China is becoming a new investment destination for SET-listed Prime Road Power, an operator of solar farms and provider of solar panel installation services, which plans to develop a new solar power project in the country to fuel its growth.
"Over the past couple of years, China has welcomed foreign direct investment and offered tax incentives to draw investors," said Somprasong Panjalak, chairman and chief executive of Prime Road Power.
Last year the company set up Prime Road Power (Shandong) Co to benefit from the investment opportunity, aiming to develop renewable energy projects in Shandong, a coastal province in eastern China.
It is preparing to develop a pilot rooftop solar power project under an energy management contract with factory operators. The new 8-megawatt power generation facilities are scheduled to begin operations early next year.
If the project is successful, Prime Road Power will seek an opportunity to develop the second-phase rooftop solar power project with a capacity of 50MW, said Mr Somprasong.
Most power development projects in China are based on private power purchase agreements, which enable electricity users to sell surplus power to the state grid.
Prime Road Power set a target to develop solar energy projects, with 200MW in total, by the end of 2025.
The company is looking for investment opportunities in other countries in Asia, including Japan and the Philippines.
Prime Road Power is also focusing on other S-curve businesses, or those which promise rapid growth, said Mr Somprasong. They include a battery energy storage system (BESS), energy management system, and drones.
The company is preparing staff specialising in controlling drones for operation and maintenance missions at solar farms in Thailand and Taiwan, said Rassa Herabat, Prime Road Power's head of asset management and manager of renewable projects.
In the BESS business, Prime Road Power has teamed up with the United States Agency for International Development to develop BESS, and has cooperated with Energy Solutions Co to pilot a sodium-ion battery project, he said.
