SET-listed solar farm operator SPCG Plc says it will invest 2.73 billion baht to develop the Ukujima "mega-solar project" with a total capacity of 480 megawatts in Japan.
Wandee Khunchornyakong Juljarern, chairwoman and chief executive of SPCG, said the company made its first capital injection of 430.7 million baht on Sunday and will make a second injection worth 583.5 million baht by the end of April.
The project will be located on Ukujima island off Nagasaki.
Mrs Wandee said partners on the project include Kyocera Corporation, Kyudenko Corporation, Tokyo Century Corporation, Furukawa ElectricCo and Tsuboi Corporation with a project investment of 54.54 billion baht and a debt-to-equity ratio of 70:30, equivalent to 17.92% or 2.73 billion baht.
The project started construction last year and is expected to commence operations in March 2023.
Mrs Wandee said the budget is part of a 10-billion-baht debenture to be issued to investors soon after shareholders approved it last month.
Cash from the debenture issuance will be allocated to debt repayment, new project investments and maintaining high liquidity.
Last year, SPCG launched a 35% joint venture with Mitsubishi UFJ Lease & Finance Co at 35%, PEA Encom Co at 20% and Kyocera Corporation at 10% for a solar rooftop project in Thailand under a private power purchase agreement model.