GPSP said that the transaction aligns with its international growth strategy in renewable energy
Thailand’s state-owned PPT Group’s power unit Global Power Synergy Pcl (GPSP) has spent about $453 million in acquiring a 41.6 per cent stake in Mumbai’s renewable enErgy provider Avaada Energy.
Global Power completed the purchase of about in Avaada through subscription of new shares. The company said that the transaction aligns with it’s international growth strategy in renewable energy.
“The investment in this platform aligns with the company’s growth strategy in renewable energy business internationally and enhances the company’s expertise in the solar power generation as well as the business collaboration in the area of the company’s renewable energy business in the future,” GPSC said.
Barclays Plc advised PTT on the Avaada Energy deal, while Bank of America Corp. worked with Avaada.
The transaction comes close to the heels of Adani Green Energy’s announcement to buy SB Energy 5 gigawatts portfolio in a deal valued at $3.5 billion in May.
Avaada Energy develops and operates solar power plants with long-term power purchase agreements with central and state governments of India as well as commercial customers. The company has a total committed capacity of about 3,744 megawatts, including around 2,352 megawatts that are under construction with expected commercial operations by 2021-2022.
Avaada had raised initial funding of Rs 800 crore from investors such as Asian Development Bank, and subsequently raised more funds and sold stake in a subsidiary to Bharti Airtel.
