SET-listed Super Energy Corporation, one of Thailand's largest operators of solar farms, is restructuring its business and forming new partnerships to expand its renewable power plants throughout Southeast Asia.
The restructuring plan is to run in parallel with development plans for new solar, wind, waste-to-energy and hydroelectric power plants, said Jomsup Lochaya, chief executive of Super Energy.
The company aims to seek new partners in all renewable energy segments under its expansion plan, he said.
"We have talked with several Chinese firms about the possibility of forging cooperation on waste-to-energy development, which is on the rise in Southeast Asia as many countries are concerned about greenhouse gas emissions," said Mr Jomsup.
He declined to name the firms, saying only that the business deals should be concluded by the middle of this year.
Mr Jomsup is confident Super Energy will benefit from the new partnership, which will support the company's growth.
The move followed the restructuring of the shareholding of Sunflower Solar, a subsidiary of Super Energy.
Sunflower Solar runs solar farms, with a combined electricity generation capacity of 837 megawatts, through Solar NT in Vietnam.
In February, Sunflower Solar sold its shares to Levanta Holding Pte, an investment unit of UK-based Actis Energy Fund 5, for 4.69 billion baht.
Last year, the company also sold shares to AC Energy, a subsidiary of the Ayala Corporation, which is owned by Filipino billionaire Jaime Zobel de Ayala, for US$165 million.
Super Energy plans to use the money to support its renewable energy development projects.
According to Mr Jomsup, Super Energy is allocating 6-7 billion baht a year in 2024 and 2025 to fund its energy development projects in the pipeline, which are scheduled to start commercial operations in the next two years.
The projects, which are in the small power producer category and under private power purchase contracts, include solar and wind farms as well as waste-to-energy power plants in Thailand and Vietnam.
These facilities will increase Super Energy's total power generation capacity to 1,881MW in 2026, up from 1,626MW at the end of last year.