Thailand-based energy company Global Renewable Synergy Company (GRSC) has acquired a 41.6% stake in Indian renewable project developer Avaada Energy for THB14.8bn ($453m).

Avaada currently has around 3,744MW of committed capacity, of which around 1,392MW is from operational plants.

The remaining 2,352MW is from plants currently under construction, which are expected to come online by the end of next year.

Once the investment is complete, Avaada’s committed capacity could avoid greenhouse gas emissions equivalent to almost 4.3 million tonnes of carbon dioxide a year.

The company aims to expand its renewable energy capacity to 11,000MW by 2025.

The deal is part of GRSC’s continuing effort to seek out additional investment opportunities in the power segment.

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By GlobalData

GRSC is a subsidiary of Global Power Synergy Public Company (GPSC) and is part of state-owned energy company PTT.

GPSC has identified India as a focus country for renewable energy expansion.

GPSC president and CEO Worawat Pitayasiri said: “The partnership is a significant business move in accordance with the company’s growth strategy as the power flagship of PTT Group.

“It will raise GPSC’s renewable energy capacity to 2,145MW, or 32% of the total capacity of 6,613MW.

“This will increase together with Avaada’s target of expanding capacity to 11,000 MW in 2025.”

The deal is expected to increase PTT’s renewable energy capacity to 8,000MW by 2030.

PTT president and CEO Auttapol Rerkpiboon said: “This partnership has shown PTT Group’s commitment to sustainable business in line with the energy transition trend towards Net Zero Carbon Emissions.

“This investment in India will support the policy of the country that encourages investment in renewable energy in many forms.”

Last June, Avaada Energy secured a contract from Maharashtra State Electricity Distribution (MSEDCL) to develop a 350MWdc solar project in Maharashtra, India.

The clean energy generated by the facility will be supplied to MSEDCL under a 25-year power purchase agreement.