SET-listed Absolute Clean Energy (ACE), a biomass power plant developer, plans 14 billion baht in capital spending to increase its power generation capacity to 449 megawatts by next year as it continues to expand business in the hope of reaching its goal of 1 gigawatt.
The company expects to add another 203MW, generated from 17 biomass, rooftop solar panel and floating solar farm projects, to its current capacity of 246MW.
Up to 10 billion baht of the capital expenditure comes via a loan, with 4 billion paid from the company’s budget, according to ACE chief executive Tanachai Bunditvorapoom.
The 17 projects, which are expected to start operating between this year and next, are made up of newly acquired assets and novel facility developments.
ACE announced last Thursday it signed an asset purchase agreement to operate Nabon 1 SPP-Hybrid Power Plant and Nabon 2 SPP-Hybrid Power Plant, each with installed capacity of 25MW.
Both are biomass-fired power plants located in Nakhon Si Thammarat’s Nabon district in southern Thailand.
The asset acquisitions were made through two ACE subsidiaries — Solar Co and Bio Power Plant Co — that already signed a power purchase agreement with state-run Electricity Generating Authority of Thailand.
ACE also purchased the 23MW Ranong SPP-Hybrid Power Plant in Ranong.
To achieve its goal of 1GW capacity, the company also plans to participate in the government’s waste-to-energy scheme and the Energy for All renewable energy scheme.
Both schemes promote the use of garbage and renewable resources to fuel power plants.