Power firm GPSC upbeat on India
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GPSC plans to inject capital into Avaada Energy Private
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Global Power Synergy Plc (GPSC), a power generation arm of national oil and gas conglomerate PTT Group, continues to expand its renewable energy business by spending US$500 million (16.3 billion baht) to acquire a 25% share in the Changfang and Xidao (CFXD) offshore wind farm projects in Taiwan.
The move marks GPSC s first investment in an offshore wind project, which will allow the company to expand its expertise in advanced construction technology as well as innovative wind turbine technology.
The share purchase agreement was signed online yesterday between GPSC-owned subsidiary, Global Renewable Synergy Co, and offshore wind farm developer Copenhagen Infrastructure Partners, which represents the Copenhagen Infrastructure II K/S (CI-II) and Copenhagen Infrastructure III K/S (CI-III) funds.
published : 14 Jul 2021 at 11:51
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Global Power Synergy Plc (GPSC), a power generation arm of Thailand s national oil and gas conglomerate PTT Group, has paid 14.82 billion baht to acquire a 41.6% stake in Avaada Energy Private Co (Avaada), one of the leading renewable energy companies in India.
GPSC invested ithrough its subsidiary Global Renewable Synergy Co (GRSC), which has already completed the acquisition of the 41.6% holding of an approximately 3,744 megawatts (MW) solar power portfolio.
The deal expands its renewable energy portfolio in line with the group s renewable energy target of 8,000 MW in 2030.
Avaada s current committed capacity is approximately 3,744 MW, of which about 1,392 MW are from operating plants, with the remaining 2,352 MW to come from other plants under construction. The new plants will gradually begin commercial operations in 2021 and 2022.