Thailand’s GPSC buys stake in Indian renewable energy producer Avaada

In its announcement to the Stock Exchange of Thailand (SET), GPSC said its subsidiary, Global Renewable Synergy Company Limited (GRSC), had completed the transaction on Tuesday.

“GRSC has invested by way of subscription of new shares worth approximately 41.6 per cent of equity interest in Avaada with a total investment of approximately 14.83 billion baht, which is based on the resolution of the board of directors’ meeting on May 21,” the statement read.

The company said Avaada has developed and is operating a large portfolio of solar power plants in India, with long-term power purchase agreements with the country’s central and state governments as well as private commercial and industrial customers.

Avaada’s total committed capacity is approximately 3,744 megawatts, of which approximately 1,392 megawatts are in operations and some 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 its expertise in solar power generation as well as collaboration in the area of the company’s renewable energy business in the future," the announcement read.

“In addition, Avaada aims to expand its renewable energy portfolio in accordance with significant growth expected in electricity demand in India."

GPSC added that the Indian government has set a policy to support investment in clean energy, with an aim 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 renewable energy business expansion," the announcement read.

Separately, Avaada and O2 Power were declared winners in the Rewa Ultra Mega Solar Limited’s auction for 550MW of solar projects at the Agar Solar Park in Madhya Pradesh, according to Mercom Communications India's report on Monday.