Solar rooftops to propel Prime Road Power to 30% revenue growth target from new renewable energy projects in 2020

Construction News
A solar farm by Prime Road Power. The company targets 30% revenue growth from new renewable energy projects in 2020.

Solar rooftops to propel Prime Road Power to 30% revenue growth target from new renewable energy projects in 2020

Prime Road Power Plc, a local renewable energy developer and operator, expects its revenue in 2020 will grow by 30% compared to last year thanks to an engineering procurement and construction project in development.

Prime is keen to develop its domestic and overseas renewable business to serve growing demand for clean energy, said chairman and managing director Somprasong Panjalak.

“The company is focused on its solar roof business, which has high potential for growth with strong demand for renewable power in areas like Taiwan, Vietnam, Laos and Cambodia,” he said.

Prime plans to expand its total electricity capacity by 113 megawatts this year to achieve targets of 400MW by the end of 2020 and 1,000MW by 2023.

Prime allocated an investment budget of 600-700 million baht for new projects this year excluding mergers and acquisitions (M&A).

The company is seeking out M&A deals both domestically and overseas.

“We plan to move into other renewable energy such as wind, biomass and waste-to-energy to generate electricity,” said Mr Somprasong.

Prime has ongoing projects with a power capacity of 287MW.

It has 179MW of total capacity in operation with 108MW under construction.

The company also plans to enter the construction and private power purchase agreement (PPA) sectors for solar rooftops overseas.

The company won a recent bid for a 78MW solar farm in Kampong Chhnang, Cambodia with 60MW of the total capacity under PPAs.

In Thailand, the company plans to develop renewable power projects and participate in the Energy for All scheme for community-owned power projects.

Prime reported revenue in the first quarter this year increased 12.9% year-on-year to 185 million baht, with profit up 16.3% to 91.7 million year-on-year.

In 2019, Prime reported full-year revenue of 658 million baht with profit of 265 million.

Source: https://www.bangkokpost.com/business/1918316/solar-rooftops-to-propel-prime-road