GPSC bags four firms at 39.5MW
Global Power Synergy Plc (GPSC), the power generation arm of national energy firm PTT Plc, took over four firms yesterday operating nine solar farms in Thailand with total capacity of 39.5 megawatts.
Chawalit Tippawanich, president and chief executive of GPSC, said the company took over the firms through its wholly owned Global Renewable Power Co (GRP), acquiring shares in GNPS Star Group Co, World X Change Asia Co, PP Solar Co and Terra Form Operating Thailand Co.
The four companies operate nine solar farms in Lop Buri, Suphan Buri, Phichit and Khon Kaen provinces.
Mr Chawalit declined to give the value of the investment, but it has been estimated at 3 billion baht.
All the plants can generate and supply electricity to the power grid for the Provincial Electricity Authority for a period of 25 years, until 2039-40.
The solar farms have two agreed adder rates of 8 baht per kilowatt-hour over eight years for a total 3.6MW, and a feed-in tariff rate of 5.66 per kWh for a total of 35.9MW. These plants have been commercially operating since 2014-15.
"The company will be able to recognise this revenue stream from the second quarter of 2020, in line with the business plan," Mr Chawalit said.