Embarking on a mission to bolster its renewable vitality portfolio, Global Power Synergy Plc (GPSC), the power production offshoot of PTT Plc – the national oil and fuel conglomerate, is taking a glance at investing upwards of 19.1 billion rupees (roughly eight.28 billion baht) in India-based Avaada Energy Private. This funding is aimed toward leveraging the upswing in electricity demand in the Indian subcontinent.
Through Global Renewable Synergy Co, its subsidiary, GPSC has a forty two.9% stake in Avaada Energy Private, which itself is a subsidiary of India’s Avaada Group, an enterprise that specialises in renewable power.
As acknowledged by Worawat Pitayasiri, the President, and Chief Executive of GPSC, the objectives of the additional capital involve seeding enterprise growth and aiding the development of upcoming solar power initiatives, deliberate to deal with the burgeoning demand for electrical energy in India. The Avaada Group may even direct this capital in course of refinancing efforts, along with expanding electrical energy technology capacity.
Members only is anticipated that by July, GPSC will inject the preliminary tranche of capital, amounting to eight.6 billion rupees.
Avaada Energy Private has had the nice fortune of winning three solar energy initiatives by way of auctions held in India. The first challenge is a solar energy farm with a efficiency of 421 megawatts, awarded by REC Power Development and Consultancy on behalf of Damodar Valley Corporation, operating underneath the Indian government. The second venture, a 560MW solar energy farm, was awarded by Maharashtra State Electricity Distribution. Lastly, as a part of a bid spearheaded by Gujarat Urja Vikas Nigam, Avaada was awarded a 200MW solar farm project, by providing a tariff of 2.75 rupees per kilowatt-hour.
To expedite the development of the solar farm, Avaada has been granted a window of 18 months. Moreover, this bid guarantees them an influence buy settlement of 25 years.
The forthcoming photo voltaic farm project is predicted to produce 370 million kilowatt-hours each year, which will considerably contribute to curbing carbon dioxide emissions by 344,470 tonnes every year.
This trio of photo voltaic farm initiatives are completely aligned with GPSC’s goal to escalate its renewable energy contribution to exceed 50% of its total energy sources for electrical energy generation by 2030, a considerable leap from the current 38%..