GPSC deepens presence in India with New Delhi office, strengthening clean energy business and advancing AEPL toward IPO

On August 26, 2026, Global Power Synergy Public Company Limited (GPSC) announced the successful expansion of its renewable energy business in India and officially inaugurated its new office in New Delhi. The office will serve as a key mechanism for close management and oversight, in alignment with India's national target to develop 500 GW of renewable energy capacity by 2030. Over the past five years, since 2021, through the collaboration between GPSC and Avaada Group, a leading integrated renewable and clean energy group in India, GPSC has driven Avaada Energy Private Limited (AEPL) to continuously expand its portfolio. The company has also successfully achieved commercial operation dates (COD) in accordance with its project plans and with strong execution discipline, reflecting its competitiveness and highly efficient project cost management. Looking ahead, GPSC is preparing to drive AEPL toward an initial public offering (IPO) on the Indian stock exchange.

Mr. Worawat Pitayasiri, Chief Executive Officer of Global Power Synergy Public Company Limited (GPSC), the innovative power flagship of PTT Group, stated: "Reflecting on our 5 years of success in India's clean energy business through AEPL—where GPSC holds a 39.9% stake via Global Renewable Synergy Company Limited (GRSC) alongside Avaada Group's 60.1%—we have significantly boosted GPSC's clean energy proportion. Today, our clean energy capacity in India has experienced leapfrog growth, which now spans 9 states across India, supported by long-term Power Purchase Agreements (PPAs) of 20 years that deliver reliable cash flows. The company is well positioned to significantly increase its generation capacity in the future. To strengthen project development capabilities and solidify our long-term bilateral collaboration, GPSC has officially established the GPSC India office in New Delhi to enhance expansion efficiency, serve as a proactive management hub, and accelerate AEPL's IPO to drive long-term growth."

"The opening of this new office marks a significant milestone in GPSC's expansion and extension strategy in India, which represents a high-potential market driven by steadily rising electricity demand from a population exceeding 1.4 billion. This office reflects our strong commitment to sustainable business development in India. As AEPL plans further expansion into future energy innovations, we are confident that future investment plans under this collaboration will consistently deliver strong returns," Mr.Worawat said.

Furthermore, the Indian government has established policies actively promoting renewable energy to rank first in global clean energy adoption, targeting an increase in renewable power generation from the current operational baseline of 73 GW to 500 GW by 2030. This makes India a rapidly growing project development market with immense investment opportunities for GPSC.

For projects scheduled to enter commercial operation (COD) this year, full project COD is slated for completion within Q3. These include the Avaada MH Sustainable 2 and Avaada MH Renewable 4 (Kaij) hybrid projects located in Maharashtra State with a total capacity of 100 MW, consisting of a 40 MW wind component that achieved COD in Q2 and a 60 MW solar component scheduled for grid entry in Q3.

Mr. Vineet Mittal, Chairman of Avaada Group said: "GPSC's decision to establish a permanent presence in India reflects both its long-term confidence in the country's energy transition and the strength of the partnership we have built over the past five years. When GPSC invested in 2021, Avaada Energy represented a renewable-energy platform of approximately 3.7 GW. Today, its portfolio has grown more than eightfold to over 30 GW in solar-equivalent capacity, with a strong contracted pipeline across solar, wind, hybrid and round-the-clock renewable power. This growth has been founded on mutual trust, entrepreneurial speed, disciplined execution and a shared commitment to creating enduring value. GPSC has supported Avaada not merely as an investor, but as a strategic partner that respected our vision and encouraged us to build at scale."

"The opening of GPSC's India office should mark the beginning of an even more ambitious phase of collaboration. Together, GPSC and Avaada can explore opportunities beyond renewable generation—including data-centre power, transmission infrastructure, EPC cooperation, green hydrogen, green ammonia and green methanol. Our shared ambition should be to combine India's renewable-energy scale with Thailand's industrial strengths and strategic position within ASEAN, creating clean-energy solutions for India, Thailand and the wider Indo-Pacific region," added Mr.Vineet.

This strategic partnership actively supports Avaada Group's business operations in harmony with national policies led by Indian Prime Minister Narendra Modi, who announced a national agenda for energy transition following commitments made at COP26 in Glasgow. The national blueprint targets 500 GW of non-fossil fuel capacity, aiming for renewable sources to satisfy 50% of total power requirements by 2030 (including 280 GW from solar energy) toward achieving net-zero greenhouse gas emissions by 2070. To facilitate this transformation, India is building out comprehensive clean energy infrastructure and encouraging nationwide project investments through debt and equity support mechanisms across diverse technologies—including solar, wind, hydro, biomass, and battery energy storage systems (BESS).

Additionally, India remains one of the fastest-growing major economies in the world. IMF forecasts project real GDP growth of 6.4% in FY2026/27 and 6.7% in FY2027/28. Meanwhile, India's total GDP stands at approximately USD 3.92 trillion in FY2025/26 with potential to reach approximately USD 7.3 trillion by 2030, reinforcing the long-term growth potential of the Indian market and offering robust support for GPSC's ongoing investment expansion and business operations in the region.

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