GPSC

Editorial Staff

GPSC boosts a capital in Avaada Energy,preparing to enter the clean energy market in India with new projects.

GPSC announced the increase of capital of 2.5 billion baht in accordance with its shareholding in Avaada Energy.

The capital increase is intended for business growth and developing the solar power projects that are designated to accommodate the rising demand of electricity in India, after winning the total capacity of 1,181 MW.

Mr. Worawat Pitayasiri, president and chief executive officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that on 25 April 2023, the board of directors approved a capital increase of no more than 2.5 billion baht in Avada Energy Private Limited, a subsidiary of Avada Group, a leading renewable energy company in India, in which GPSC holds 42.93% of shares through Global Renewable Synergy Company Limited (GRSC).

The aforementioned capital is designated to refinance and invest in Avaada Group's renewable energy projects according to the plan to expand the production capacity in India.

Avaada Energy has already grabbed the two solar power projects. The first one is the 421 MW (DC) ISTS-connected solar power plant project in the auction conducted by REC Power Development and Consultancy Limited (RECPDCL), and the other is 560 MW (DC) solar power plant project offered by Maharashtra State Electricity Distribution or MSEDCL.

The company also succeeded in winning the third bidding of 200 MW (DC) solar power plant project, which was organized by Gujarat Urja Vikas Nigam Limited or GUVNL. The most recent competitive bidding was organized in the form of an e-Reverse auction in which Avaada quoted the tariff of INR 2.75 / kWh (or USD 0.033).

According to the bid terms, the power purchase agreement (PPA) for 25 years shall be entered between the two parties, and the project shall have been accomplished within 18 months.

The project herein is expected to generate about 370 million units annually, which will help reduce CO2 emissions equivalent to 344,470 tons per year. Therefore, Avaada Energy has won as many as 3 projects within April with a total capacity of 1,181 MW.

This is corresponding with GPSC's goal of increasing its renewable energy portfolio to more than 50% by 2030. At the meantime, the company is determined to help relieve the global challenge of Carbon Intensity by means of clean energy. In addition, the knowledge and expertise derived from the development of new projects overseas are believed to help further enhance many other projects, as well as business opportunities, within the country.