Global Power Synergy Public’s $233M Investment Enhances Avaada Energy’s Growth Prospects

By Sophia Francise

June 29, 2023

On Wednesday, Global Power Synergy Public Company Limited (GPSC), a subsidiary of Thailand’s state utility PTT, announced that it was increasing its April investment of $68 million to another $233 million, or Rs 1916.7 crore, in Vineet Mittal’s solar energy firm Avaada Energy Pvt Ltd.

GPSC, which already holds 42.93% of Avaada Energy Private Ltd (AEPL) has completed its planned $1.3 billion capital raising with its most recent cash infusion.

The announcement follows an earlier announcement in April, where Avaada Group announced raising $1 billion from Brookfield Renewables through Brookfield Global Transmission Fund (BGTF).1

Avaada Group, in their statement following fundraising, said, “The funds will be utilized in green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures.” 

Avaada Group also received a Rs 961 crore incentive under the government’s production-linked incentive program for 3 GW of wafer-to-module capacity.

Vineet Mittal, Founder and Chairperson of Avaada Group shared his thoughts, “This funding round marks a significant milestone in Avaada Group’s journey and India’s energy transition. We are grateful for the support of our investors and the Indian Government, which is enabling us to contribute to global energy transition and delivery on our promise of a sustainable future.”

Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company Limited (GPSC) said: “Our decision to invest further in AEPL is based on our confidence in their strategic approach to the renewable energy sector, aiming to achieve at least 11 GW in 2026. AEPL’s commitment to renewable power generation aligns well with our own focus on sustainable growth and innovation.”

References

  1. The Economic Times, ‘Thailand’s state utility PTT’s arm invests $233 million in Avaada Energy’, 28 June 2023, https://economictimes.indiatimes.com/industry/renewables/thailands-state-utility-ptts-arm-invests-233-million-in-avaada-energy/articleshow/101340092.cms?from=mdr[]
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