Latham Advises on US$453 Million Investment in Indian Solar Power Plants

Major Thai power company acquires a stake in Avaada Energy

July 20, 2021

A cross-border deal team has advised Global Renewable Synergy Company Limited (GRSC) in relation to its acquisition of shares in Indian solar power company Avaada Energy Private Limited (Avaada).

GRSC has invested, by way of subscription of new shares, approximately 41.6% of equity interest in Avaada with a total investment of THB 14,825 million (or approximately US$453 million). The investment enhances GRSC’s expertise in solar power generation and is intended to capitalize on expected growth in Avaada’s portfolio following the Indian government’s plans to increase the supply of electricity from renewable sources by 2030.

GRSC is a wholly owned subsidiary of Global Power Synergy Public Company Limited (GPSC) which engages primarily in the production and distribution of electricity, steam, industrial water, and public utilities. GPSC is a unit of the state-owned energy company, PTT Public Company Limited. Avaada has developed some of the world's largest and highly efficient grid-connected wind and solar power plants in India.

The deal team advising GPSC in the transaction was led by Singapore partner Marcus Lee and Hong Kong partner Posit Laohaphan, with associates Carolyn Wong, Alice Li and Nathan Ma.

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