Global Power Synergy Plc (GPSC), the power generation arm of national oil and gas conglomerate PTT Plc, continues to expand its renewables business in India, with subsidiary Avaada Energy preparing to build a large solar farm to increase clean energy, cut carbon dioxide emissions and serve millions of people in the country.
Avaada Energy won an auction organised by state-run National Thermal Power Corporation to develop a 1,050-megawatt solar farm.
"This project brings Avaada's total renewable power capacity to roughly 15 gigawatts, which exceeds its target," said Worawat Pitayasiri, president and chief executive of GPSC.
Avaada Energy is a renewable energy subsidiary of Avaada Group.
GPSC owns a 42.9% share in Avaada Energy through its wholly-owned Global Renewable Synergy Co.
According to Avaada Energy, the new project can generate a large volume of solar power per year and will play a significant role in India's green energy segment because it can supply electricity to more than 12 million households.
The company said the new solar farm should be able to reduce carbon dioxide emissions by up to 1.68 million tonnes a year.
Indian Prime Minister Narendra Modi announced at the 26th UN Climate Change Conference in Glasgow in 2021 that India is determined to achieve a net-zero target, a balance between greenhouse gas emissions and absorption, by 2070.
The solar farm is expected to be completed within 24 months after Avaada Energy signs a 25-year power purchase agreement with the Indian authorities.
Last year, Avaada Energy won a 1.4GW solar power development project.
The company plans to increase its renewable energy capacity to 11GW by 2026 and to 30GW by 2030.
GPSC set a target to increase the proportion of renewable energy from 37% of all fuels used for power generation in 2024 to 67% by 2026.
Natural gas accounts for 51% of all fuels used, while coal has a 12% share.
The company's electricity generation capacity totals 6.7GW and is projected to increase to 10.4GW by 2026.