Thai power company Global Power Synergy PCL (BKK:GPSC) said on Monday that its Indian investee Avaada Energy Pvt Ltd had secured a 421-MWdc solar farm project in an e-reverse auction in India.
Renewables-focused Avaada, in which GPSC indirectly holds a 42.93% stake, won the bidding for the ISTS-connected solar project after quoting a tariff of INR 2.70 (USD 0.033/EUR 0.030) per kWh. The auction was conducted by REC Power Development and Consultancy Limited (RECPDCL) on behalf of India’s central government agency Damodar Valley Corporation (DVC).
The win entitles Avaada to close a power purchase agreement (PPA) with a term of 25 years, GPSC said.
“This achievement reaffirms the success of Avaada and GPSC in joint-business partnership with a strategy to expand production capacity so as to satisfy the renewable energy demand in India,” commented Worawat Pitayasiri, President and CEO of GPSC.
The win in India is in line with GPSC’s target to increase the share of renewables in its power production to over 50% by 2030, Worawat added.
(INR 100 = USD 1.219/EUR 0.011)
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