Thai oil major PTT takes $453m stake in Indian solar power company

Group is expanding renewable generating capacity in overseas markets

PTT's purchase of Indian renewable power generating company Avaada Energy marks a big step in its expansion in the country. Analysts say the oil and gas producer needs more assets abroad. © Reuters

APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writer

July 14, 2021 15:05 JST

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.