Thai energy firm World Energy Synergy PCL (BKK:GPSC) mentioned on Monday that its Indian investee Avaada Power Pvt Ltd had secured a 421-MWdc photo voltaic farm undertaking in an e-reverse public sale in India.
Renewables-focused Avaada, by which GPSC not directly holds a 42.93% stake, gained the bidding for the ISTS-connected photo voltaic undertaking after quoting a tariff of INR 2.70 (USD 0.033/EUR 0.030) per kWh. The public sale was carried out by REC Energy Improvement and Consultancy Restricted (RECPDCL) on behalf of India’s central authorities company Damodar Valley Company (DVC).
The win entitles Avaada to shut an influence buy settlement (PPA) with a time period of 25 years, GPSC mentioned.
“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 consistent with GPSC’s goal to extend the share of renewables in its energy manufacturing to over 50% by 2030, Worawat added.
(INR 100 = USD 1.219/EUR 0.011)