Bangkok Post reported that PTT Plc and its subsidiary IRPC Plc have formed a partnership to develop solar farms with a capacity of up to 90 MWs at a cost of THB 6 billion.
The two partners signed a memorandum of understanding this week for a joint feasibility study on solar plants. It will be completed within six months and then submitted for final endorsement by both companies.
Dr Pailin Chuchottaworn acting CEO of IRPC and also newly appointed CEO of PTT said that the first 50 MW solar farm would be developed on a 2,000 rai site IRPC owns in Chana district of Songkhla. IRPC has another land plot in Rayong for future solar projects.
Mr Prasert Bunsumpun outgoing CEO of PTT said that the solar venture was being developed in response to the government’s policy of promoting renewable energy and strengthening the security of the country’s power supply.
PTT and IRPC will later set up a JV to invest in the solar farms and apply to sell the electricity to the Electricity Generating Authority of Thailand.
IRPC, an integrated petrochemical firm, inaugurated its THB 8 billion combined heat and power project in Rayong. The gas based 220 MW plant also generates 408 tonnes an hour of steam.
Dr Pailin said that the plant would help reduce electricity costs by 16% or THB 150 million per month. By replacing the old fuel oil based plant, the CHP will lower IRPC’s carbon dioxide emissions by 400,000 tonnes a year, with that amount to be sold as carbon credits for extra income.
He added that “We’re in the final stage of selling the carbon credits as per the UN Framework Convention on Climate Change.”
Analysts said that the CHP would lower costs of IRPC in the fourth quarter, when financial performance is expected to soften due partly to a maintenance shutdown.
IRPC’s second quarter net profit rose by 156% YoY to THB 2.98 billion thanks partly to stock gains, while revenue increased by 19% YoY to THB 67.6 billion.
(Sourced from www.bangkokpost.com)