Latham helps Thailand’s GSRC invest in Indian solar

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Latham & Watkins has advised Bangkok-based Global Renewable Synergy Company (GRSC) in an acquisition of shares in Indian solar power company Avaada Energy Private.

GRSC invested USD453 million by way of a subscription of 41.6% of equity interest in Avaada, which expects growth following the Indian government’s plans to increase the supply of electricity from renewable sources by 2030.

“We’re seeing increased interest in renewable energy from investors across Asia, as policymakers throughout the region set ambitious targets around carbon reduction,” Latham’s Singapore partner, Marcus Lee, told Asia Business Law Journal.

“This is notably evident in South and Southeast Asia, with India laying out plans to increase the supply of electricity from renewable sources by 2030, while the Asean Plan of Action for Energy Co-operation 1 strives for 23% of the Asean energy mix to come from renewables by 2025.”

Latham’s team was led by Lee and Hong Kong partner Posit Laohaphan, with associates Carolyn Wong and Alice Li in Singapore, and associate Nathan Ma in Hong Kong.

Laohaphan added that Thailand is a rapidly growing market and fast becoming a power hub for the region. GRSC is a wholly owned subsidiary of Thailand-based energy company Global Power Synergy (GPSC).