Bangkok-based Global Power Synergy Public Company Ltd today completed the acquisition of a stake in Avaada Energy Pvt Ltd.
The company acquired 41.6% stake in Avaada, infusing approximately 14.8 billion baht ($453.3 million).
Avaada has developed and is operating a large portfolio of solar power plants in India with a total committed capacity of approximately 3,744 megawatt (MW) and having long-term power purchase agreements with central and state governments as well as private commercial and industrial customers.
Out of its portfolio, roughly 1,392 MW is in operation and approximately 2,352 MW under construction and expected to start commercial operations by 2021-2022.
The statement said that the investment in this platform aligns with Global Power Synergy’s growth strategy in renewable energy business internationally.
The statement also said that Avaada aims to expand its renewable energy portfolio in accordance with significant growth expected in electricity demand in India. The government of India has set a policy to support investment in clean energy with a goal to expand electricity capacity of renewable energy from 73 gigawatts to 450 GW by 2030.
Global Power Synergy considers India as one of the focus countries for renewable energy business expansion.