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 Limit (GRSC), a subsidiary of GPSC,
has announced its victory in the single largest bidding for 1,050 MW (Megawatts) solar power project.
The bidding was conduct by National Thermal Power Corporation Limit (NTPC) with expectation to be complet within 24 months of signing the 25-year Power Purchase Agreement (PPA) attariff of INR 2.69 / kWh (~USD 0.03). The project will be execut with in-house capabilities and EPC for a well-manage project costsand financial costs. It will be able to produce approximately 1,800 million units of renewable energy per year.
The project plays a vital role in green energy in India
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 consider 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 expect 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 prepar to promote the development of clean energy
and energy innovations while focusing on business operation for sustainability,” said Mr Worawat.
To seek opportunities for further expansion
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 7,232MW from the total committed equity capacity of 11,756 MW.
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