Avaada

What Avaada does

Avaada Group is an Indian privately held clean energy conglomerate headquartered in New Delhi, operating across the full renewable power value chain — utility-scale solar, wind, hybrid, firm and dispatchable renewable energy (FDRE), battery energy storage systems (BESS), and pumped hydro storage — alongside a vertically integrated solar manufacturing subsidiary, Avaada Electro, that produces N-Type TOPCon modules (8.5 GW capacity) and is commissioning India's largest solar cell plant at 6 GW in Butibori, Nagpur, backed by ~₹13,000 crore of investment. The group is also extending into green hydrogen, green ammonia, green methanol, and sustainable aviation fuel (SAF), with a stated 29.8 MMT CO2 reduction potential, and is targeting a 30 GW renewable portfolio by 2030 versus 7.2 GWp operational and 10.5 GWp under construction today across more than 170 projects.

The company monetizes primarily through long-term (25-year) Power Purchase Agreements with central and state government utilities (SJVN, NTPC, SECI, UP DISCOM) secured via competitive bidding at CERC-approved tariffs (₹2.68-4.70/kWh), supplemented by captive and group captive PPAs with commercial and industrial off-takers such as Bharti Airtel, Bharat Forge, and the Karnataka Cooperative Milk Producers' Federation. A second revenue stream is hardware sales of Grade A Wood Mackenzie-ranked modules and cells from Avaada Electro to third-party developers, rooftop installers, and C&I customers through a growing partner network. Future streams include dispatchable FDRE tariffs (~₹4.25-4.70/kWh) supported by the Bikaner 2,500 MWh + 1,560 MWp storage project and emerging green molecule exports. The group is backed by GPSC (PTT Group Thailand, 41.6% of Avaada Energy since 2021, ~$454M), Bharti Airtel (9% of Avaada Clean, 2022), and Brookfield's Global Energy Transition Fund, with global lenders including Standard Chartered, SMBC, MUFG, HSBC, DBS, BNP Paribas, NaBFID, NIIF, and AIFL participating in large-scale debt facilities. The Brookfield- and GPSC-backed manufacturing subsidiary Avaada Electro received SEBI observations in April 2026 for a planned ₹9,000-10,000 crore IPO.

Name

Avaada

Legal name

Avaada Energy Pvt Ltd

Website

https://avaada.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Avaada Group is an Indian privately held clean energy conglomerate that develops utility-scale solar, wind, FDRE, and battery storage projects under long-term PPAs with government utilities and C&I off-takers, while manufacturing N-Type TOPCon solar modules and cells through subsidiary Avaada Electro.

Ownership category

akta.pro rank

Product category

Renewable Energy / Solar Power Generation

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

Keywords

• Renewable energy generation
• Solar power projects
• Wind energy projects
• Solar panel manufacturing
• Green hydrogen production

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Utility-Scale Power Generation (PPA): Long-term Power Purchase Agreement based revenue from solar, wind, and hybrid projects supplying utilities such as SJVN, NTPC, and SECI at tariffs discovered through competitive bidding. 17.7 GWp portfolio with 7.2 GWp operational and 10.5 GWp under construction.
2. Solar Module & Cell Manufacturing Sales: Sale of solar PV modules (8.5 GW operational capacity) and cells (6 GW coming online in Nagpur) manufactured by Avaada Electro to internal projects and external customers including rooftop and C&I installers.
3. C&I and Captive Solar Power Supply: Direct power supply under long-term PPAs to commercial and industrial customers (e.g., Bharti Airtel, Bharat Forge, Karnataka Cooperative Milk Producers' Federation) at negotiated per-unit tariffs.
4. FDRE Firm and Dispatchable Renewable Energy Supply: Dispatchable renewable power supply backed by battery storage (e.g., 590 MW FDRE project in UP with 2,500 MWh BESS) at tariffs of ₹4.25 per unit.
5. Future Green Hydrogen, Ammonia, Methanol & SAF Sales: Planned future revenue from green hydrogen, green ammonia, green methanol, and sustainable aviation fuel (SAF) production, with IPO proceeds and ₹22,000 crore expansion plan earmarked for these streams.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Avaada develops, owns, and operates utility-scale solar, wind, hybrid, and Firm and Dispatchable Renewable Energy (FDRE) projects in India under long-term Power Purchase Agreements with central and state utilities, commercial and industrial off-takers, and DISCOMs. Through its Avaada Electro subsidiary, the company manufactures N-Type TOPCon solar PV cells and modules at India's largest 6 GW solar cell plant and 8.5 GW module capacity, selling to internal projects and external B2B buyers. The company is also expanding into green hydrogen, green ammonia, green methanol, sustainable aviation fuel (SAF), pumped hydro storage, and battery energy storage systems.

