GPSC showcases its potential in India's power market

GPSC has joined with Avaada Group with an aim to enhance more opportunities to explore and develop the integrated clean energy business, i.e., solar and hydrogen energy, along with an integrated ingot to solar module manufacturing plant in order to accommodate the economic growth prospects in India.

It is predicted that India's consumption of clean energy will reach 500 GW, which helps promote the country's goal of net zero emissions in 2070. Meanwhile, this will elevate GPSC's potential to grow and become a leader in Thailand's renewable energy market.

Rosaya Teinwan, Executive Vice President - Business Development of GPSC

Rosaya Teinwan, Executive Vice President - Business Development of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that, on August 8-12, 2023, the company led the executives and the media staff to visit India in order to learn about the potential growth of clean energy market as well as the policies to promote the development of clean energy technologies and innovations there.

Due to the commitment of the government of India to achieve net zero emissions by 2070, coupled with its tremendous population of over 1.4 billion and a relatively lower per capita power consumption at ~1.2 MWh against a global average of ~3.4 MWh, the Indian market is expected to play an important role to accelerate the growth of GPSC to become a number one in Thailand's renewable energy sector.

Referring to the investment in India, Global Renewable Synergy Limited (GRSC), a wholly owned subsidiary of GPSC, has partnered with Avaada Venture Private Limited, or AVPL to invest in Avaada Energy Private Limited, or AEPL, a company in Avaada Group which is widely recognized as a leading renewable energy company in India. With a stake of 42.93% in AEPL, GRSC has extended the scope of business in AEPL to cover the battery energy storage system (BESS) as well. Currently, AEPL is enjoying its continual growth and winning successive bids for solar power projects in India.

The partnership with AEPL is considered highly significant in expanding the renewable energy portfolio of GPSC to achieve the target of more than 50% of total capacity in 2030. At present, the renewable energy capacity of GPSC is at 3,629 MW, accounting for 45% of the total capacity. In addition, this collaboration is in accordance with the "4S growth strategy" designated to gear up energy business for sustainability, i.e., S1: Strengthen and Expand the Core (focusing on power generation efficiency), S2: Scale-up Green Energy, S3: S-Curve & Batteries, and S4: Shift to Customer-Centric Solutions (to fulfil the demand of customers in terms of power generation and utilities).

Besides, GPSC has projected itself to become one of the top 3 largest power generation innovation companies in Southeast Asia.  In the meantime, to achieve carbon neutrality by 2050 and net zero emissions by 2060, GPSC is planning to increase its renewable energy portfolio to more than 50% of its total capacity.

Vineet Mittal, Chairperson of Avaada Group

Vineet Mittal, Chairperson of Avaada Group, said the business cooperation with GPSC is regarded as a mutual success in developing clean energy business, which is consistent with the policies of both countries intended to provide sufficient and sustainable energy for domestic demand. Thereby, Avaada Group has received valuable support from GPSC with an investment of US$ 779 million since 2021.

The business goals of Avaada Group are corresponding to the policies of Narendra Modi, Prime Minister of India, who declared the national agenda of green energy transition at the COP26 in Glasgow, including 500 GW of non-fossil fuel-based power capacity (280 GW of solar power), 50% renewable electricity generation share by 2030, and net zero emissions by 2070. Furthermore, the government of India has also provided full support in terms of clean energy infrastructure, inviting huge investments, in the forms of debt and equity, in many projects related to renewable energy technologies, such as solar energy, wind power, hydropower, biomass energy, battery energy storage system, etc.

"It is such a challenge to be one of the green energy developers while dealing with global climate change. However, through our pioneering efforts, we are continuously working into the areas identified by the Indian Government as thrust sectors, thereby making a significant contribution to the realization of our shared goals," said Vineet.

According to the economic forecast, India will have a GDP growth rate of 6.1% and 6.8% in 2023 and 2024, respectively, resulting in milestone numbers of US$ 5 trillion by fiscal year 2026 and rising to US$ 7 trillion by 2030.

Kishor Nair, Chief Executive Officer of AEPL

Kishor Nair, Chief Executive Officer of AEPL, said Avaada Group has recently won the PLI bid for solar manufacturing in order to produce wafers, cells and modules, and AEPL has won the bid for solar power generation projects of 2.5 GW. Therefore, the total capacity of AEPL is more than 7GW at present. Not only that, Brookfield has committed an investment of US$ 1 billion in Avaada Group to empower the green hydrogen/ammonia business. It is evident that the company's successful journey is always supported by the marquee equity investors like GPSC, Brookfield, etc.