Prime Power targets 1000MW renewable output in 3 years
Prime Road Power Plc is gearing up renewable power projects in Asia with a power generation target of 1,000 megawatts by 2023.
Chairman Somprasong Panjalak said Prime is keen to develop renewable power projects in Thailand and plans to participate in the Energy for All scheme for community-owned power projects.
The Energy Ministry plans to begin the scheme with a pilot capacity of 100MW in 2020.
“Prime has experience in renewable power both domestically and abroad, and plans to utilise this expertise in high-potential countries with strong demand for renewable power such as Taiwan, Vietnam, Laos and Cambodia,” he said.
Prime has projects with a power capacity of 287MW. Some 179MW of the total capacity is in operation while the remaining 108MW is under construction.
Mr Somprasong said Prime is in talks with many companies to acquire their renewable power projects and operation licences.
“This plan can achieve the 1,000MW goal by 2023,” he said. “Those deals are developed by newcomers, but they lack skill in power generation management, while some companies are deciding to exit this business.”
In addition, Prime has set up two companies in Thailand. The first subsidiary is Prime Alternative Vision Co providing construction services for solar rooftops.
The second is Prime Road Rooftop Co, a developer and operator of solar rooftops under private power purchase agreements (PPAs). Prime has a 54% stake in each company.
Prime plans to enter the construction and private PPA sectors for solar rooftops in overseas markets, said Mr Somprasong. The company won a recent bid for a 78MW solar farm in Kampong Chhnang, Cambodia. 60MW of the total capacity is under PPAs.
“The solar farm in Cambodia plans to shift to the second phase of 40MW,” he said.
Mr Somprasong said Cambodia is a fast-growing economy with high demand for additional power.
Prime has solar farms with output of 132.3MW in Thailand, 68.2MW in Japan, 8.5MW in Taiwan and 78MW in Cambodia.
He expects 2020 revenue to grow 7% from 600 million baht last year, thanks to new solar farms generating 12MW.