GPSC announced another achievement of the year 2023 once Avaada Energy had won the 1.4 GW solar power generation project, escalating the production capacity in India and representing positive factors driving GPSC towards its goal to increase the proportion of clean energy production to more than 50% in 2030.

Mr. Worawat Pitayasiri, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that Avaada Energy Private Limited (Avaada Energy), a company in Avaada Group, which operates renewable energy business in India and of which 42.93% of shares are held by Global Renewable Synergy Company Limited, a subsidiary of GPSC, successfully won another bidding for the 1.4 GW (Gigawatt) solar power plant project with a long-term power purchase agreement. As a result, the current total production capacity of Avaada Energy has increased to 8.76 GW thanks to its ability and preparedness to expand the capacity. This year is therefore regarded as the year of significant growth in green energy portfolio of both Avaada Group and GPSC.

“These successive achievements upon the bidding of solar power generation project reaffirm the potential of Avaada and GPSC in joint-business partnership with a strategy to expand production capacity so as to fulfill the renewable energy demand in India. Moreover, this reflects the company’s business growth and the transition to sustainability, which is corresponding to GPSC’s goal to increase the renewable energy proportion to more than 50% by 2030. Currently, the energy market in India is expanding at a continuous rate and the government places more emphasis on power generation from clean energy according to the common goals to move towards green society and develop the energy that is environmentally friendly and sustainable," said Mr. Worawat.

The bidding was hosted by NHPC Limited, or NHPC, an Indian government organization that produces electricity, with an aim to accommodate the increasing demand for electricity in the country resulting from economic and population expansion. Due to the Indian government policy to promote the development of more clean energy in order to head towards carbon neutrality, NHPC opened the said bidding in the form of e-Reverse Auction for the private sector in June 2023, and since then Avaada Energy has won approximately one-third of the total production capacity and shall be entered into the power purchase agreement (PPA) for 25 years. The project shall have been accomplished and ready for commercial operation within 24 months. The project is expected to produce approximately 2,500 million units of renewable energy per year, supplying electricity generated from clean energy to approximately 1.8 million households. In addition, the project plays an important role to reduce CO2 emissions into the atmosphere equivalent to more than 2.3 million tons per year. The success of this auction will provide Avaada Energy with revenue growth from stable customers, which is necessary for its business expansion in the future.

The aforementioned solar power plant project is established in connection with the Interstate Transmission System (ISTS) of India with an attempt to provide the thorough access to clean energy in every area within the country.

Share this News: