Thailand's PTT acquires stakes in India's Avaada
Global Power Synergy Pcl, the listed power unit of Thailand’s state-owned PTT Group, has acquired a stake, for about 14.8 billion baht ($453 million), in Indian renewable energy provider Avaada Energy Pvt.
The company said it acquired 41.6 percent in Avaada through subscription of new shares, adding that this transaction aligns with the company's interest and international growth strategy in renewable energy.
Avaada Energy develops and operates solar power plants in India. Barclays Plc advised PTT on the Avaada Energy deal, while Bank of America Corp. worked with Avaada, reported Bloomberg.
Avaada has a total committed capacity of about 3,744 megawatts. There are around 2,352 megawatts that are under construction. The company expects to begin commercial operations by 2021-2022.
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