Avaada Group has reached financial close for about USD1.3bn to develop a 2.15 GW renewable energy portfolio in Maharashtra and Gujarat. The portfolio includes 1.35 GW of hybrid wind-solar-storage projects and 800 MW of utility-scale solar. The projects will be implemented through four special purpose vehicles, with power sold to Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Gujarat Urja Vikas Nigam Limited.

Brookfield said it will acquire Aypa Power, valuing the North American battery energy storage developer at an enterprise value of about USD7bn. Aypa’s portfolio totals about 6.5 GW of operating, underconstruction and contracted battery storage capacity across the US and Canada, alongside a development pipeline exceeding 20 GW. Brookfield said 95% of Aypa’s operating and underconstruction assets are backed by longterm contracts with an average remaining duration of 17 years. The transaction is subject to customary regulatory approvals.