Thailand’s largest solar energy company, Superblock Pcl, plans to invest 56 billion baht ($1.76 billion) to install 700 megawatts (MW) of wind farms in Vietnam, the company’s Chairman Jormsup Lochaya told Reuters.
The first phase of the investment will cost 20.7 billion baht and consist of three near-shore farms with 142 MW of capacity in Bac Lieu province, 98 MW in Soc Trang province and 100 MW in Ca Mau province, all in southern Vietnam, said Jormsup.
Construction has already begun and Jormsup expects the sites to be operating by 2020.
The second phase of 360 MW of capacity will also be built in those three provinces and construction will begin when the first phase concludes, he said.
Vietnam’s young population, growing economy and industries will increase power consumption in the country by 10 percent annually, making it an important market, Jormsup said.
Vietnam wants to meet that demand with less air pollution, he said, citing Thailand’s own problems with pollution.
“This week Bangkok had an air pollution problem,” Jormsup said, referring to a spike in pollutants in the city.
“Ho Chi Minh and Hanoi have similar problems and the Vietnamese want clean and cheap energy – this is driving renewable energy growth,”
he said, adding that costs are much lower and that Vietnamese government policy on renewables is clear.
Vietnam currently has wind power capacity of 140 MW, with a goal to reach 6,000 MW by 2030, according to government data.
Financing for the Vietnam projects will come from its turnkey partner, a state-owned Chinese construction company, and the sites will be built on land leased for 49 years. The area is near existing transmission lines, the remnants of a cancelled coal-fired power project, he said.
Jormsup said Superblock was considering additional investment in a 50 MW solar farm in Vietnam and would make a full decision by the second quarter of this year.
Next to Vietnam, Jormsup said Superblock plans to expand wind and solar capacity, in Cambodia, Laos, Myanmar, the Philippines, Indonesia and Malaysia. It is targeting revenue growth of 25 percent each year and to have overseas revenue contributions climb to 20 percent to 30 percent.
“We want to be a regional player,” he said, adding the company was considering acquisitions in renewable companies in Southeast Asia and…
True and Dtac Merger Talks Highlight Necessity of Scale at Thai Telcos
The merger between True Corporation, a subsidiary of conglomerate Charoen Pokphand Group, and Total Access Communication (Dtac), a subsidiary of Norway’s Telenor would shrink the number of big telcos players in Thailand to only two.
The discussion between Norway telecom group, Telenor ASA, and Thailand’s largest conglomerate, Chareon Pokphand Group (CP Group), to explore a merger of their telecom businesses in Thailand underscores the significance of scale to drive cost efficiencies amid the Thai telecom sector’s slow growth and high investment, says Fitch Ratings.(more…)
Exclusive interview with Kulpreeya Buddharudisuk
Kulpreeya Buddharudisuk is a seasoned leader who joined Zoetis over seven years ago to lead the regional finance function for Southeast Asia, eventually leading all Asia Pacific countries. In this role, she successfully led multicultural, geographically diverse teams through a transformative time in the business.
Kulpreeya Buddharudisuk is a seasoned leader who joined Zoetis over seven years ago to lead the regional finance function for Southeast Asia, eventually leading all Asia Pacific countries. In this role, she successfully led multicultural, geographically diverse teams through a transformative time in the business.(more…)
Acclaimed MICHELIN Guide Thailand gets 5-year extension from 2022-2026
Bangkok, 2 December, 2021 – The Ministry of Tourism and Sports and the Tourism Authority of Thailand (TAT) are pleased...
Thailand’s Ministry of Finance expects 3.5 to 4.5% economic growth in 2022
For next year, the Ministry of Finance is projecting an economic growth of 3.5-4.5% from effective pandemic control measures, incentives,...
This is what global tax reforms could mean for Asia’s tech giants
A new set of agreed global tax reforms will change where tech giants and other global giants pay taxes, explain...
Bank of Thailand warns of risks of cyber theft when using cryptocurrencies
The future looks promising for cryptocurrencies in Thailand after Siam Commercial Bank Pcl - Thailand's oldest private bank- invested 17.85...
The Bachelor Japan Season 4 showcases Thailand
Bangkok, 2 December, 2021 – The Tourism Authority of Thailand (TAT) is pleased to report that Thailand features as the...