Omers, Norfund in Talks to Pick Up 20% Stake in Avaada Energy For $200 million

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Omers, Norfund in Talks to Pick Up 20% Stake in Avaada Energy For $200 million

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Avaada Energy was founded in 2017 by former Welspun Energy promoter Vineet Mittal who left Welspun Group after it sold its renewable business to Tata Power for Rs 10,000 crore in 2016.

Canada-based pension fund Omers and Norway government’s private equity arm Norfund are in talks to invest $200 million in Avaada Energy for a 20% stake, pegging the value of the four-year old renewable energy startup at $1 billion, people aware of the matter said.

Talks with the two funds are in an advanced stage though due diligence, which requires site visits, has been delayed due on account of travel restrictions between March and May, the sources said. Omers and Norfund declined to comment when contacted. Avaada Energy declined to comment.

Avaada Energy was founded in 2017 by former Welspun Energy promoter Vineet Mittal who left Welspun Group after it sold its renewable business to Tata Power for Rs 10,000 crore in 2016.

Avaada Energy has executed 2 gigawatt of solar power generation capacity so far and has 3.5 W of capacity under construction across Africa and India. In some cases, it acts as a contractor for setting up solar power projects while in others it owns power generation facilities.

Bharti Airtel had recently picked up an 8% stake in a solar power subsidiary of Avaada Energy.

Mittal is a Harvard Business School graduate who is credited for the success of Welspun’s foray into renewable energy after he partnered with the group’s promoter Bal Krishna Goenka.