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 $453 million.
Global Power completed the purchase of about 41.6% stake in Avaada through subscription of new shares, the company said in a statement, confirming an earlier Bloomberg News report. The transaction aligns with the firm’s international growth strategy in renewable energy, it said.
The deal comes within days of PTT Global Chemical Pcl, another of PTT Group’s listed units, agreeing to acquire Allnex Holding GmbH, a European specialty chemicals maker owned by private equity firm Advent International, for $4.75 billion. PTT Global’s Allnex purchase could be the biggest overseas acquisition by a Thai company since Thai Beverage Pcl’s takeover of Fraser and Neave Ltd in 2012, according to data compiled by Bloomberg.
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, according to people familiar with the matter, who asked not to be identified as the information isn’t public.