GPSC Intensifies Indian Renewable Energy and Data Center Focus
Global Power Synergy Public Company Limited (SET: GPSC), through its President and Acting Chief Operating Officer, Mr. Sirimet Leepagorn, confirms the company’s continuous pursuit of investment expansion opportunities in India.
This strategy is currently being executed via Global Renewable Synergy Company Limited (GRSC), which holds a 39.90 per cent stake in Avaada Energy Private Limited (AEPL).
AEPL is a key player, operating renewable energy businesses across multiple Indian states.
Its current committed capacity stands at an impressive 20,558 megawatts, with more than 6,000 megawatts already commercialized, and the remaining capacity slated to achieve commercial operation gradually within the next 24 months.
This substantial investment aligns directly with India’s aggressive and clear policy to promote renewable energy, which targets an annual increase of 45,000 megawatts in renewable power generation.
India’s long-term goal is to elevate its total renewable power capacity to 500 gigawatts, or 500,000 megawatts, by 2030.
This expansive and persistent government push ensures an ongoing and attractive investment environment for GPSC in the renewable sector.
Presently, AEPL holds the distinction of operating the world’s largest solar farm in India, boasting a production capacity of 1,200 megawatts spanning an area of approximately 10,000 rai.
This immense scale places Avaada among the top five renewable energy companies in India, reinforcing GPSC’s strategic position in the market.
Strategic Investment Criteria and New Growth Avenues
For further investment expansion in India, the company employs a highly strategic and cautious approach, primarily targeting states that demonstrate strong credit ratings and stable financial governance.
Beyond its core renewable energy focus, GPSC is also actively studying potential investments in India’s rapidly growing data center sector.
The central aim of this exploration is to supply clean electricity directly to these energy-intensive data centers, aligning with the global push for sustainable technology infrastructure.
Should this business opportunity prove attractive and financially viable, the company would then consider forming joint ventures with local partners to proceed.
Negotiations are currently underway with several potential local partners to thoroughly explore feasibility and market opportunities, meaning no definitive conclusions have yet been reached on these data center projects.
Domestically in Thailand, the anticipated launch of the Direct PPA (Power Purchase Agreement) pilot project, which involves a capacity of 2,000 megawatts, has garnered keen interest, particularly from data center investors.
This initiative presents a significant near-term opportunity for the Thai power business sector to expand, an opportunity in which GPSC is highly interested in participating.
Currently, several data center groups have already initiated discussions with GPSC for over 1,000 megawatts of power supply, indicating a robust demand that the company plans to meet using its existing power plant assets.
Analyzing Profit Forecasts and Favorable Market Conditions
Krungsri Securities anticipates that GPSC will report a third quarter 2025 net profit of THB 1.55 billion, which marks a significant 102 per cent increase year-on-year, though it represents a 23 per cent decline from the previous quarter.
However, when special items are excluded—such as a THB 750 million profit from selling a 3.03 per cent stake in AEPL, a THB 400 million foreign exchange loss (FX loss) from the parent company and share of profit from associates, and a THB 150 million one-time expense related to adjusting the depreciation period of the CFXD project—the normalized profit is forecast to be approximately THB 1.35 billion.
This adjusted figure still reflects a solid 32 per cent year-on-year increase and a 26 per cent quarter-on-quarter rise.
This expected growth is primarily attributed to the improved gross margin of the Small Power Producer (SPP) power plants, which benefits from the lower natural gas price, hovering around THB 310 per MMBTU, alongside decreased interest expenses following partial loan repayments.
Furthermore, analysts from Phillip Securities (Thailand) noted that the recent drop in the U.S. 10-year government bond yield below 4 percent—the lowest in six months—acts as a supportive factor for power stocks like GPSC, easing pressure on interest costs and improving valuation metrics.
The new cabinet’s more relaxed energy policy direction, particularly the pilot Direct PPA scheme, is seen as a key driver supporting the readiness of the data center industry infrastructure for enhanced clean energy use, benefiting GPSC’s long-term growth prospects.
