Indian Solar Company Gets Thai Investment
Global Renewable Synergy Company has boosted its share in the Indian solar energy market via an acquisition.
GRSC, a wholly-owned subsidiary of Thailand-based electric energy company Global Power Synergy Public Company (GPSC), has purchased shares in Indian solar energy company Avaada Energy Private.
Latham & Watkins acted as legal counsel to GRSC, using a team of lawyers led by Singapore partner Marcus Lee and Hong Kong partner Posit Laohaphan, with three associates, Carolyn Wong, Alice Li and Nathan Ma.
Through a subscription of new shares, GRSC has invested an equity interest of approximately 41.6% in Avaada, an investment totalling about USD 453 million.
In the past Avaada has been at the forefront of some of India’s largest and highly efficient solar power plants and grid-connected wind projects.
For instance, in June last year it was awarded a 350-Megawatt (MW) solar project in Maharashtra, which will supply energy to Maharashtra State Electricity Distribution Co via a 25-year power purchase agreement.
In a press release in 2019, Avada said it aims to build a renewable energy portfolio with an energy capacity of 5 Gigawatts by 2022 across Asia and Africa.
The investment in Avaada has increased GRSC’s solar power market share. The company intends to capitalise on Avaada’s anticipated portfolio growth after the announcement of plans by the Indian government to increase its electricity supply from renewable sources by 2030.
GPSC, which specialises in the generation and distribution of electricity, industrial water, steam and public utilities, is a business segment of Thai state-owned and publicly listed energy company PTT Public Company.
EDEN Renewables India achieved financial close of a 450-MW peak solar photovoltaic project currently under construction in Rajasthan, Northern India, in February this year.
Source: iclg
