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Energy

Power unit of Thailand's PTT makes $635m pivot to Asia green energy

Global Power Synergy eyes China and India to boost renewable output to 30%

A Global Power Synergy-run solar farm in Thailand: The company plans to invest in renewable-energy capacity elsewhere in Asia. (Photo courtesy of Global Power Synergy)

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%. 

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