Brookfield-Backed Avaada Plans ₹4,000-Crore IPO for Solar Module Manufacturing Arm

In a significant move for India’s renewable energy sector, Brookfield-backed Avaada Group is gearing up for a massive ₹4,000 crore initial public offering (IPO) to fund its solar module manufacturing operations. The IPO plan comes on the back of the company’s aggressive expansion in clean energy infrastructure across the country.

Earlier this year in March, Avaada marked a major milestone with the inauguration of its 1.5 GW solar module gigafactory in Dadri, Uttar Pradesh. This was soon followed by the foundation laying of a much larger 5 GW integrated solar manufacturing facility in Greater Noida, reflecting the company’s ambitious growth trajectory in solar energy.

Strong Government Partnerships and State-Wide Investments

Avaada’s renewable energy efforts are receiving strong support through collaborations with state governments. In April, the company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to develop a massive 3,650 MW of pumped hydro storage capacity through two major projects: Pawana Falyan (2,400 MW) and Sirsala (1,200 MW). These projects involve a combined investment of ₹15,100 crore, strengthening the state’s energy storage capacity.

In another landmark agreement, Avaada signed an MoU with the Madhya Pradesh government committing a total investment of ₹50,000 crore. This includes the development of 6,000 MW of solar energy, 700 MW of wind energy, 2,100 MW of Battery Energy Storage Systems (BESS), and 2,000 MW of pumped storage. These developments are expected to significantly enhance the state’s renewable energy capabilities.

Green Ammonia Project in Odisha

Adding another layer to its clean energy portfolio, Avaada has entered into a strategic partnership with Casale, a global leader in ammonia technology. The goal is to establish a 1,500 tons per day (TPD) green ammonia plant in Gopalpur, Odisha. This move signals Avaada’s entry into the green ammonia space, which is increasingly being seen as a vital part of the future energy mix.

Backed by Global Investors

Fueling this rapid expansion is a robust investment pipeline. In 2023, Brookfield’s Energy Transition Fund and Thailand’s GPSC (a subsidiary of the PTT Group) jointly invested $1.3 billion in Avaada. This financial backing has enabled the group to scale up its operations across solar, wind, storage, and green hydrogen/ammonia segments.

Avaada’s IPO plans mark a significant step in its mission to drive India’s energy transition, providing much-needed momentum to the country’s goal of becoming a global leader in clean and sustainable power.