Thailand’s clean energy firm, Absolute Clean Energy Public Company Limited (ACE), has secured Power Purchase Agreements (PPAs) from the Provincial Electricity Authority (PEA) for 15 ground-mounted solar energy projects.
As per the statement, these projects, with a combined capacity of 92.73 megawatts, are set to open for commercial operation (SCOD) between 2024 and 2025. The PPAs have a 25-year term, and the electricity sales rate is fixed at 2.1679 baht per kilowatt-hour. Over the contract period, ACE anticipates annual revenue from electricity sales of approximately 547.52 million baht.
The 15 solar projects are located in ten provinces. This development follows the Energy Regulatory Commission’s announcement in April 2023, which designated 14 of ACE’s wholly owned subsidiaries as winners of a bid for renewable energy projects.
The statement said that these subsidiaries secured a total of 18 projects with a combined capacity of 112.73 megawatts, all under the Feed-in Tariff (FiT) scheme for ground-mounted solar power.
Additionally, ACE has three projects with a combined capacity of 20.00 megawatts scheduled for SCOD in 2027. After the finalization of the PPAs for these projects, ACE will inform stakeholders. Once all 18 projects are fully operational, it is expected to increase ACE’s annual income by approximately 664.76 million baht.
Teerawut Songmetta, Chief Technology and Innovation Group Officer of ACE, disclosed the progress of various power plants, including community waste power plants in Udon Thani and Nakhon Ratchasima, which are expected to be ready for SCOD by the first quarter of 2024.
Moreover, ACE recently successfully issued bonds worth 391.60 million baht. These funds will support business expansion, debt repayment, and working capital for clean energy projects.
Currently, ACE boasts a total installed capacity of over 652.64 megawatts, comprising 23 open COD projects with 257.57 megawatts and 68 projects under development with more than 395.07 megawatts.