Avaada Group
| Company type | Private limited company |
|---|---|
| Industry | Green Energy |
| Founded | 2017 |
| Founder | Vineet Mittal |
| Headquarters | Mumbai, India |
Key people | Vineet Mittal(Chairman), Sindoor Mittal(Vice Chairperson), Kishor Nair (CEO – IPP Business) |
Number of employees | 500-1000 |
| Website | www |
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]
Background
[edit]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]
Equity Partners
[edit]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
[edit]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]
Green Bonds
[edit]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
[edit]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.
Avaada Foundation improve government schools by renovating them, building toilets, furniture and providing clean water. They offer Spoken English classes, interactive learning boards, teacher support, and workshops, while students engage in sports and creative activities. Foundation run Community Development centres Centers with coaching by qualified teachers and IITians, helping underprivileged students compete with private schools. We help young people by offering skill training and scholarships, giving them the tools they need for a better future. Their entrepreneurship, energy literacy, motivational speech, and cybersecurity, self defence, educational trip, First aid workshops along with the celebration of various days, aim to empower underprivileged children by providing them with valuable skills, knowledge, and opportunities for personal growth and future success.
At Avaada, They build infrastructure in government schools, give skill training, and run community centers to support underprivileged students. Empowerment programs help women gain financial independence through digital learning, farming, and advanced level stitching centers. Their environmental efforts include tree-planting drives, clean energy workshops, and biodiversity protection. In health, they provide ambulance services, medical camps, and blood donation drives in rural areas. Avaada is committed to sustainable growth and fostering an equitable future for all.
Avaada Foundation is changing lives across cities by adopting schools, adopting viilages and transforming government schools by renovation and implementation of quality education in these schools. They have transformed lives of Prime minister's adopted villages in Varanasi, Jayapur and Nagepur.
Reference-Business News This Week is a leading business news portal covering business news weekly for your business. Business news weekly Source: Business News This Week https://search.app/e89dUtNDy2PukyT49
Avaada Foundation , the arm of the Avaada Group, continues to make strides in its mission to uplift and better society across 15 states in India Source: MediaBrief https://search.app/8urD2UdLfRrmdAAZ9
https://mediabrief.com/avaada-foundation-shines-spotlight-on-transforming-lives-in-15-indian-states/
https://indiacsr.in/csr-avaada-foundation-community-development-centre/
https://indiancrimenews.com/?p=127726
https://indiacsr.in/csr-avaada-foundation-community-development-centre/
https://indiancrimenews.com/?p=127726
References
[edit]- ^ Bhaskar, Utpal (9 April 2019). "Avaada Energy raises ₹1,000 crore from ADB, Germany's DEG and Netherlands' FMO". Livemint. Retrieved 30 June 2022.
- ^ "Thailand's oil major PTT Group buys stake in Avaada Energy". The Live Mint. Retrieved 14 July 2022.
- ^ "Exclusive | Vineet Mittal-backed Avaada Energy eyeing up to $250m fund-raise". Moneycontrol. Retrieved 30 June 2022.
- ^ "ABD to Invest 50 Billion in Solar Power Project Developer Avaada". The Economic Times.
- ^ "An integrated green molecular company. Avada Group". Archived from the original on 13 October 2022. Retrieved 13 October 2022.
- ^ "Jayapur: A look at PM Narendra Modi's first adopted village". Money Control.
- ^ "Environmental and Social Monitoring Report" (PDF). adb.org. August 2020. Retrieved 8 April 2023.
- ^ "Thai PTT power unit invests $453 mln in India's Avaada Energy". Reuters. 14 July 2021. Retrieved 2 July 2022.
- ^ "Avaada Group signs MoU for Rs 40,000-cr green ammonia plant with Rajasthan". The Economic Times. Retrieved 25 August 2022.
- ^ "Avaada Energy raises Rs 1,440 cr through green bonds". The Economic Times. Retrieved 2 July 2022.
- ^ "Avaada Energy raises Rs 1,440 cr through green bonds". The Economic Times. Retrieved 30 June 2022.
- ^ Arora, Madhu; Khurana, Poonam; Choiden, Sonam (5 October 2020). Performance Management: Happiness and Keeping Pace with Technology. CRC Press. ISBN 9781000175110.
- ^ "Avada Foundation inaugurated Covid Care Center" (PDF). avaadafoundation.com. August 2020.