Global Power Synergy Public Company Limited (GPSC) has announced that Global Renewable Synergy Company Limited (GRSC), a wholly-owned subsidiary of the company, has completed the acquisition of the shares in Avaada Energy Private Limited (Avaada) in the Republic of India (India) on July 13, 2021.
GRSC has invested by way of subscription of new shares approximately 41.6% of equity interest in Avaada with total investment of approximately THB 14,825 million, which is in accordance with the resolution of the Board of Directors Meeting No. 6/2021 on May 21, 2021.
Avaada has developed and is operating a large portfolio of solar power plants in India, with long-term power purchase agreements with Central and State Governments of India and private commercial & industrial customers, with a total committed capacity of approximately 3,744 megawatts, of which approximately 1,392 megawatts are in operations and approximately 2,352 megawatts are under construction with expected commercial operations by 2021 – 2022.
The investment in this platform aligns with the company’s growth strategy in renewable energy business internationally and enhances the company’s expertise in the solar power generation as well as the business collaboration in the area of the company’s renewable energy business in the future.
In addition, Avaada aims to expand its renewable energy portfolio in accordance with significant growth expected in electricity demand in India. The government of India has set a policy to support the investment in clean energy, with the goal to expand the electricity capacity of renewable energy from 73 gigawatts to 450 gigawatts by 2030. The company, therefore, considers India as one of the focus countries for the renewable energy business expansion.
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