Thai Solar Energy to invest in 22 MW of biomass projects

Thai Solar Energy Co Ltd (BKK:TSE) has decided to expand its renewable energy portfolio by investing in the construction of biomass power plants with a combined capacity of 22.2 MW.

The Thai solar power company said on Wednesday its board has approved the acquisition of a 70% stake in Oscar Save The World Co Ltd, which has power purchase agreements (PPAs) with the Provincial Electricity Authority (PEA) for two 8.8-MW biomass projects in Nakorn Si Thammarat Province. These are to go online in the first quarter of 2018 and 2019, respectively.

Thai Solar Energy expects to spend a total of THB 1.955 billion (USD 56.4m/EUR 50m) as part of the move, including THB 220 million for the controlling stake, and THB 295 million and THB 1.44 billion to cover project development and construction expenses, respectively.

Also, the company plans to form a joint venture with Jirat Palm Co Ltd for the construction of a 4.6-MW biomass plant in Surat Thani Province at a total cost of THB 550 million. Completion of the facility is planned for next year. Thai Solar Energy will initially hold a 49% stake in the JV and will have the option to take full control in the future.

(THB 10 = USD 0.289/EUR 0.257)

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