Differentiator

Problem solved

Functional benefit

Brands

• CSEPL (Clean Sustainable Energy Pvt Ltd): Solar power solutions entity within the Avaada Group.
• Fermi
• Solarise

Products and services

• Utility-Scale Solar Power Generation (PPA-based) Generation and sale of utility-scale solar power to central and state utilities, DISCOMs, and C&I off-takers under long-term Power Purchase Agreements (typically 25 years) at tariffs discovered through competitive bidding.
• Firm and Dispatchable Renewable Energy (FDRE) with BESS Dispatchable 24/7 renewable power supply combining solar/wind generation with battery energy storage systems, addressing grid instability and evening peak demand at FDRE tariffs of ₹4.25–4.70/kWh.
• C&I and Captive Solar Power Supply (Long-term PPA) Long-term Power Purchase Agreement-based direct power supply to commercial and industrial off-takers such as Bharti Airtel, Bharat Forge, and Karnataka Cooperative Milk Producers' Federation Ltd at negotiated per-unit tariffs.
• Solar PV Modules (N-Type TOPCon) — Avaada Electro High-efficiency N-Type TOPCon solar PV modules manufactured at 8.5 GW operational capacity, sold to internal Avaada projects and external B2B customers including rooftop, C&I installers, and project developers.
• Solar PV Cells (6 GW) — Avaada Electro Butibori, Nagpur India's largest solar cell manufacturing facility at 6 GW capacity, complementing Avaada's 8.5 GW module capacity and reducing India's reliance on imported solar cells.
• Pumped Hydro Storage Projects Large-scale pumped hydro storage projects under development in India, providing long-duration energy storage to complement intermittent solar and wind generation.
• Green Hydrogen Production Planned production of green hydrogen from renewable electricity, targeting decarbonization of industrial hydrogen demand with an estimated 29.8 MMT CO2 reduction potential.
• Green Ammonia Production Planned manufacturing of green ammonia using green hydrogen feedstock, supplying fertilizers, shipping fuel, and industrial off-takers seeking decarbonized ammonia.
• Green Methanol Manufacturing Planned green methanol production facility at Butibori, Nagpur, supplying cleaner chemical and fuel applications using renewable hydrogen and captured CO2.
• Sustainable Aviation Fuel (SAF) Production Planned production of sustainable aviation fuel targeting aviation decarbonization, part of the broader green molecule strategy alongside hydrogen, ammonia, and methanol.
• Rooftop and Distributed Solar Solutions Rooftop and distributed solar solutions delivered through Avaada Electro's installer/partner network across Tier 1 and Tier 2 Indian cities, supplying residential and small commercial customers with Avaada-made modules.
• Fermi Energy Efficiency Platform Avaada's branded 'Fermi' platform offering innovative energy efficiency solutions to complement its renewable energy generation and storage businesses.

Quantifiable outcome

• 7.2 GWp operational renewable energy capacity (operational) powers more than 20 lakh (2 million) households.
• +5 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Six partnerships are on record, tiered minor, core and flagship.

