SET-listed BCPG Plc plans to develop power generation from solar panels in Malaysia and Taiwan in the near future.
Governments of both countries are allowing private power companies to develop renewable power projects, said Charnvit Trangadisaikul, executive vice-president for corporate business development.
"The two countries will be new overseas markets for us after Japan, Indonesia, the Philippines and Laos," he said.
BCPG is operating and developing a combined capacity of 562 megawatts from solar, wind, geothermal and hydropower projects.
Mr Charnvit said BCPG submitted documents to bid for a solar power project in Malaysia with a capacity of 100MW. The auction result will be announced early 2020.
The Malaysian government opened the bidding for investors to participate in 500MW of renewable power generation on Aug 8 to meet its energy mix goal of 20% from renewable resources by 2025.
He said the Taiwanese government is planning to allow companies to develop offshore wind and solar farms.
"Taiwan targets development of over 10 gigawatts from renewable power by 2030. It recently announced an auction for 5.5GW offshore wind farms," said Mr Charnvit. "Taiwan has good potential for offshore wind farms because its geography lends itself to high wind speeds."
He said BCPG has a footprint overseas, offering many possibilities to win bids.
Expansion in Malaysia and Taiwan will come from both new developments and asset acquisitions, said Mr Charnvit.
In September, BCPG took over the 69MW Nam San hydropower project from a company in Laos in a deal worth 4.42 billion baht.
The Nam San project secured a long-term power purchase agreement with the state-run Electricite du Laos, starting in 2016 with a 27-year concession.
Moreover, BCPG is proceeding with a dam purchase in Vietnam for a hydropower project, expected to be complete in early 2020. It is talking with Vietnam Electricity, the largest power company in the country, to feed the electricity generated from the dam.
The Vietnamese government plans to have power generation from renewable resources of 37GW by 2030, with 12GW from solar panels.
BCPG is also seeking business expansion in existing markets, including Thailand, because each country has policies to support renewable power resources.
"We recently moved to expand biomass power projects in Thailand and Japan, where the governments are enthusiastic about this fuel," he said.
Listed on the stock market in 2016, BCPG has expanded power projects with a target of generating 5,000MW by 2024 across Asia-Pacific, with a budget allocation of 50 billion baht.