Thai Solar Energy Public Company Limited (TSE) has announced exciting news to close out 2024. The company has successfully won the bid for Phase 2 of the green power plants initiative. This achievement includes 21 projects with a total proposed production capacity of 136.1 megawatts (MW). Dr. Cathleen Maleenont, Chief Executive Officer of TSE, confirmed readiness to participate in Phase 3 bidding in 2025 while continuing to expand through mergers, acquisitions (M&A), and joint ventures (JV) in solar farms and waste-to-energy projects. The goal is to increase recurring income, ensuring steady and sustainable growth and generating excellent returns for shareholders.
Dr. Cathleen Maleenont stated that the Energy Regulatory Commission (ERC) had recently announced the results of the renewable energy procurement program under the Feed-in Tariff (FIT) scheme for 2022–2030. The TSE Group submitted its proposal in compliance with the program’s criteria and has been selected as an electricity producer and supplier to the government. This involves the development and operation of 21 ground-mounted solar power plant projects with a total proposed production capacity of 136.1 MW (165 MW installed capacity). These projects include power purchase agreements (PPAs) with the Provincial Electricity Authority (PEA) for a duration of 25 years.
The ground-mounted solar power projects under this program have a fixed electricity purchase rate (FIT) of 2.1679 baht per kilowatt-hour throughout the contract period. With an investment value exceeding 4 billion baht, the company is well-prepared to join the Phase 3 auction in 2025, targeting an additional capacity of no less than 100 MW.
“Being selected for Phase 2 of the renewable energy program reaffirms the Group’s capabilities and expertise as a leader in clean energy,” said Dr. Cathleen Maleenont. “This milestone increases the proportion of recurring income, supports stable and sustainable growth, and enhances value for our shareholders and investors.”
Currently, TSE operates a total of 41 power plant projects with a combined production capacity of 241.86 MW. This includes 34 projects that are operational (COD) and 7 projects under development. With the 136.1 MW awarded in this auction, TSE’s total capacity will increase to 377.9 MW.
Looking ahead, TSE plans to expand its portfolio through strategic investments in the power plant sector via M&A deals, which offer immediate revenue recognition and cash flow benefits. The company also aims to partner with businesses through joint ventures, focusing on solar and waste-to-energy projects with proven operational efficiency and attractive returns.
Additionally, TSE is developing its Private PPA business, exploring innovative models such as Direct PPA and ESCO Model PPA. These initiatives involve selling electricity generated from solar energy to both public and private sector businesses, further diversifying revenue streams and strengthening the company’s long-term position in the renewable energy market.
