Thai Contractor Prime Road Power targets 1,800MW renewable power by 2027
SET-listed Prime Road Power, an operator of solar farms and provider of solar panel installation services, aims to increase its renewable power generation capacity to 1,800 megawatts by 2027, up from 304MW, thanks to campaigns for fossil fuel reduction to fight global warming across Asia-Pacific.
These efforts should bring bright prospects for the company’s business, including more use of solar power at industrial estates nationwide operated by the Industrial Estate Authority of Thailand (IEAT), said Somprasong Panjalak, chairman and founder of Prime Road Power.
The government set a target to have renewable energy make up 50% of fuels used for electricity generation in the country within two decades, up from 12% last year, according the new national power development plan.
Prime Road Power and the IEAT formed a joint venture named Prime Industrial Energy to promote solar power development at industrial estates, part of efforts to reduce carbon dioxide emissions in the manufacturing sector.
Prime Road Power made a 75% investment in the joint venture, with the remaining investment funded by the IEAT.
The IEAT operates a total of 60 industrial estates in 16 provinces. The authority oversees 14 of them and cooperates with private companies in 46 industrial areas.
Overseas, Prime Road Power plans to grow its rooftop solar power business in Taiwan through private power purchase agreements.
The company is also preparing to develop a new 200MW solar farm at the Miaoli Lake West project in Taiwan. The first phase of development aims to have electricity generation capacity of 95MW.
Prime Road Power operates solar farms in four countries, with a combined capacity of around 304MW: 147MW in Thailand, 77MW in Cambodia, 55.5MW in Taiwan, and 24.3MW in Japan.
The company plans to enter Indonesia’s power market this year to benefit from Jakarta’s plan to speed up renewable development.
Prime Road Power also earns revenue from electrical equipment sales and fully integrated construction service.