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Thailand QTC Energy acquires 15% in solar farm developer

Boris Sullivan

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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.

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Banking

APAC corporates likely to improve in 2021

Moody’s Investors Service says in a new report that credit conditions in APAC will improve in 2021, supported by the gradual recovery of economic activity given the early containment of the pandemic in several Asian economies.

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Ongoing fiscal and monetary support in both advanced and emerging markets will also aid improving conditions, but renewed lockdowns in parts of the world have stalled the nascent global economic recovery and create uncertainty around improving credit conditions.

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Companies

Thai Firm to produce 200 million doses of Covid-19 vaccine

Thai Firm Siam Bioscience Joins with AstraZeneca to Make COVID-19 Vaccine for Southeast Asia and says it will produce 200 million doses of its anti-coronavirus vaccine in Thailand next year.

Olivier Languepin

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Thailand aims to vaccinate up to half of its population against Covid-19 next year according to the director of its National Vaccine Institute, Dr. Nakorn Premsri.

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Business

Great Wall Motor (China) takes over GM factory in Thailand

The Thai production hub will become operational in the first quarter of 2021 with automobile production capacity of 80,000 units per annum.

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Chinese carmaker Great Wall Motor (GWM) hosted a ceremony on November 2nd to celebrate the latest milestone in taking full ownership of Rayong Manufacturing Facility in Thailand.

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