| Avaada Group | |
| Type: | Private limited company |
| Industry: | Green Energy |
| Founded: | 2017 |
| Founder: | Vineet Mittal |
| Location: | Mumbai, India |
| Key People: | Vineet Mittal(Chairman), Sindoor Mittal(Vice Chairperson), Kishor Nair (CEO – IPP Business) |
| Num Employees: | 500-1000 |
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]
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]
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, 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]
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 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]