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Global Power Synergy Plc (GPSC), a leading utilities provider in Thailand has come out to say that it has closed a deal to buy out 25% stake in a wind power generating firm in Taiwan, a move that would help diversify the company’s electricity generation capabilities.
GPSC, which is 47.3% held by energy conglomerate PTT Plc (PTT), came out to inform the Stock Exchange of Thailand (SET) that its subsidiary company Global Renewable Synergy Company Limited (GRSC) closed the deal to buy 25% stake in CI Changfang Limited and CI Xidao Limited to develop 595 MW offshore wind power plants in Taiwan, which is expected to commence delivery in Q1 2024.
Worawat Pittayasiri, Chief Executive Officer and President of GPSC disclosed through the SET that the progress of investment in offshore wind power generation in Taiwan while GRSC, a wholly owned subsidiary of the GPSC, has completed the conditions precedent of the share purchase agreement on September 26 this year and has successfully acquired 25% of the total shares in CI Changfang Limited and CI Xidao Limited.
CI Changfang Limited and CI Xidao Limited is a developer of offshore wind power projects in Taiwan with a total capacity of 595 megawatts, comprising the Changfang Project 547 megawatts power generation capacity and the Xidao Project with 48 megawatts power generation capacity.
The project is under construction and will gradually open for operation until it reaches the capacity of electricity within the Q1 of 2024.