Mumbai-based green energy major Avaada Group will invest INR 1 tn (USD 11.21 bn) over the next five years to lift renewable capacity to 30 GW and expand its manufacturing footprint, Economic Times reports, citing Chairman Vineet Mittal. With 6.10 GW currently operational and nearly 10 GW under construction, the company plans to add 4-5 GW annually at an outlay of USD 2.24 bn each year.

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Funding will come from equity, debt, and the reinvestment of retained profits. Avaada has previously raised USD 1.18 bn from PTT Thailand, Brookfield Renewable, and Asian Development Bank.

Infrastructure hurdles: Execution is more constrained by the readiness of the electricity grid than by the availability of capital, Mittal said, though states such as Maharashtra and Gujarat align with central connectivity norms and support the timeline. Avaada’s solar and wind business remains lucrative, aided by growing cashflows from Avaada Electro, and the group is planning for a USD 1.1 bn IPO in 2026.

Greening ambitions: The group is building a 1.2k ton-per-day solar glass plant alongside its Nagpur cell and module facilities to cut logistics costs — and plans to add 10k employees as manufacturing and asset-management operations scale. Mittal expects Avaada to reach its 30 GW target (80% solar, 20% wind) backed by its vertically integrated cell-to-module, wafer, and glass ecosystem.

Temasek Holdings backs IPO-bound Quest Global

IN OTHER RENEWABLES NEWS- Singapore state investor Temasek Holdings is in advanced talks to acquire a stake in engineering services firm Quest Global in a transaction that would value the company at USD 4.6 bn, Bloomberg reports. Temasek is planning to pick up roughly 5% of the company in a pre-IPO round.

The IPO plan: Quest Global is preparing to list in India, joining a wave of firms tapping the country’s hot capital markets. The Singapore-headquartered firm, which services clients in aerospace, defense, and semiconductors, is shifting its domicile to India to facilitate the listing, according to Economic Times.

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