BANGKOK -- Global Power Synergy Public Company (GPSC), the power-generation arm of Thai oil and gas conglomerate PTT, has purchased a 41.6% stake in Indian renewable power producer Avaada Energy for 14.8 billion baht ($453 million).
Auttapol Rerkpiboon, PTT's president and CEO, said the acquisition will give PTT additional renewable generating capacity of 3,744 megawatts. "The deal expands our renewable energy portfolio, according to the renewable energy target of 8,000 MW in 2030 [for] the group," Auttapol said in a statement late Tuesday, adding that PTT has a current renewable power capacity of 2,145 MW.
