Thai oil giant PTT’s subsidiary invests $635m in Asia green energy

It aims to have 30% of the power it generates come from renewables.

The power generating subsidiary of Thailand’s oil group PTT, Global Power Synergy, said it will invest 20 million baht ($635m) in renewable energy in Asia.

Global Power Synergy said it will borrow the money from its parent company to invest mainly in solar and wind power. The energy company plans to have 30% of it power generation to come from renewable sources, up from the current 12%.

Global Power Synergy has a capacity of 5.05 million kilowatts, which is mostly in Thailand. 80% of the power generation comes from fossil fuel sources.

The investment plans come after a decision last November to acquire a solar farm in Taiwan.

The planned overseas investments come after a decision in November to acquire a solar farm in Taiwan.