PRIME Road Power Public Company Limited (“PRIME”) has completed the sale of four solar power plant projects and has repaid 23.14% of the debenture principal to debenture holders. The Company’s Chief Executive Officer expressed his appreciation to debenture holders for approving all proposed resolutions and reaffirmed PRIME’s commitment to strengthening its business in 2026 by expanding into the Micro, Small and Medium Enterprise (MSME) segment and the residential solar market, in line with the Thai government’s tax incentive policy for residential rooftop solar installations.
Mr. Somprasong Panjalak, Chief Executive Officer of PRIME, revealed that the Company has successfully repaid 23.14% of the par value of its outstanding debentures following the receipt of proceeds from the disposal of four ground-mounted solar power plant projects under the Solar Power Project for Government Agencies and Agricultural Cooperatives (COOP 1). The projects, located in Ayutthaya and Pathum Thani provinces, were sold for a total transaction value of approximately THB 686 million.
The transaction value exceeded the projects’ book value, reflecting the strong quality and underlying value of PRIME’s renewable energy assets, as well as investors’ confidence in the Company’s solar power projects and its overall project management capabilities.
To complete the COOP 1 transaction, the Company incurred necessary transaction-related expenses totaling THB 94.87 million. These included project enhancement costs to satisfy due diligence requirements, settlement of outstanding project loans and accrued interest with financial institutions, as well as transaction fees, taxes, asset appraisal fees, and legal expenses. After deducting these costs, the Company expects to receive net proceeds of THB 591.13 million, payable in three installments.
To date, the Company has received the first and second installments on 22 January 2026 and 23 February 2026, respectively, totaling THB 558.21 million.
The CEO added that, in accordance with the debenture terms and conditions, PRIME allocated 90% of the net proceeds from the COOP 1 disposal, equivalent to THB 502.47 million, for repayment to holders of its four outstanding debenture series: PRIME253B, PRIME253A, PRIME25DA, and PRIME25DB. The repayment, representing 23.14% of the outstanding principal on a pro rata basis, together with accrued interest and the applicable special return, was successfully completed on 27 February 2026.
However, under the debenture terms, the Company was required to repay no less than 30% of the outstanding principal, together with accrued interest and the applicable special return, representing approximately THB 643.07 million across all four debenture series. As the repayment amount fell below the required threshold, an event of default occurred under the debenture terms and conditions.
Accordingly, the Company convened Debenture Holders’ Meetings No. 1/2026 on 18 March 2026 and the adjourned meeting on 26 March 2026 to seek waivers of the default event, revoke the acceleration of the debentures, and amend certain repayment terms, including shortening the repayment period in the event the Company exercises its early redemption (Call Option) rights. All proposed resolutions were approved by the debenture holders.
Regarding the remaining debenture obligations, the Company plans to fund future repayments through additional asset disposals of selected solar power projects with an estimated total transaction value of approximately THB 1.81 billion, together with cash flow generated from its operating business.
“PRIME sincerely thanks all debenture holders for their continued trust and support. Their confidence has been instrumental in helping the Company overcome challenges and continue moving forward. We remain fully committed to honoring our obligations to debenture holders while continuously refining our business strategy and pursuing new opportunities in the renewable energy sector to strengthen the Company’s long-term competitiveness.
In 2026, PRIME will accelerate the expansion of its residential rooftop solar business. Amid growing geopolitical uncertainty and rising energy costs, households are increasingly seeking energy-efficient and cost-saving solutions, creating significant growth opportunities for the residential solar market,” said Mr. Somprasong.
In line with PRIME’s mission of delivering clean energy solutions to all sectors of society and contributing to Thailand’s transition toward carbon neutrality by 2050, the Company has also refined its business strategy by focusing on projects requiring lower capital investment with shorter revenue realization periods.
At the same time, PRIME is expanding its customer base beyond government agencies and large corporate customers to include the Micro, Small and Medium Enterprise (MSME) sector. The Company is also placing greater emphasis on the residential market, particularly residential rooftop solar systems, following the Thai government’s introduction of tax deductions for homeowners installing rooftop solar systems between 3 March 2026 and 31 December 2028.
Looking ahead, PRIME also plans to develop new energy-related business lines while continuously enhancing operational efficiency and cost management to strengthen profitability and support sustainable long-term growth.
