Avaada Group, an integrated energy platform that raised Rs 10,700 crore ($1.3 billion) on June 28, will use the proceeds to fund renewable energy and green hydrogen projects, according to Group Chairperson Vineet Mittal.

"This funding will primarily be targeted at renewable energy generation (capacity addition), energy storage solutions, green hydrogen and its derivatives, and ingots to module solar manufacturing plant," Mittal said in a post-deal.

He also stated that a portion of the funds will go towards Avaada's research and development efforts. "We intend to invest in a cutting-edge technology centre in Noida or Bengaluru to drive renewable energy innovation, which is consistent with our track record," Mittal said.

The company said this funding round is the largest equity round ever raised by any green energy company in Asia. Giving a break-up of Rs 10,700 crore, it stated that Brookfield Renewables, through its Brookfield Global Transition Fund (BGTF), has committed to investing up to Rs 8,225 crore ($1 billion) in Avaada Ventures Private Limited.