Avaada Energy, the renewable arm of Avaada Group, has signed a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW) for renewable power project advancements in the Kingdom of Saudi Arabia and other Middle Eastern regions. The two companies have collaborated to explore the vast potential of solar, wind, hybrid, and battery energy storage solutions in the region.
Furthermore, the collaboration extends to engineering, procurement, construction, and operations and maintenance services. Reportedly, a dedicated committee, composed of members from both AEW and Avaada, will supervise the potential projects, ensuring a harmonised approach to achieving their renewable energy targets. AEW will leverage its deep-seated local expertise, engage with stakeholders, and offer essential resources, whereas Avaada will contribute its wealth of development experience and technical proficiency to the partnership.
In April 2023, Avaada Group raised $1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing $1.3 billion fundraise plan. Brookfield Renewable, through its Brookfield Global Transition Fund, invested up to $1 billion in Avaada Ventures Private Limited.
