PEA Encom International, a wholly owned subsidiary of state-run Provincial Electricity Authority (PEA), has teamed up with BCPG to establish Thai Digital Energy Development (TDED) to develop clean power and promote adoption of energy technology.
The joint venture TDED started in April. PEA Encom owns 25% and BCPG 75%.
TDED is revising a budget allocation to keep up with new energy technologies. TDED's new investment projects will include solar power and blockchain technology.
Khemmarat Sartpreecha, acting managing director of PEA Encom, said the budget allocation is awaiting approval from PEA's board of executives.
He said the initial stage will focus on power generation from renewable power and the adoption of blockchain for peer-to-peer power trading.
This joint venture plans to develop power generation from 2019-23 at 100 megawatts, generating revenue of 1 billion baht in five years.
"The joint venture is starting with a solar rooftop project on buildings at Chiang Mai University, worth 300 million baht, to generate 12MW," said Mr Khemmarat.
"This project should be completed this year and sales will be secured in 2020."
PEA Encom was founded in 2009 to engage in domestic and international businesses related to power energy investment.
The company's strategy is to form joint ventures and seek partnerships in relevant energy sectors.
TDED is entering another venture with BCPG -- the T77 project on Sukhumvit Road that includes a community mall, an international school, a medical clinic and residential buildings.
T77 is the first peer-to-peer power supply chain using solar rooftops. BCPG started testing last August, working with Australia-based Power Ledger.
PEA Encom has earmarked an investment budget of 3 billion baht in the next five years for all joint ventures and partnerships with other companies.
This year PEA Encom expects revenue of 300 million baht, up by 30% from 230 million in 2018.
PEA Encom has private power purchase agreements with 20 companies, generating a combined 20MW.
"We plan to increase power generation to 50MW this year," said Mr Khemmarat.
PEA Encom was assigned by its parent firm to develop biomass power projects for local communities in three provinces in the Deep South of Thailand totalling 12MW. These projects were set up by the government early this year for private investors, state utilities and local administrations to form joint ventures in biomass power.