Thailand’s first solar rooftop on a commercial building was officially launched yesterday on Bang Na-Trat Highway with a total capacity of 4.2 megawatts.
The joint venture between WHA Corporation Plc and Gunkul Engineering Plc has cost 270 million baht. WHA holds 75% of WHA Gunkul Green Solar Roof Co (WGG), with the rest owned by Gunkul.
The first unit of 3.3 MW began operations yesterday and another 0.97 MW is scheduled to come on stream in the second half of this year.
Electricity from solar modules is sold to the Metropolitan Electricity Authority with a feed-in-tariff rate of 6.16 baht per kilowatt hour (unit) for 25 years.
Gunkul chief executive Sopacha Dhumrongpiyawut said WGG expects to earn 40 million baht in revenue in the first full year of operation.
Gunkul was the first company to receive a solar rooftop licence for commercial buildings from the Energy Regulatory Commission, with total capacity of 11 MW from 14 projects. The company is developing and forming joint ventures with two investment partners to develop two solar rooftops with capacity of 3 MW each.
The SET-listed solar farm engineering service provider expects revenue to grow by 50% this year to top 3 billion baht, up from 2 billion last year, despite the prolonged political unrest.
Most revenue will come from the renewable energy sector including equipment and engineering procurement, Ms Sopacha said.
"We have not felt any impact from political unrest because our projects are medium and small scales of investment that do not require approval from ministers or central government," she said.
Gunkul announced capital expenditure this year of about 1 billion baht. It will cover the development of wind farms in the Northeast with a total capacity of 60 MW at a cost of 700 million baht, plus a 50-MW gas-fired power plant to be built in Myanmar for 300 million baht.
Ms Sopacha said Myanmar has high potential for the energy sector but investors are still looking for more stability in the country as the risks of doing business remain high.
"We still have to monitor development in Myanmar closely," she said.
Gunkul has backlog orders of 2 billion baht this year to date. The company also plans to diversify to light-emitting diode (LED) business to tap high demand from the domestic market and add value to its lamp production plant in Bangkok’s Taling Chan district.
The first production of LED products is expected to be launched this year under the Gunkul brand.
Shares of GUNKUL closed yesterday on the Stock Exchange of Thailand at 12.8 baht, down 40 satang, in trade worth 38 million baht, while WHA shares lost 3 baht to 27.5 baht in trade worth 178 million baht.