Prime Road Power Public Company Limited (“PRIME”), a leading renewable energy developer in Thailand, recently announced that it has secured four new projects through a successful auction. The company’s CEO, Mr. Somprasong Panjalak, and CFO, Mr. Piroon Shinawatra, shared details about the projects, which include two solar farms with an output of 15.70 MW. and two solar-plus-battery projects with a capacity of 72.26 MW., totaling 87.96 MW. The Energy Regulatory Commission (ERC) official announcement was made on April 5, 2023.
PRIME has set ambitious goals for the next few years, targeting an installed capacity of 800 MW by 2024, which represents a threefold increase from its current capacity of 303.94 MW. Furthermore, the company aims to achieve an installed electricity production capacity of 1,800 MW. by 2027, with annual increases of 200 – 400 MW.
To accomplish these goals, PRIME has outlined a strategic plan that includes the following actions:
A partnership with Taiwan Power Company in Taiwan will allow PRIME to directly sell solar energy to private-sector clients (Corporate PPA) interested in utilizing solar power. This is expected to increase the company’s revenue growth by 20-30%. Target clients include TSMC, Chunghwa Tele., E Sun Bank, Acer, EVA AIR, Scania, and IKEA, among others.
A joint venture with the Industrial Estate Authority of Thailand, called “Prime Industrial Energy Company Limited” (PIE), was established in July 2022. PIE has a registered capital of 100 Million Baht and is focused on renewable energy, energy efficiency, and achieving net-zero greenhouse gas emissions in Thailand by 2065. PIE’s business opportunities span various industrial estates throughout Thailand and include solar farms, solar rooftops, trading businesses and carbon credits, carbon footprint advisory services, and EV chargers.
The Miaoli Lake West Solar Project in Miaoli County, northern Taiwan, is currently in its first phase. PRIME has secured 86 hectares of land, which can accommodate a capacity of up to 95 MW. The company expects to obtain the establishment permit by April 2023 and achieve commercial operation by the fourth quarter of 2024.
In light of these developments, Mr. Somprasong reaffirmed PRIME’s commitment to reaching a power generation capacity of 1,800 MW. by 2027.