Thailand’s Ratchaburi Electricity Generating Holding Pcl said on Tuesday (09/08) it has raised its 2023 capacity target by 3 percent to 10,000 megawatts (MW) as it wanted to invest more in renewable energy to boost growth.
Of the target, 20 percent or 2,000 MW will come from renewables, which has strong growth prospects, Rum Herabat, the utility’s chief executive officer told a news conference.
The revision is part of Ratchaburi’s new business plan, which calls for the country’s largest private power producer to diversify into energy-related investments in neighboring countries and around Asia Pacific, Rum said.
Ratchaburi has a current generating capacity of 6,980 MW, with just over 70 percent produced by domestic power plants and nearly 30 percent coming from foreign operations.
Renewables account for 12.85 percent of Ratchaburi’s generating capacity, and include stakes in solar and wind energy projects in Australia, and hydropower plants in Laos.
The new business strategy, which will include fuel and water supply, mining and logistics, should generate about one-third of its long-term revenue, Rum said.
In Thailand, the utility recently joined with partners to bid for the yellow and pink lines of a monorail electric train project. Ratchaburi was also keen to invest in an electric car project and in solar and biomass power plants, Rum said.
Ratchaburi is considering investing in new markets as well, in Myanmar, Cambodia, Indonesia, the Philippines and others in Asia Pacific, Rum said.
In Indonesia, Ratchaburi recently joined with utility PT Medco Power to bid in coming weeks to build a $350 million gas-fired power plant in the Riau Islands, and will this month submit a bid for a 30 percent stake in a coal-fired power plant in Sumatra with capacity of 600 MW, Rum said.
Earlier, the utility reported a 3.8 percent drop in second quarter net profit of 1.1 billion baht.