Thai Gunkul to buy 38-MW FiT-approved PV project in Japan

Dec 17, 2014 - Thailand-based Gunkul Engineering Pcl (BKK:GUNKUL) today said it has agreed to acquire the owner of a 38.1-MW solar project in Miyaki, Japan for JPY 1.8 billion (USD 15m/EUR 12m).

The company’s wholly-owned unit Gunkul International (Mauritius) will buy all of Sendai Okura Mega Solar Godo Kaisha under the deal. It expects to finalise the consideration payments in the first quarter of 2015. The seller is Japanese firm Kabushiki Kaisha Duplex Group.

The target company has obtained all permits, licences and approvals to sell the output from its solar project to Tohoku Electric Power Co (TYO:9506). The total contract capacity is 31.85 MW. Once operational in 2017, the power plant will get a feed-in tariff (FiT) rate of JPY 36 per kWh.

Earlier this year Gunkul unveiled plans to make the renewables segment its major business. The power group and electrical equipment maker intends to lift its electricity production capacity to 300 MW by 2018 from 220 MW currently, the Bangkok Post said in September, citing managing director Somboon Aueatchasai.

(JPY 100 = USD 0.853/EUR 0.684)

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