SET-listed TPI Polene Power Plc (TPIPP), a waste-to-energy power plant operator with the largest capacity in the Thai market, plans to issue debentures worth 25 billion baht to support new investments in power plants both domestically and abroad.
Vice-president Worawit Lerdbussarakam said TPIPP is drawing up plans to enter Vietnam, Myanmar and the Philippines and conducting feasibility studies for many types of fuels, including waste, coal and natural gas.
"Once we come up with a final decision, it will be the first time for TPIPP to embark on expansion abroad," he said.
For investment at home, Mr Worawit said TPIPP will take part in an auction for two waste-to-energy power plants from the Bangkok Metropolitan Administration in the On Nut and Nong Khaem areas with a capacity of 20 megawatts each.
In provincial areas, TPIPP will bid for a 10MW waste-to-energy power plant in Nakhon Ratchasima.
"Both government agencies will conduct the auction within 2018," Mr Worawit said. "If we are the winning bidder for the entire 50MW of the projects, we plan to invest roughly 10 billion baht and have the commercial operation date (COD) in late 2020; however, the Energy Regulatory Commission (ERC) has to announce a new round of power purchases from community waste as well."
According to the Alternative Energy Development Plan (AEDP) for 2015-36, state utilities will purchase up to 500MW of waste-to-energy power. Of those, contracts for 361MW have been signed and around 200MW have had their CODs.
Some 180MW belongs to TPIPP, Mr Worawit said, but "when the remaining capacity will commence COD remains unclear because some investors have put off their plans, so there is more capacity available for TPIPP in the future".
TPIPP recently received a new licence from the ERC to operate a 150MW coal-fired power plant in the fourth quarter of 2018.
This achievement came after a 70MW coal-fired unit received a licence that will have its COD in August.
As a result, TPIPP will have CODs reaching 440MW as planned.
Mr Worawit said 2018 revenue will stand at 8 billion baht and TPIPP has increased its revenue target for 2019 to 10 billion-11 billion baht, as the 440MW of total capacity would operate for a full year in 2019.
But 2018 net profit will stand at 4 billion baht, unlikely to hit the earlier target of 5 billion baht, because some CODs have been delayed from plan.
In 2017, TPIPP posted a net profit of 2.59 billion baht and revenue of 5.19 billion baht.
TPIPP shares closed yesterday on the Stock Exchange of Thailand at 6.15 baht, up 15 satang, in trade worth 131.2 million baht.