Friday, June 21, 2024

Global Power Synergy Public Invests in Green

Global Power Synergy Public Company Limited (GPSP), the utility unit of Thailand’s state-owned PTT Group, has acquired shares in Avaada Energy Private Limited for THB14.83 billion, giving GPSP a 41.6 percent stake in the India-based renewable energy company.

This deal came after the announcement that PTT Global Chemical Public Company Limited, the petrochemical company under PTT Group, will acquire German coating resins company, Allnex for EUR4 billion.

Avaada Energy operates large-scale solar and wind projects throughout India and has a committed capacity of 3,744 MW, of which 1,392 MW is operational. The purchase was made through GPSP’s wholly-owned subsidiary, Global Renewable Synergy Company Ltd.

In a statement, GPSP revealed that the acquisition is part of the company’s strategy to grow its renewable energy business internationally wherein India, with its growing commitment to invest in green energy, has been identified as key market for the company.

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