June 30 (SeeNews) - Thai wood furniture maker East Coast Furnitech PCL (BKK:ECF) and local partners plan to jointly bid for and develop biomass power projects at home with a maximum capacity of 120 MW.
East Coast Furnitech has signed memoranda of understanding (MoU) with original equipment manufacturer (OEM) Fortune Parts Industry PCL (BKK:FPI), WIT Industry Co Ltd (WIT), Triple P Advisory Co Ltd and a number of sawn timber groups. The latter will be supplying the needed feedstock for the plants.
The goal is to develop biomass power projects and then bid for power purchase agreements (PPAs) at auctions held by either the Provincial Electricity Authority (PEA) or the Metropolitan Electricity Authority (MEA).
The parties will create separate joint ventures for each project.