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Thai PTT power unit invests US$453 million in India s Avaada Energy Toggle share menu
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14 Jul 2021 10:30AM Share this content
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BANGKOK: Thai electricity firm Global Renewable Synergy Company Pcl (GPSC) said it had bought 41.6per cent of India s Avaada Energy for 14.8 billion baht (US$453.29 million). The investment in this platform aligns with the company’s growth strategy in the renewable energy business, GPSC chief executive Worawat Pitayasiri said in a statement late on Tuesday.
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GPSC, a unit of state-owned PTT Pcl, considers India as a focus country for renewable energy expansion.
The deal comes days after another PTT unit, PTT Global Chemical Pcl, announced a US$4.75 billion acquisition of German coating resins maker Allnex
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.
Thai PTT power unit invests $453 million in Avaada Energy - The Hindu BusinessLine
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