ACE’s 18 solar projects to boost revenue with 665m baht annually
Absolute Clean Energy (ACE), a prominent biomass power developer and operator based in Bangkok, is set to see a significant increase in revenue following the selection of its 18 solar power generation ventures to feed the national grid. The projects are being executed under the umbrella of ACE’s 14 entirely owned subsidiary companies.
ACE, in a recent announcement by its Director and Chief Financial Officer, Tanavijit Ankapipatchai, has been granted power purchase agreements (PPAs) by the Provincial Electricity Authority (PEA) for 15 projects. These projects, collectively capable of producing 92.7 megawatts of electricity, are expected to begin commercial operations between 2024 and 2025.
Three remaining projects, with a combined capacity of 20MW, are awaiting PPAs with the PEA. These are projected to commence commercial operations in 2027. Upon the complete operational status of all 18 projects, an annual revenue of 665 million baht is anticipated, according to Tanavijit.
ACE did not reveal the total expenditure on the solar power initiative, only stating that a portion of the investment was sourced from the issuance of debenture bonds worth 391.6 million baht, reported Bangkok Post.
Tanachai Bunditvorapoom, ACE’s Chief Executive, stated that the investment is not solely revenue-driven, but is also a strategic step towards the company’s objective of escalating its renewable power generation capacity to 1 gigawatt by 2024, a substantial increase from the current 652MW.
In May, ACE secured a PPA with the PEA to supply power from its waste-fired power stations located in Udon Thani province’s Chiang Wang municipality and Chok Chai district in Nakhon Ratchasima. The power generation capacity under this agreement stands at 7.75MW and 8MW respectively.
Tanachai also shared ACE’s plans to amass additional funds worth 20 billion baht in total, aimed at backing its future business growth. This includes plans to procure more power generation assets. He expressed confidence in the continuous growth of demand for renewable power over the next 15-20 years, as numerous countries strive to achieve their carbon neutrality objectives.
