Thailand-based transformers manufacturer QTC Energy Plc (BKK:QTC) will construct a 220-MW solar park in Myanmar through a deal for a stake in solar park developer and operator Green Earth Power Thailand Co.
The move is part of QTC Energy’s strategy to expand into renewable energy and grow its revenues, the Bangkok Post said Tuesday, citing QTC’s CEO Poonphiphat Tantanasin.
The transaction with Green Earth Power, already greenlit by QTC’s board of directors, envisages the buy of 38,634 shares or 15% of the target’s registered capital, according to the report. The value of the stake is estimated at THB 267 miilion (USD 7.9m/EUR 7m).
Green Earth has secured a build-operate-transfer contract for the 220-MW solar project, signed with Myanmar's Electric Power Enterprise, and a 30-year power purchase agreement (PPA). Work will be split into several phases. The first one envisages the construction of a 40-MW photovoltaic (PV) power plant, scheduled to become operational by the first quarter of 2018.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.