Natural Energy Development Co (NED), Thailand's first private solar farm, is looking for another opportunity to invest in the sector despite great competition.
Chief executive Johnny Wang said the company remains optimistic despite all the solar farm licences granted by the Energy Ministry.
"Although all licences are oversubscribed and it's tougher to get a new allocation of licences, we'll still seek strategic partners for expansion," he said.
NED is also looking for opportunities for wind farms, although studies have found Thailand's location makes it difficult for wind energy to be commercially viable.
Feasible locations for wind farms are forests and watershed areas.
The company wants to partner companies that hold solar energy licences but have not yet started operations.
In 2008, the Energy Ministry invited private firms to apply for operating licences for solar farms and offered incentives of adder tariffs, with a maximum required output of 2,000 megawatts.
However, the response was overwhelming, with licence applications for a combined 3,000 MW within just a few weeks.
Wind farm licences were also offered in 2008 with a target of 800 MW, but applications reached 1,400 MW.
The Alternative Energy Development and Efficiency Department said many operators have yet to start construction.
Even though the applications for both types of energy were popular in 2008, wind farms now account for only 150 MW and solar farms only 400 MW.
"Thailand is a rich source of solar energy, because it has longer hours of sunshine than other leading solar technology-inventing countries," said Mr Wang.
NED is a joint venture between Electricity Generating Plc, Mitsubishi Corporation's Diamond Generating Asia Co and CLP Thailand Renewables Co.
Yesterday, it announced it has completely developed its 10-billion-baht investment in its solar farm in Lop Buri province with a combined capacity of 84 MW.
The first phase of the project has operated since December 2011, while the second phase started operations on April 25.
The project consists of 540,000 thin film solar panels located on 1,200 rai.
The electricity is sold to the Provincial Electricity Authority and the Electricity Generating Authority of Thailand at the normal rate plus eight baht of adder tariff per unit, as the government subsidised them for the higher costs.
The rate for power generated by fossil fuels averages 3.75 baht a unit.
NED expects sales generated from its solar farm next year to rise to 1.3 billion baht from 750 million last year due to the full operation of the second phase.
The project also includes a solar power museum and knowledge centre.
To generate benefits for residents, the company is developing a pilot community and school under the philosophy of sustainable development.