Latham's advice gets Indian solar power plants a $453 million investment
A major Thai power company acquires a 41 per cent stake in Avaada Energy
International law firm Latham & Watkins has advised the Thai power major Global Renewable Synergy Company Limited (GRSC) in the acquisition of 41.6 per cent stakes in the Indian solar power company Avaada Energy Private Limited (Avaada).
The cross-border deal has helped infuse a total investment of THB 14,825 million (or approximately $453 million).
GRSC's investment is by way of subscription of new shares, approximately 41.6 per cent of equity interest in Avaada.
Through the deal, GRSC, a wholly-owned subsidiary of Global Power Synergy Public Company Limited (GPSC) which is primarily engaged in the production and distribution of electricity, steam, industrial water, and public utilities, will enhance its portfolio in the solar power generation segment as well.
GPSC is a unit of the state-owned energy company, PTT Public Company Limited.
GRSC is eyeing to capitalize on expected growth in Avaada's portfolio following the Indian government's vision to put emphasis on increasing the share of electricity generated from renewable sources by 2030.
Avaada is credited with developing some of the world's largest and highly efficient grid-connected wind and solar power plants in India.
The Latham & Watkins 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.