Thai Company Secures Purchase Agreements for 15 Ground-Mounted Solar Projects

Nov 2023

Thai clean energy specialist Absolute Clean Energy Public Company Limited (ACE), has recently secured Power Purchase Agreements (PPAs) from Thailand’s Provincial Electricity Authority (PEA) for 15 ground-mounted solar energy projects. These projects have a combined capacity of 92.73 megawatts, and will open for commercial operation (SCOD) between 2024 and 2025.

The PPAs have a 25-year term, with electricity sales rates set at THB 2.1679 (USD 0.06) per kilowatt-hour. ACE expect annual revenue from electricity sales of approximately THB 548 million (USD 15.2) over the contract period.

The 15 solar projects are located in ten provinces. This development comes in the wake of the Energy Regulatory Commission’s announcement in April 2023, which selected 14 of ACE’s wholly-owned subsidiaries as winners of a bid for renewable energy projects. ACE’s subsidiaries secured a total of 18 projects with a combined capacity of 112.73 megawatts, all under the Feed-in Tariff (FiT) scheme for ground-mounted solar power.

Moreover, ACE counts three projects with a combined capacity of 20 megawatts set for SCOD in 2027. Once the PPAs for these projects are finalized, ACE will inform stakeholders. ACE also recently issued bonds worth THB 392 million (USD 11 million). These funds will support business expansion, debt repayment, and working capital for clean energy projects.

(Source: Solar Quarter)

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