Thai Conglomerate PTT Invests in 420-Megawatt Solar Power Plant in India

• Sommana Yan
• 13 April 2023
• International News
• 2006 Views

Global Power Synergy Public Company (GPSC), a subsidiary of Thailand’s PTT, has secured the rights to invest in a 420-megawatt solar power plant in India through its renewable energy arm, Avaada Energy Private. The project, which will be completed within 18 months, will be crucial in India’s aim to increase its renewable energy generation capacity to more than 5,000MW and to have clean energy account for over 50% of fuels used in power generation.

According to GPSC, the project is expected to supply electricity to about 500,000 households and will help reduce carbon dioxide emissions equivalent to 698,250 tons annually.

GPSC won the auction after submitting a bid of 2.7 Rupee per kilowatt-hour. The exact cost of the new solar power generation facility has not been disclosed. However, the project is estimated to generate around 750 million kilowatt-hours annually. This investment will be part of PTT’s efforts to expand its renewable energy portfolio and promote sustainable energy usage globally.

According to Mr. Chawalit Tippawanich, GPSC’s President and CEO, this investment in India is part of GPSC’s strategic plan to increase the proportion of renewable energy in the company’s portfolio. This green footprint will  create value and sustainable growth while supporting the global drive towards a low-carbon economy.

This investment by GPSC marks a significant step towards the growth of renewable energy in India, and the company is well-positioned to take advantage of the country’s renewable energy sector’s potential.

• Energy and Environment