Global Power Synergy Public Co Ltd, a unit of Thailand’s state-owned utility major PTT, on Tuesday said that its subsidiary Global Renewable Synergy Company Ltd (GRSC) has completed the acquisition of 41.6% stake in Avaada Energy Pvt Ltd, an Indian renewable energy producer.
GRSC has invested by way of subscription of new shares approximately 41.6% of equity interest in Avaada with total investment of approximately THB 14,825 million (approx $454 million), the company said in a statement.
“Avaada has developed and is operating a large portfolio of solar power plants in India, with long-term power purchase agreements with Central and State Governments of India and private commercial & industrial customers, with a total committed capacity of approximately 3,744 megawatts, of which approximately 1,392 megawatts are in operations and approximately 2,352 megawatts are under construction with expected commercial operations by 2021 – 2022,” the statement said.
“The investment in this platform aligns with the Company’s growth strategy in renewable energy business internationally and enhances the Company’s expertise in the solar power generation as well as the business collaboration in the area of the Company’s renewable energy business in the future. In addition, Avaada aims to expand its renewable energy portfolio in accordance with significant growth expected in electricity demand in India.”
Bank of America advised Avaada Energy on the transaction while GRSC was advised by Barclays.