Global Renewable Synergy Company (GRSC), a subsidiary of Bangkok-headquartered Global Power Synergy Company (GPSC), has divested 3% of its shares in India-based green energy solutions company Avaada Energy (AEPL), valued at $79 million (~₹6.66 billion).

The transaction is part of GPSC’s strategic plan to support the expansion of renewable energy and related business, and improve the efficiency of power management in India, said the company in a regulatory filing.

Prior to the divestment, GRSC held 42.93% of Avaada’s total issued and paid-up shares.

Avaada Ventures, a shareholder of AEPL, has acquired the 47.81 million divested shares.

The transaction is expected to be completed within the third quarter of 2025.

In 2021, GPSC invested in Avaada with a total committed capacity of 3.7 GW. As of March 2025, the company’s committed capacity reached 20.6 GW.

Avaada aims to install 30 GW of renewable energy capacity, with a $20 billion asset base by 2030. It also has plans to set up green hydrogen and green ammonia projects.

In March this year, Avaada inaugurated a 1.5 GW solar module manufacturing gigafactory in Dadri, Noida. It also laid the foundation for a 5 GW solar manufacturing unit at Ecotech, Greater Noida.

In the same month, Avaada Energy won Gujarat Urja Vikas Nigam’s auction to supply power from 250 MW grid-connected solar power projects anywhere in India with a greenshoe option of 250 MW. The company was awarded a capacity of 100 MW.

In October 2024, Avaada closed a ₹5.97 billion (~$71 million) refinancing deal with NIIF Infrastructure Finance for its commercial and industrial solar projects in Karnataka and Maharashtra.

In April 2024. Avaada Energy closed a ₹44.71 billion (~$535.3 million) refinancing deal with the National Bank for Financing Infrastructure and Development for four interstate transmission system-connected solar projects with a combined capacity of 1.7 GW in Rajasthan.