Expansion of PTT's renewable energy sector is an urgent task for the oil & gas behemoth. As the enterprise faced mounting investor pressure, it needed to take a bold step like purchasing a stake in Avaada
Bangkok, July 16 - Neftegaz.RU.
Global Power Synergy, the listed power unit of Thailand’s PTT Group, has acquired a 41.6% stake in Indian renewable
energy provider Avaada Energy for $453 million.
Auttapol Rerkpiboon, PTT
’s 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
PTT has a current renewable power capacity of 2,145 MW
This investment in India will support the policy of the country, which encourages investment in renewable energy in many forms
Avaada Energy develops and operates solar power
plants in India with long-term power purchase agreements with central and state governments of India as well as commercial customers.
PTT will be able to cut its greenhouse gas emissions by about 4.3 million tons of CO2
equivalent per year as a result of this purchase.
In addition, by 2025, Avaada also intends to grow its renewable energy business capacity to 11,000 MW.
The government of India has set a policy to support the investment in clean energy
, with the goal to expand the electricity capacity of renewable energy from 73 gigawatts to 450 gigawatts by 2030.
PTT considers India as one of the focus countries for its renewable energy business expansion.