QTC Energy diversifies into solar farm business by acquiring 15 per cent in Green Earth Power.
QTC Energy Plc, a MAI-listed transformer manufacturer, is to acquire a 15 per cent stake in Green Earth Power through its subsidiary QTC Global Power for 267 million baht ($7.7 million), the company said on Monday.
Green Earth Power is working on a 220-megawatt solar farm project in Myanmar. The project is scheduled to start commercial operations in the first quarter of next year.
Poonphiphat Tantanasin, CEO of QTC, said that it planned to diversify into renewable energy business in a bid to generate more income and reduce risk from solely depending on transformer manufacturing business.
Green Earth Power has been granted a build-operate-transfer contract by Myanmar’s Electric Power Enterprise with a power purchase agreement for 30 years. This will help secure the company’s revenue in the long run, he said.
QTC reported a net loss of 18 million baht in the first quarter of this year, improving from a net loss of 24 million baht in the same quarter in 2016.