Thailand's clean energy player, Absolute Clean Energy Public Company Limited (ACE), has achieved a momentous milestone by securing Power Purchase Agreements (PPAs) from the Provincial Electricity Authority (PEA) for a remarkable set of 15 ground-mounted solar energy projects. With a combined capacity of 92.73 megawatts, these projects are scheduled to commence commercial operation between 2024 and 2025.
The 25-year PPAs, officially inked on October 16, 2023, have locked in an electricity sales rate of 2.1679 baht per kilowatt-hour. Over the contract's duration, ACE envisions annual revenue of approximately 547.52 million baht from electricity sales.
These 15 solar projects, scattered across ten provinces, come as a direct result of the Energy Regulatory Commission's announcement in April 2023. This declaration designated 14 of ACE's wholly-owned subsidiaries as victors in a competitive bid for renewable energy projects. These subsidiaries clinched a total of 18 projects, boasting a combined capacity of 112.73 megawatts, all under the government's Feed-in Tariff (FiT) scheme for ground-mounted solar power.
In a forward-looking perspective, ACE has three additional projects with a combined capacity of 20.00 megawatts, set for commercial operation in 2027. Once the PPAs for these projects are finalized, ACE will notify its stakeholders. With all 18 projects fully operational, ACE is poised to witness a substantial annual income boost of approximately 664.76 million baht.
Mr. Teerawut Songmetta, Chief Technology and Innovation Group Officer of ACE, has also emphasized the company's progress in constructing various power plants, including community waste power plants in Udon Thani and Nakhon Ratchasima, both on track for commercial operation by the first quarter of 2024.
In an era of financial evolution, ACE has further strengthened its position by successfully issuing bonds worth 391.60 million baht. These funds are earmarked to bolster business expansion, facilitate debt repayment, and support working capital for forthcoming clean energy projects.
As of the latest tally, ACE's impressive portfolio boasts a total installed capacity exceeding 652.64 megawatts. This comprises 23 operational COD projects, contributing 257.57 megawatts, alongside 68 projects under active development, collectively representing over 395.07 megawatts.
Looking ahead, ACE remains steadfast in its commitment to pursue clean energy investment opportunities, both domestically and on the international stage, aligning with its steadfast goal to emerge as a trailblazing model in the global clean energy industry and achieve net-zero greenhouse gas emissions by 2050.
