GPSC enters the Indian energy market. Partnering with Avada Group Competing for green electricity market in India with up to 500 GW
GPSC shows the potential of the Indian electricity market to grow strong from the government's renewable energy push policy Join hands with Avada Group Study and develop a complete clean energy business both solar energy hydrogen energy and a solar panel factory (continuously from silicon crystals to solar panels) to support the continuously expanding Indian economy It is expected that the use of clean energy will reach 500 gigawatts, aiming for a goal of net zero greenhouse gas emissions in 2070, supporting GPSC's potential to grow and become a leader in Thailand's renewable energy market.
Mrs. Rosaya Thienwan, Executive Vice President, Business Development, Global Power Synergy Public Company Limited or GPSC, the power business innovation flagship of PTT Group, revealed that between August 8-12, 2023, she led the delegation. Executives and media traveled to study the growth potential of the clean energy market. and policies to promote the development of clean energy technology and innovation in India The Indian government aims to reduce greenhouse gas emissions to zero by 2070. In addition, India has a population of more than 1,400 million people, while electricity consumption per capita is approximately 1.2 MWh. Compared to the global average of 3.4 MWh. Thus, the Indian market plays an important role in supporting the growth of GPSC in order to become a leader in Thailand's renewable energy market.
For investments in India, Global Renewable Synergy Limited (GRSC), 100% owned by GPSC, has partnered with Avaada Venture Private Limited (AVPL). In 2021, to invest in Avaada Energy Private Limited (AEPL), a company in the Avaada Group, a leading renewable energy company in India, where GRSC enters Holds 42.93% of shares and has expanded the scope of business in AEPL to include the Battery Energy Storage System (BESS) business as well. Currently, AEPL is growing by winning solar power generation projects in India continuously.
The joint venture with AEPL plays an important role in expanding GPSC's share of renewable energy generating capacity to achieve the goal of more than 50% in 2030. GPSC currently has a renewable energy capacity of 3,629 megawatts, representing 45% of total production capacity This is in accordance with the strategy to drive the energy business for sustainability under 4 growth strategies or 4S consisting of S1: Strengthen and Expand the Core. ready to expand services in core businesses Focusing on increasing production efficiency S2: Scale-up Green Energy Increasing the proportion of clean energy project development S3: S-Curve & Batteries Energy innovation development And the business of the future S4: Shift to Customer-Centric Solutions Provide solutions to meet customer needs. both in the field of electricity generation and public utilities for maximum efficiency
In addition, GPSC has set the direction of business growth. To become one of the top 3 largest electricity supplier innovation companies in Southeast Asia. It plans to increase more than half of its production capacity from renewable energy. To achieve the goal of achieving carbon neutrality by 2050 and net zero greenhouse gas emissions by 2160,
Avada Group President Vineet Mittal said the business partnership with GPSC is a common achievement in clean energy business development that is consistent with the policies of both countries in aiming to develop sufficient energy to meet domestic demand And be sustainable, which AEPL is well supported by GPSC, which has invested with a value of 779 million US dollars since 2021.
The goal to drive the business of the Avada Group This is in line with government policy under Prime Minister Narendra Modi. announced the national agenda to have a transition in energy As a result of the COP26 meeting in Glasgow with a goal of generating energy without fossil fuels at 500 gigawatts (GW), of which 280 GW of electricity is generated from solar power, and aiming to generate 50% renewable electricity by 2030 to reduce greenhouse gas emissions. Net zero by 2070, with India fully supporting its clean energy infrastructure. By announcing an invitation to invest in many projects across the country in the form of debt instruments and stocks in various renewable energy technologies such as solar energy, wind energy, hydro energy, biomass energy and battery-powered energy storage systems, etc.
Mr. Vineet said it was a challenge to be one of the greenest developers of clean energy. to deal with global climate change which we strive to develop continuously With pioneering efforts in the sector declared by the Government of India to be “Thrust sectors” are important factors that will help us achieve common goals.
According to the economic forecast of India in 2023 GDP will grow at 6.1% and in 2024 is expected to grow 6.8% will result in the Indian economic numbers. Up to $5 trillion by fiscal 2026 and rising to $7 trillion by 2030.
Mr. Kishor Nair, Chief Executive Officer of AEPL, said that in 2023, Avada Group will be able to win bids for solar power generation projects. PLI production subsidies for wafers, solar cells and modules, and AEPL won 2.5 GW of photovoltaic power generation, bringing AEPL's total capacity to more than 7 GW, including Brookfield. has invested more than $1 billion in the Avada Group To drive green hydrogen/ammonia business However, the success that occurred Due to the support from major investors such as GPSC, Brookfield, etc.
GPSC is 47.27% held by PTT Plc. (PTT) Siam Management Holding Co., Ltd. (SMH: wholly-owned subsidiary of PTT) 7.96% Thai Oil Plc. TOP) 10.00% PTT Global Chemical Public Company Limited (GC) 10.00% and general investors 24.77%
GPSC, the electricity and utilities flagship of PTT Group, is engaged in the production and distribution of electricity, steam and other utilities for sale to industrial customers. Electricity Generating Authority of Thailand (EGAT) and others. At present, the electricity generation capacity that has been approved according to the shareholding ratio (Equity MW) totals approximately 8,060 megawatts, total steam is approximately 3,064 tons per hour. Approximately 15,400 refrigerated tons of chilled water and 7,026 cubic meters of industrial water per hour. .-Thai News Agency
Source: Thai News Agency