Embarking on a mission to bolster its renewable energy portfolio, Global Power Synergy Plc (GPSC), the power production offshoot of PTT Plc – the national oil and gasoline 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 at leveraging the upswing in electrical energy 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 stated by Worawat Pitayasiri, the President, and Chief Executive of GPSC, the objectives of the additional capital contain seeding business progress and aiding the construction of upcoming solar energy initiatives, deliberate to handle the burgeoning demand for electricity in India. The Avaada Group will also direct this capital towards refinancing efforts, along with expanding electricity technology capacity.
Refund is expected that by July, GPSC will inject the initial tranche of capital, amounting to 8.6 billion rupees.
Avaada Energy Private has had the great fortune of winning three solar energy projects through auctions held in India. The first venture is a solar energy farm with a potency of 421 megawatts, awarded by REC Power Development and Consultancy on behalf of Damodar Valley Corporation, working beneath the Indian government. The second project, a 560MW solar energy farm, was awarded by Maharashtra State Electricity Distribution. Lastly, as part of a bid spearheaded by Gujarat Urja Vikas Nigam, Avaada was awarded a 200MW photo voltaic farm challenge, by offering a tariff of two.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 purchase settlement of 25 years.
Extra is predicted to supply 370 million kilowatt-hours every year, which can considerably contribute to curbing carbon dioxide emissions by 344,470 tonnes yearly.
This trio of photo voltaic farm projects are perfectly aligned with GPSC’s purpose to escalate its renewable power contribution to exceed 50% of its whole energy sources for electrical energy technology by 2030, a considerable leap from the current 38%..