Solar sparks fly: SPCG revs up to electrify Eastern Economic Corridor

After nearly two years of delay, SPCG, a leading solar farm developer in Thailand, is set to start construction of solar farms within the Eastern Economic Corridor (EEC). SPCG anticipates generating a combined power capacity of 500 megawatts. The delay was due to the need to identify suitable areas for the project and awaiting the license approval from the new secretary-general of the EEC Office.

SPCG has identified and procured 61 areas within the EEC, covering 3,000 rai of land at an approximate cost of 3 billion baht (US$82,988,000). The EEC, which includes parts of Chon Buri, Rayong and Chachoengsao provinces, is projected to become the nation’s high-tech industrial hub, housing 12 targeted S-curve industries.

The solar farm initiative necessitates an initial investment of 12 billion baht for the first development phase, which will generate a capacity of 300MW. A subsequent 8 billion baht is planned to be invested for the second phase, adding a further 200MW capacity, reported Bangkok Post.

Wandee Khunchornyakong, the CEO of SPCG, foresees an annual revenue of 1.5 billion baht once the first phase of solar farms becomes operational. The revenue is expected to surge to 2 billion baht annually post-completion of the second phase.

In a separate development, SPCG has joined forces with Innopower Co, an energy developer operating under the state-run Electricity Generating Authority of Thailand, to review its 36 solar farms across Thailand.

This is part of the company’s aspiration to participate in the Renewable Energy Certificates (REC) scheme. The REC is a financial incentive designed to encourage power plant owners to generate electricity from clean fuel.

Each REC, symbolising 1 megawatt-hour of renewable energy generation, can be traded as an energy commodity. The combined capacity of the solar farms under review by Innopower Co is 260MW.

Wandee anticipates the commencement of REC trade in the fourth quarter of this year. As a part of its rooftop solar panel business, the company also intends to sell RECs. SPCG has already installed solar panels for over 200 firms nationwide.

Internationally, SPCG has plans to invest 1.13 billion baht in the construction of the 480MW Ukujima Mega Solar Farm, which is currently underway. The project is expected to initiate commercial operations by July 2025.

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