Thai PTT invests $453mn in Indian solar firm
Global Power Synergy Public Co, a listed unit of Thai state-run PTT Group, through its subsidiary has acquired 41.6% equity in Indian solar power producer Avaada Energy for 14.8bn baht ($453mn), the company said in a stock exchange filing on July 13. It made the investment through subscription of new shares.
Avaada has developed and is operating a portfolio of solar power plants in India, with long-term power purchase agreements with central and state governments of India and private commercial and industrial customers. It has a total committed capacity of approximately 3.74 GW, of which approximately 1.39 GW are in operations and the rest under construction with expected commercial operations by 2021-2022, the Thai company said.
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“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,” it said.
Global Power said Avaada aimed to expand its renewable energy portfolio, banking on significant growth expected in electricity demand in India.