- Press Releases
(ADPnews) - Nov 8, 2010 - Thai polyethylene terephthalate (PET) resins maker Indorama Ventures Plc (BAK:IVL) plans to spend THB 275 million (USD 9.3m/EUR 6.7m) in 2011 to build a 2-MW solar facility at its production site in Lop Buri in southern Thailand, the Bangkok Post wrote today, citing an unnamed executive.
Via this move, the company aims to bolster its competitiveness and to cut costs, as half of its expenses for PET production at present come from electricity costs.
The solar system will include 10,000 photovoltaic (PV) panels, covering 4.45 hectares (11 acres) of land.
Green energy developments in Thailand are being supported by investment incentive programmes. The company intents to continue invest in green energy projects, if the current one achieves its objectives. In 2008, Indorama constructed a wind farm in its Cumbria factory in northern England, which currently covers 25% of the facility's electricity needs.
(THB 1 = USD 0.337/EUR 0.242)