Mumbai, India – Avaada Green Energy, a leading renewable energy company in India, has announced that it will receive a $1 billion investment from Brookfield Asset Management for its green hydrogen (gH2) venture. The investment is expected to accelerate the development of Avaada’s gH2 projects and help the company achieve its goal of becoming a leading player in the green hydrogen market.
Green hydrogen is a clean and sustainable fuel that is produced by using renewable energy sources such as wind and solar power to split water into hydrogen and oxygen. The use of green hydrogen can significantly reduce greenhouse gas emissions and help countries achieve their climate change goals.
Avaada Green Energy has been actively working on developing green hydrogen projects in India. The company aims to become a leading player in the green hydrogen market and is targeting to build a capacity of 10 gigawatts (GW) by 2030.
Brookfield Asset Management, one of the world’s largest alternative asset managers, has been actively investing in the renewable energy sector. The investment in Avaada’s green hydrogen venture is part of Brookfield’s strategy to invest in the growing green hydrogen market and support the transition to a low-carbon economy.
Commenting on the investment, Vineet Mittal, Chairman of Avaada Group, said, “We are delighted to partner with Brookfield Asset Management in our green hydrogen venture. This investment will enable us to accelerate the development of our green hydrogen projects and help us achieve our goal of becoming a leading player in the green hydrogen market. We believe that green hydrogen has enormous potential to transform the energy landscape and help countries achieve their climate change goals.”
The investment from Brookfield will provide Avaada with the necessary capital to develop its green hydrogen projects at a faster pace. The funds will be used to build green hydrogen production facilities, storage facilities, and refueling stations across India.
In addition to providing capital, Brookfield will also bring its expertise in developing and managing renewable energy projects to the partnership. The investment will help Avaada leverage Brookfield’s global network and expertise to accelerate the development of its green hydrogen projects.
Mark Carney, Vice Chairman and Head of ESG and Impact Fund Investing at Brookfield Asset Management, said, “We are excited to partner with Avaada Green Energy in their green hydrogen venture. This investment is aligned with our strategy to invest in the growing green hydrogen market and support the transition to a low-carbon economy. We believe that Avaada’s experience in developing renewable energy projects combined with our expertise in managing renewable assets will help us build a successful green hydrogen business in India.”
The investment from Brookfield comes at a time when the green hydrogen market is gaining momentum globally. Several countries, including the United States, Europe, and Australia, have announced ambitious plans to develop their green hydrogen industries.
In India, the government has also announced plans to develop a national hydrogen mission to promote the use of green hydrogen in the country. The government has set a target of 450 GW of renewable energy capacity by 2030, which includes a target of 40 GW of installed capacity from solar rooftop systems.
The investment from Brookfield is expected to support India’s transition to a low-carbon economy by providing a clean and sustainable fuel source. The investment will also help create job opportunities and promote economic growth in the country.
In conclusion, the $1 billion investment from Brookfield Asset Management in Avaada Green Energy’s green hydrogen venture is a significant development for the Indian renewable energy sector. The investment will provide Avaada with the necessary capital to develop its green hydrogen projects and help it achieve its goal of becoming a leading player in the green hydrogen market. The investment also demonstrates Brookfield’s commitment to investing in the growing green hydrogen market and supporting the transition to a low-carbon economy.
