GPSC signed SPA to acquire 9 solar plants in Thailand, adding 39.5 MW to its renewable portfolio as planned
GPSC signed Share Purchase Agreement (SPA) to acquire 39.5 MW of nine operating solar plants from Brookfield Renewable Partners. The total investment of over Bt 3,000 Million, to increase its existing power capacity to 1,979.5 MW and immediately generate the revenue to GPSC.
Mr. Chawalit Tippawanich, the President and Chief Executive Officer (CEO) of Global Power Synergy Public Company or GPSC, the innovative power flagship of PTT Group, announced today (December 7, 2018) that GPSC has signed the SPA with Brookfield Renewable Partners, a global owner and operator of renewable power assets. This share purchase transaction is in the amount of over Bt 3,000 Million to earn 100% ownership in N.P.S. Star Group Company Limited (NPS), World Exchange Asia Company Limited (WXA), and P.P. Solar Company Limited (PPS), with the total capacity of 39.5 MW. In addition to these three companies, GPSC will be gain 100% ownership of TerraForm Global Operating (Thailand), which provides Operation and Maintenance services to the nine solar farms.
NPS has operated three solar farms in Pichit, Suphanburi, and Lopburi with the total capacity of 18 MW (6 MW each) and dispatched to Provincial Electricity Authority (PEA) since December 2015, with 22 years remaining in the FiT-scheme PPA. For WXA, the company also owns three solar farms in Pichit, with total capacity of 17.9 MW and has operated since December 2015, and 22 years left to sell to PEA under FiT scheme. For PPS, with three solar farms and its capacity of 3.6 MW (1.2 MW each) in Khon Kaen, has operated under Adder Scheme since March 2014 and March 2015.
“These nine solar operating plants currently dispatch all of outputs to the PEA. After completing the Share Purchase Transaction, GPSC will realize the additional revenue immediately,” said Mr. Chawalit.
The acquisition of solar power plants is in accordance with the GPSC’s growth strategy to increase the renewable power generation in business and to support solar power expertise and knowledge in Thailand. In addition, it will increase the total capacity to 1,979.5 MW and the long-term power sale and purchase agreement will increase stability to the revenue of the Company.