BANGKOK -- The power-generating subsidiary of PTT, Thailand's state-owned oil and gas group, will invest 20 billion baht ($635 million) in renewable energy in India, China and elsewhere in Asia, stepping up a shift from fossil fuels to cleaner energy sources.
Global Power Synergy said it is borrowing up to 20 billion baht from PTT for investment chiefly in solar and wind projects. The aim is to have 30% of the power it generates from renewables, including hydropower -- up from the current 12%.
The company has formed a subsidiary to handle the overseas renewables business.
Global Power Synergy boasts capacity of 5.05 million kilowatts, mostly in Thailand, with over 80% coming from fossil fuel sources.
The planned overseas investments come after a decision in November to acquire a solar farm in Taiwan.
Energy conglomerate PTT Group aims to achieve its renewable energy capacity to 8 million kilowatts by 2030. A majority of this will be handled by Global Power Synergy.
Listed on the Stock Exchange of Thailand, Global Power Synergy earned 7.5 billion baht in consolidated net profit for 2020, an 85% surge year-on-year. The company is 75% owned by PTT and other group members.