GPSC invests 14,825 million baht to buy 41.6% of shares in an Indian solar power platform, expanding the company's renewable energy portfolio, and anticipates starting performance recognition immediately in 2021. | Global Power Synergy Public Company Limited (GPSC)
Summary
As part of its continuing effort to seek out further investment opportunities in the power business, GPSC’s subsidiary, GRSC, has completed the acquisition of shares in Avaada Energy Private Limited (Avaada), one of the leading renewable energy companies in India, buying 41.6% shares of an approximately 3,744 MW (megawatt) solar power portfolio. Today (13 July 2021) that Global Renewable Synergy Company Limited (GRSC), GPSC’s wholly-owned subsidiary, has completed the acquisition of the shares in Avaada, India’s leading developer of renewable energy projects, with a total investment of approximately 14,825 million baht, accounting for 41.6% of the total capital. The expansion of investment in renewable energy totaling 3,744 MW of this project, at full capacity, will help avoiding the emission of greenhouse gas by around 4.3 million tons carbon dioxide equivalent per year compared with the greenhouse gas emissions from current electricity generation in India. The deal is in line with GPSC’s strategic plan to increase its renewable energy capacity both domestically and internationally and the group recognizes the investment potential of a partnership with Avaada, which aims to expand its renewable energy business to keep up with the growing demand for electricity in India, a country with a population of over 1.3 billion. Therefore, with its advanced technological research and development, India offers tremendous potential and an excellent opportunity for the group to expand its investment portfolio.