• Otters Club, MumbaiminorGTM or Marketing Partner · 1 June 2026Avaada Group served as the title sponsor for the Otters Club Squash Tournament 2026 held May 25-30 at Bandra, Mumbai, with 558 players across 16 categories.
• SJVN (off-taker, FDRE project Bikaner)coreOthers · 1 June 2026Long-term Power Purchase Agreement off-taker for Avaada's FDRE project in Bikaner, Rajasthan, part of the $950M financing package.
• NTPC Ltd (off-taker, 300 MW solar Rajasthan)coreOthers · 1 June 2026Long-term PPA off-taker for Avaada's 300 MW solar project in Rajasthan, part of the $950M financing package.
• Solar Energy Corporation of India (SECI)coreOthers · 1 June 2026Long-term PPA off-taker for Avaada's 300 MW solar project in Gujarat, part of the $950M financing package.
• Government of Uttar Pradesh (Udyog Bandhu Committee)coreStrategic or Co-development Partner · 18 May 2026Avaada Group attended the state-level Udyog Bandhu committee meeting chaired by UP Chief Secretary S P Goyal to share input on unified building reforms and investor facilitation measures; UP Cabinet also approved a Rs 160 billion Avaada Electro project.
• Government of GujaratflagshipStrategic or Co-development Partner · 9 October 2025MoU signed worth US$4.05 billion to develop 5 GW solar, 1 GW wind, and 5 GWh of BESS projects in Gujarat between 2027 and 2030. Expected to create over 3,000 jobs and enhance grid reliability.

Scale indicators16 records

Recent moves15 records

Expansion highlights5 records

Direct peers

• Adani Green Energy: India's largest renewable IPP with ~14 GW operational and a multi-GW pipeline across solar, wind and hybrid. Directly comparable to Avaada on utility-scale solar PPAs, scale, and FDRE ambition, with stronger public-market access.
• ReNew Energy Global: One of India's largest renewable IPPs with utility-scale solar and wind PPAs and 5 GW of unsold awarded capacity. Direct competitor in SECI/NTPC/SJVN auctions and in FDRE/ storage-paired projects.
• Tata Power Renewables: Tata Group's renewable energy arm with utility-scale solar, wind, and rooftop solar across C&I and government off-takers. Competes head-to-head in C&I PPAs and FDRE tenders, with a stronger balance sheet and corporate parent.
• JSW Energy: Renewable IPP with 2.7 GW of unsold awarded capacity alongside Avaada and ReNew, expanding solar, wind, and storage projects. Comparable in scale and tender participation; competing for the same SECI/NTPC FDRE pipeline.
• Greenko Group: Large Indian renewable IPP with significant pumped hydro storage and round-the-clock renewable supply focus. Directly comparable on FDRE / storage-paired renewable strategy, though stronger on hydro and weaker on solar manufacturing.
• NTPC Green Energy: NTPC's renewable energy arm and a major PPA off-taker as well as developer. A direct peer in utility-scale solar and FDRE projects, with the advantage of NTPC's offtake balance sheet and government backing.
• Waaree Energies: India's largest solar module manufacturer and a listed player with similar N-Type TOPCon technology focus. Direct comparable to Avaada Electro on module manufacturing, capacity scale, and ALMM/Grade A positioning.
• Vikram Solar: Listed Indian solar module and cell manufacturer with vertically integrated capacity. Comparable to Avaada Electro on N-Type technology, ALMM listing, and C&I / utility module supply.
• Suzlon Energy: India's leading wind turbine manufacturer and IPP, with a renewable generation portfolio. Direct comparable to Avaada's wind energy segment and a partner/competitor in wind-solar hybrid tenders.

Emerging players

• Premier Energies: Indian solar cell and module manufacturer with vertically integrated capacity expansion. Comparable to Avaada Electro on ingot-to-module manufacturing, though smaller in scale and with a narrower product portfolio.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/avaadagroup
• Facebookfacebook.com/Avaada
• LinkedInlinkedin.com/company/avaada

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries6 records

Funding overview

Funding rounds13 records

Investors27 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Avaada