co-founded Welspun Energy in 2010. In 2016, the company underwent a demerger and sold off its operational portfolio of approximately 1.2 GW to Tata Power at a valuation of $1.4 billion.[3][4]
Subsequently, Mittal rechristened the company as Avaada Energy. Over time, the firm diversified into multiple business areas, forming a group of companies known as the Avaada Group.[5][6]
Equity Partners
editAvaada Group has secured funding from Brookfield, PTT Group, ADB, DEG, GE Capital, FMO, and Proparco.[7][8]
Avaada Energy
editAvaada Energy is the IPP arm of the group, with a total portfolio of 12 GW with operational capacity exceeding 4 GW. It has secured capacity of another 8 GW which is currently under implementation. The company develops utility-scale renewable energy projects for utilities along with providing services for C&I consumers in Rajasthan, Karnataka, and Maharashtra.[9][10]
Green Bonds
editIn early 2022, Avaada Energy raised INR 1,440 crore (USD 192 million) through green bonds in the Indian capital market at an interest rate of 6.75% marking India’s largest ‘AAA’ rated green bonds issue by any renewable energy developer. These bonds received certification from the Climate Bonds Standard Board and are compliant with the Securities and Exchange Board of India(SEBI) guidelines for Green Debt Securities.[11][12]
Avaada Foundation
editAvaada Foundation is the philanthropic arm of the Avaada Group. It has made initiatives in Education, Empowerment, Environment, Health, and Energy sectors across 15 states in India.[13][14]
References
edit- ^ Bhaskar, Utpal (9 April 2019). "Avaada Energy raises ₹1,000 crore from ADB, Germany's DEG and Netherlands' FMO". Livemint. Retrieved 30 June 2022.
- ^ "Thailand's oil major PTT Group buys stake in Avaada Energy". The Live Mint. Retrieved 14 July 2022.
- ^ "Exclusive | Vineet Mittal-backed Avaada Energy eyeing up to $250m fund-raise". Moneycontrol. Retrieved 30 June 2022.
- ^ "ABD to Invest 50 Billion in Solar Power Project Developer Avaada". The Economic Times.
- ^ "An integrated green molecular company. Avada Group". Archived from the original on 13 October 2022. Retrieved 13 October 2022.
- ^ "Jayapur: A look at PM Narendra Modi's first adopted village". Money Control.
- ^ "Environmental and Social Monitoring Report" (PDF). adb.org. August 2020. Retrieved 8 April 2023.
- ^ "Thai PTT power unit invests $453 mln in India's Avaada Energy". Reuters. 14 July 2021. Retrieved 2 July 2022.
- ^ "Avaada Group signs MoU for Rs 40,000-cr green ammonia plant with Rajasthan". The Economic Times. Retrieved 25 August 2022.
- ^ "Avaada Energy closes Rs 597 crore refinancing for solar projects". Retrieved 21 October 2024.
- ^ "Avaada Energy raises Rs 1,440 cr through green bonds". The Economic Times. Retrieved 2 July 2022.
- ^ "Avaada Energy raises Rs 1,440 cr through green bonds". The Economic Times. Retrieved 30 June 2022.
- ^ Arora, Madhu; Khurana, Poonam; Choiden, Sonam (5 October 2020). Performance Management: Happiness and Keeping Pace with Technology. CRC Press. ISBN 9781000175110.
- ^ "Avada Foundation inaugurated Covid Care Center" (PDF). avaadafoundation.com. August 2020.