Bangkok--29 May--เค พลัส พีอาร์
CHOW moves fast!Construction has started for first phase ofits18 MW solar power plant projectplan worth 1.8 billion THB and is expected to finish by the end of Q3. First part of income to be received soon afterwards.
Anavin Jiratomsiri, CEO of Chow Steel Industries Public Company Limited or CHOW, a major manufacturer and distributor of steel billet in Thailand, revealed the progress of the company’s expansion into the solar power business in Japan. The company has started developing solar projects worth 1,863.90 million THB to produce 18 MW of power in Japan, which was approved on January 17th, 2014 by the Board of Directors. Investment is through Chow International Company Limited, a subsidiary of CHOW. Construction on the first project is expected to finish around the end of Q3 and will start generating income within this year.
The CHOW Board of Directors approved the appointment of Premier Solution Company Limited (PSCL), also a CHOW subsidiary, as the project developer in the same January 17, 2014 board meeting. PSCL will vertically develop the project, from land development, permitting, licensing, and procurement, to construction for Chow International. The first project has already secured rights to sell electricity to the power utility in Japan at the rate of 40 JPY/kWh and 36 JPY/kWh for a period of 20 years and expects to have its commercial operation date this year.
Anavin also further noted that CHOW’s investment in solar energy business fulfills the Board’s vision to invest in high potential businesses and spread its risks. Solar projects provide stable income and cash flow, making them an obvious choice for the company as it plots a strong and firm growth plan to create long-term benefits for its shareholders.