Avaada Group: $2 billion secured for new Odisha project
By on October 24, 2023
REC Ltd commits to Avaada, ACME Group ammonia projects in Odisha
REC Limited, one of India’s largest green infrastructure financial firms, has committed nearly $5 billion total to three new energy projects in Odisha state, including two renewable ammonia projects. Avaada Group will receive $1.8 billion towards a new renewable hydrogen & ammonia production facility in the Gopalpur Industrial Park, Odisha. Avaada signed an MoU with Tata Steel Special Economic Zone – the same entity who agreed with ACME Group to establish a million-tonne-per-year renewable ammonia plant nearby. ACME Group’s project also received an investment from REC Limited ($1.9 billion). Avaada’s renewable ammonia project will include a “cutting-edge” ammonia storage facility, to be developed at Gopalpur Port.
Our collaboration with REC Ltd epitomises the convergence of vision and action. This enterprise fortifies our journey and augments India’s trajectory towards realising Net Zero by 2070. We wish to extend our profound gratitude to the Government of Odisha for their ceaseless patronage.
Vineet Mittal, Chairman of Avaada Group in his organisation’s official press release, 14 Oct 2023
$1 billion funds from Brookfield
Earlier this April, Avaada secured a $1 billion investment from infrastructure giant Brookfield. The fundraising round also includes an investment from Thailand electric utility GPSC.
Avaada Group is…building an integrated ‘Sand to molecule’ business aligned for the global energy transition towards decarbonization. I am delighted to welcome Brookfield to join us in our next phase of growth. The collaboration will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy and position ourselves at the forefront of the global energy transition. I’m also thankful to GPSC for their continued support in fulfilling our mission of delivering promise of a sustainable future for posterity.
Vineet Mittal, Chairperson and Founder, Avaada Group in his organisation’s official press release, 26 Apr 2023