GPSC closes the deal of the 39.5 MW solar power plant acquisition to expand its renewable energy portfolio according to its business strategy.
GPSC closes the deal to acquire 9 solar power plants with a total capacity of 39.5 MW. Assigns GRP to acquire 100% shares of 4 companies, expanding GPSC’s revenue from renewable energy portfolio. Drives business in accordance with its strategy to ramp up investment proportion of renewable energy.
Mr. Chawalit Tippawanich, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, reveals that on 26 March 2020, Global Renewable Power Company Limited (or GRP), a wholly owned subsidiary of GPSC, has successfully acquired shares of solar farm operating companies: N.P.S Star Group Co., Ltd., World X Change Asia Co., Ltd., P.P. Solar Co., Ltd. and TerraForm Operating (Thailand) Co., Ltd. These companies own and operate 9 solar farms with the total capacity of 39.5 MW.
The 9 solar farms are located in 4 provinces, consisting of Lopburi, Suphanburi, Phichit and Khon Kaen. Currently, all power plants can generate and supply electricity to the power grid distribution system for Provincial Electricity Authority (PEA), regarding the Power Purchase Agreement (PPA) for a period of 25 years, until the year 2039-2040, with two agreed rates of Adder rate of BHT 8 per unit (for the first 10-year of the PPA) for total 3.6 MW and a Feed-in Tariff rate of BHT 5.66 per unit for total 35.9 MW. These power plants have been commercially operating since 2014-2015.
"After successful entering into this transaction, the company will be able to fully recognize this revenue stream from the second quarter of 2020, indicating that the company has grown continuously and its operations can be achieved in line with its business plans, which are to develop power plant projects and to explore new investment opportunities, along with the development of innovative power with business objective to increase the efficiency of power generation from renewable energy," said Chawalit.
However, regarding to GPSC’s new capacity development plan in 2020-2023, the company has 4 under development projects which are the Extension Project of Nava Nakorn Elecricity Generating Co., Ltd. (NNEG Expansion), Rayong Waste to Energy Project (WTE), Energy Recovery Unit Project (ERU) and SPP Replacement Project of Glow Energy PLC. All projects are currently under development and expected that the operations can run as planned.