CBD Energy Limited today announced an agreement with Environmental Engineering Group Thailand (EEG) to construct a 64MW solar park with a projected development cost of approximately $112,000,000. The project is supported by a 25-year power purchase agreement with the Thai Provincial Electricity Authority.
CBDE estimates it will earn pre-tax profit of $6,080,000 from the project’s construction, which is expected to be pre sold to a Singapore-based financial institution. These estimated pre-tax profits are in line with those derived from a previous project completed by CBDE in Thailand. CBDE anticipates these earnings will be recognized during the 2015 calendar year.
CBDE has experience in Thailand, having previously successfully developed and operated a $25,000,000 solar farm in Chonbun province near Pattaya. Thailand has increased its commitment to solar energy investment by 50%, pledging to meet 25% of the country’s total energy demand from renewable sources. The country ranks among a handful of emerging solar markets that are gaining major momentum in the solar industry. CBDE markets its residential and commercial solar installations under the name Westinghouse Solar.