Global Power finalizes acquisition of minority stake in Avaada Energy

Global Power Synergy Pcl, the listed power unit of Thailand’s state-owned PTT Group, has acquired a stake in Indian renewable energy provider Avaada Energy Pvt for about THB14.8 billion (US$454.6 million). Global Power completed the purchase of about a 41.6% stake in Avaada through a subscription of new shares.

Avaada Energy develops and operates solar power plants in India with long-term power purchase agreements with central and state governments of India as well as commercial customers. The company has a total committed capacity of about 3,744 megawatts, including around 2,352 megawatts that are under construction with expected commercial operations by 2021-2022.

Barclays Plc advised PTT on the Avaada Energy deal, while Bank of America Corp. worked with Avaada.