Avaada Ventures Pvt Ltd, a renewable energy solutions company, has successfully repaid Brookfield Renewable's debt in a transaction valued at approximately ₹6,713 crore, according to reports from Mint. The Canadian private equity and asset management company, through its Brookfield Global Transition Fund (BGTF), had committed to invest up to $1 billion in Avaada Group's holding company Avaada Ventures via optionally convertible debentures in 2023. Out of this commitment, ₹3,290 crore was invested by Brookfield, with the company realizing ₹6,713 crore from the transaction. The investment has delivered a return of about two times for Brookfield, as reported by sources familiar with the development. Notably, Avaada structured the repayment through debt instruments rather than equity conversion, allowing the company to maintain control ahead of its public market debut.
Brookfield's exit comes ahead of a ₹7,600 crore initial public offering (IPO) by Avaada Group company Avaada Electro Ltd. According to documents filed with the regulator on August 25, the company plans to raise ₹1,600 crore through a fresh issue of shares and promoter Avaada Ventures proposes to sell shares worth ₹6,000 crore through an offer for sale. The company proposes to use ₹1,200 crore of the net proceeds of the fresh issue to repay debt, with its outstanding borrowings standing at ₹3,926.4 crore as of June. A Brookfield spokesperson declined to comment on the matter, while queries to an Avaada Group spokesperson remained unanswered.
Apart from Brookfield, Global Power Synergy Company (GPSC), a subsidiary of Thailand's PTT Group, invested in the group in 2023 and holds an almost 43% stake in Avaada Energy, the group's renewable energy arm. According to Mint reports, GPSC realized a partial exit through its subsidiary's sale of a 3.03% stake in Avaada Energy for about $79 million in 2025. Other institutional investors that have exited the company include German investment corporation DEG, Dutch development bank FMO and Proparco. Avaada, founded by Vineet Mittal, has diversified into solar component manufacturing, battery energy storage systems and green molecules, with plans to increase solar module manufacturing capacity to 13.6 GW by FY28.
The transaction adds to Avaada's list of investor exits, with the company starting with renewable power generation and diversifying into solar component manufacturing, battery energy storage systems and green molecules. According to Mint reports, Brookfield Asset Management Inc., which has over $1 trillion in assets under management worldwide, has invested $25 billion in India and acquired a controlling stake in rooftop solar power producer CleanMax Enviro Energy Solutions Pvt Ltd for $360 million in 2024. The Indian government's target of achieving 500 GW of non-fossil energy capacity has boosted investments in this space, with India currently having a total non-fossil capacity of 300 GW.
