Thai energy producer Global Power Synergy PCL (GPSC) has signed a deal to acquire 41.6% stake in India’s green energy company Avaada Energy Private for Thai Baht 14.82 billion (Rs 33.88 billion).
In a disclosure to the Inventory Change of Thailand on Tuesday, GPSC mentioned that the Indian authorities’s purpose to extend renewable power capability to 450 gigawatts by 2030 makes it one of many focus international locations for the renewable power enterprise enlargement. “The funding on this platform aligns with the corporate’s development technique in renewable power enterprise internationally and enhances the corporate’s experience within the solar energy technology in addition to the enterprise collaboration within the space of the corporate’s renewable power enterprise sooner or later,” GPSC mentioned.
The corporate mentioned it was upbeat on the corporate’s enlargement plans and the rising demand for electrical energy in India.
According to the GPSC statement, the company has a total committed capacity of approximately 3,744 MW, of which around 1,392 MW are operational and the rest 2,352 MW are under construction and expected to be operational by 2021-22.
GPSC’s subsidiary World Renewable Synergy Firm will purchase the stake in Avaada in a deal which shall be among the many largest within the renewable power area in India.
Avaada has a declared aim to build a 10 GW renewable asset base worth $ 5 billion by 2025.