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Monday, October 25, 2021
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HomeBUSINESSGPSC Gets Windy with US$500 million Investment

GPSC Gets Windy with US$500 million Investment

Global Power Synergy Plc (GPSC), a Thailand-based energy company, is looking to expand its business in renewable energy. The expansion is expected to cost a total of US$500 million (16.3 billion baht), which involves the acquisition of a 25% stake in two wind farm projects in Taiwan.

The Changfang and Xidao (CFXD) offshore wind farm projects are GPSC’s first investment in offshore wind projects. This will enable the company to further improve its expertise in advanced construction and wind turbine technology.

Worawat Pitayasiri, the Group President and Chief Executive, said the investment would increase the company’s RE power generation capacity from 149 megawatts (MW) to 2.294MW, or 34% of its total power generation capacity of 6.761MW.

Over 600,000 households will be served by a full-scale commercial operation set to begin in the first quarter of 2024.

To move forward with projects development, a share purchase agreement was signed online by the Global Renewable Synergy Co, a GPSC subsidiary, and offshore wind farm developer – Copenhagen Infrastructure Partners.

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