Renewable energy firm Avaada Energy, backed by Brookfield’s Energy Transition Fund is reportedly preparing for an Initial Public Offering (IPO) worth ₹4,000 to ₹5,000 crore, aimed at expanding its solar module manufacturing capacity. Though no formal announcement has been made by the company, multiple media outlets have cited sources indicating that the IPO could fund a 5 GW integrated solar cell and module facility in Greater Noida, Uttar Pradesh.
The move, if confirmed, would mark a significant step in Avaada’s push toward strengthening domestic manufacturing and supporting India’s clean energy transition. The company has been rapidly scaling its renewable energy presence across solar, wind, and emerging segments like green ammonia.
In 2023, Avaada secured $1.3 billion in funding to support its expansion plans — with $1 billion invested by Brookfield Renewable’s Energy Transition Fund and $300 million from Thailand’s Global Power Synergy Public Company (GPSC). This capital injection is fueling the company’s efforts in solar manufacturing and green hydrogen ventures.
Avaada has also signed major partnerships with state governments in Maharashtra and Madhya Pradesh to implement large-scale renewable energy projects. Additionally, it plans to establish a 1,500 tons/day green ammonia facility in Odisha, in collaboration with Swiss technology provider Casale.
While the company has not issued an official confirmation regarding the IPO, the reported move is seen as part of a broader strategy to secure capital for long-term sustainable infrastructure development.
