GPSC declared the second achievement of Avaada Energy in the year 2023 after grabbing the solar power generation project with a capacity of 560 MW. The victory is expected to boost India’s productivity in a continual manner while approaching towards the goal to increase the proportion of clean energy production to more than 50% by 2030, thanks to the bilateral cooperation that has provided the opportunities for energy market and development of sustainable energy innovations.

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 the second success of Avaada Energy Private Limited of 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. Avaada Energy won the bidding for 560 MW (DC) solar power generation project, which was conducted by Maharashtra State Electricity Distribution (MSEDCL). The main objectives of the said bidding are to develop clean energy projects friendly to the environment and generate sufficient electricity to support the demand in India which keeps rising due to the economic and population growth.

“This obviously reaffirms the potential of joint-business partnership of Avaada and GPSC and the achievement in the growth strategy intended to expand the production capacity with an aim to satisfy the renewable energy demand in India while offering more opportunities to the energy operators. In addition, the collaboration of GPSC and Avaada is considered the application of strengths of both parties to gear up the business efficiency and the competitiveness," said Mr. Worawat.

Both organizations are focusing on the search for technologies and the development of clean energy in India and the world society. Meanwhile, they also place an emphasis on the business development in order to achieve sustainability in line with the goal of GPSC to increase the proportion of renewable energy to more than 50% by 2030. At present, the growth rate of energy market in India is rising continuously along with the implementation of Indian government's policy focusing on the production of more clean energy. Therefore, both parties seem to share the mutual goals which are all for the transformation to green society and the sustainable development of environmentally friendly energy for the next generation.

Mr. Vineet Mittal, Chairman of Avaada Group, said, “Maharashtra is the foundation of Avaada and we have a long relationship with this state. Also, it is the forefront state to launch the policy related to the development of renewable energy in India in order to respond to the rapid growth in the green energy sector. The ambitious targets and the commitments to a green future will unlock massive opportunities for industry leaders. We view this as a significant achievement in our drive to transform the world that is eco-friendly and sustainable.”

The bidding was organized in the form of an e-Reverse auction and Avaada won with the tariff quotation of INR 2.88 / kWh (~USD 0.035). According to the bid terms, the power purchase agreement (PPA) for 25 years shall be entered between the two parties, and the project shall have been accomplished within 18 months. The project is expected to generate about 951 million units annually, which will help reduce CO2 emissions equivalent to 0.9 million tons per year. Thereby, the solar power generation project can supply the electricity based on clean energy to approximately 0.7 million households.

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