Thai Solar Energy to boost solar capacity in Japan by 60% to 42MW

More deals are already in the pipeline.

Thai Solar Energy, a solar power producer and supplier to the Thai government, has announced a new agreement with Prospec Holding Inc, an existing partner, to enhance its Hanamizuki, Japan solar farm and power plant capacity by 17MW, boosting total power production capacity to 42MW, and increasing total group revenue to THB500 million per year, an increase of more than 50%.

TSE will carry out the new agreement through its Singapore-incorporated subsidiary TSE Group International Pte Ltd. The project is expected to cost about THB2 billion, will require two years of complete, and generate more than THB200 million in annual revenue. The commercial operation date (COD) is scheduled for late 2017.

Dr Cathleen Maleenont, TSE's Chairman & CEO, said "Our goal is to reach an aggregate production level of 300MW over the next three years, from solar farms and other alternative-energy-based power plants outside Thailand. This latest agreement means that international projects under development will have a total capacity of 42MW. Some of the projects are planned to start generating revenue as early as next year."

TSE's latest contract is part of the company's campaign to grow its solar power plant business in Japan. It follows the completion of company agreements with Eco Solar Japan and Prospec Holding Inc to jointly develop solar farms at a cost of THB2.5 billion, and an aggregate capacity of 25MW, and an expected aggregate revenue of at least THB300 million. The first COD is scheduled to take place in early 2016.

Dr Maleenont added, "TSE is negotiating deals for a few more solar- and alternative-energy-based power plant development projects, with a total capacity of 100-200MW, which will likely reach conclusion in early 2016. The projects, if run, will ensure continued growth in TSE's overall power production capacity.

"We are ready to expand our solar- and alternative-energy-based power plant network in Asia through cooperation with partners to realize our ambition of becoming the regional leader in this field, particularly in Japan and the AEC markets. Starting in 2016, we will earn revenue from our international projects, which will lead to continued, robust growths."