| 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 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]
After 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]
Avaada Group has secured funding from Brookfield, PTT Group, ADB, DEG, GE Capital, FMO, and Proparco.[7] [8]
Avaada 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]
In 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 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]