GPSC declared Avaada Group's success in winning another bidding of 1,050 MW solar farm project in India, making its power generation capacity reach 15 GW earlier than expected. This achievement has also enabled GPSC to increase its proportion of clean energy portfolio to 62%, complying to the business strategy to seek opportunities in the development of energy innovations for sustainability.

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 (GRSC), a subsidiary of GPSC, has announced its victory in the single largest bidding for 1,050 MW (Megawatts) solar power project. Thereby, the said bidding was conducted by National Thermal Power Corporation Limited (NTPC) with expectation to be completed within 24 months of signing the 25-year Power Purchase Agreement (PPA) at tariff of INR 2.69 / kWh (~USD 0.03). The project will be executed with in-house capabilities and EPC for a well-managed project costs and financial costs. It will be able to produce approximately 1,800 million units of renewable energy per year. This solar power project will also play a vital role in green energy in India since it can supply electricity to more than 12 million households and it is believed to reduce CO2 emissions into the atmosphere equivalent of 1,681,200 tons per year.

“This is considered another success of Avaada Energy after winning several bids in 2024, and its total capacity of renewable energy in India is now approximately 15 GW (Gigawatts). It can be clearly seen that the business operation of the company is expanding faster than expected as it goes beyond the target of 11 GW in 2026. The success also reflects the company’s potential to drive business efficiently in the energy market of India, which is now enjoying its continuous growth rate. According to India’s policy to increase the proportion of power generation based on clean energy and in compliance to the business commitment to develop the green society that is friendly to the environment, GPSC and Avaada Group are well prepared to promote the development of clean energy and energy innovations while focusing on business operation for sustainability,” said Mr. Worawat.

The success of Avaada Energy in grabbing the bids of renewable energy projects has underscored the collaborative potential and determination of GPSC and Avaada Group to seek for the opportunities to further expand the production capacity. This is all to satisfy the demand of renewable energy in India and meanwhile to correspond to the strategies of GPSC to create sustainability and increase its renewable energy portfolio to more than 50% by 2030. Currently, with the overall production capacity of both new and existing projects in India, GPSC has the proportion of renewable energy of 62%, or 7,232 MW from the total committed equity capacity of 11,756 MW.

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