<article>Thai national oil and gas conglomerate PTT is in talks to acquire stakes in renewable power generating companies in India and Taiwan as it looks to raise its renewable power output capacity to 8 gigawatts by 2030, the Nikkei Asian Review has learned.</article>

Thai national oil and gas conglomerate PTT is in talks to acquire stakes in renewable power generating companies in India and Taiwan as it looks to raise its renewable power output capacity to 8 gigawatts by 2030, the Nikkei Asian Review has learned.
The move follows the 2018 acquisition of Thai-based Glow Energy by Global Power Synergy, a PTT group company. GPSC bought a 69.11% stake in Glow for 93 billion baht ($3 billion).
&#8220;Normally, we expand business via GPSC. But GPSC has recently acquired Glow Energy. So, we have to think about a new business model to allow PTT or its subsidiary to do M&amp;As appropriately,&#8221; PTT&#8217;s president and CEO Auttapol Rerkpiboon told Nikkei on Tuesday on the sideline of its earnings call for the April-June quarter.
Auttapol declined to mention the names of the companies in Asia that PTT wants to acquire, only saying: &#8220;We are mulling the plan to acquire major renewable power generating companies in India and Taiwan.&#8221;
However, senior official sources who asked not to be named told Nikkei that the energy conglomerate is in talks to acquire a 48% stake in Gurugram-based ReNew Power. The deal is expected to be worth around $500 million. No details about the Taiwanese acquisition have been disclosed.
ReNew Power is India&#8217;s leading independent renewable power producer with a capacity of about 5.4GW. The company has more than 250 solar installation sites across 80 cities in 18 states and employs almost 85,000 people.
PTT currently has a renewable power generating capacity of 149MW via projects in Thailand and Japan, which comprises about 3% of the group&#8217;s total output capacity. Acquisitions have become key to achieving the goal for 2030.
Earlier this year, PTT announced a five-year business development plan for 2020-2024, in which renewable power is set as a strategic business that the group will target.
PTT posted a net profit of 12.1 billion baht in the quarter ended June, down 53.5% year on year due largely to falling sales in oil and natural gas at a time when the coronavirus pandemic trimmed demand substantially.
This article was first published on <a href="https://asia.nikkei.com/Business/Business-deals/PTT-to-buy-stake-in-Indian-renewable-power-producer-for-500m">Nikkei Asian Review</a>.

The move follows the 2018 acquisition of Thai-based Glow Energy by Global Power Synergy, a PTT group company.

Thailand's PTT set to buy $500m stake in Indian renewable energy firm

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Thailand's PTT set to buy $500m stake in Indian renewable energy firm

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