As part of its ambition to achieve 1,800 MW in renewable energy production capacity by 2027, Prime Road Power PCL. or PRIME participates in the Energy Regulatory Commission's (ERC) procurement of electricity from private power plants using renewable energy under a Feed-in-Tariff (FiT) scheme.
9 December 2022, Bangkok, Mr. Somprasong Panjalak, the Chief Executive Officer of Prime Road Power Public Company Limited announced that PRIME has submitted its bids and proposals to develop and operate solar farms with an aggregate capacity of 30% from total in the Energy Regulatory Commission's (ERC) recently announced project to purchase 5,200 MW of electricity from renewable energy sources under a Feed in tariff scheme between 2022 - 2030.
The project announced by the ERC on 27 Sep this year supports Thailand's goals to become a low-carbon economy with net-zero carbon emissions by 2065-2070. To achieve this, Thailand needs to increase renewable energy production in the country's overall power mix and the contribution for new renewable power plants must be no less than 50% of the total electricity production in the coutnry.
The project announced by the ERC on 27 Sep. this year supports Thailand's goals to become a low-carbon economy with net-zero carbon emissions by 2065-2070. To achieve this, Thailand needs to increase renewable energy production in the country's overall power mix and the contribution for new renewable power plants must be no less than 50% of the total electricity production in the country.
The project, announced by the ERC on 27 September this year, supports Thailand's goals to become a low-carbon economy with net-zero carbon emissions by 2065 - 2070. To this end, Thailand needs to increase renewable energy production in the country's overall power mix, and as per the National Energy Plan 2018 rev.1, the contribution from new renewable power plants must not be less than 50% of the total electricity production in the country.
As a major renewable energy power plant developer, the ERC's scheme is in line with the Company's expertise and ambition to drive more clean energy usage to meet the net-zero Carbon emission target of the world. "We plan to invest aggressively in renewable energy projects globally over the next few years to achieve an installed electricity production capacity of 1,800 MW by 2027, and the ERC's project fits nicely in our expansion plan. In addition, PRIME issued a debenture in the beginning of this month, along with its existing pool of funds to fund this aggressive growth path.", said Khun Somprasong.
PRIME is an operator of solar farms and a provider of solar panel installation services with over ten years of experience in the business. It currently operates in four countries in the Asia Pacific region with a combined solar power capacity of 303.2 MW in Thailand, Japan, Taiwan and Cambodia.
In addition to solar farms, the Company is considering investments in other sources of renewable energy projects such as wind, biogas, biomass, and solid waste disposal plant. The company has also diversified into the solar power plant construction business (EPC business), provides one-stop-shop services for power efficiency management systems, and private solar power purchase agreements (Private PPA) to capture the retail market, which has been growing in recent years.