PRIME Affirms 5-Year Target Of Renewable Energy Capacity To Reach 1,800 MW In Asia

Mr. Somprasong Panjalak, the Chief Executive Officer of Prime Road Power Public Company Limited, a leading renewable energy developer in Thailand, shared the company’s plans to achieve 800 MW of installed capacity by 2024 during its SET Opportunity Day presentation held on 16 December 2022. The 800 MW represents a 3-time increase from its existing capacity of 300.7 MW. Mr. Somprasong also outlined PRIME’s 5-year target to increase its installed electricity production capacity to 1,800 MW by 2027. The plan includes the development of solar and other types of renewable energy power plants in Asia.

Mr. Somprasong Panjalak added that PRIME recently launched new business lines, including Energy and Environment Tech Solutions which specializes in designing, installing, and providing consultancy in innovation such as IoT Technology for Building Energy Management. Earlier in the year, PRIME formed a joint venture with the Industrial  Estate Authority of Thailand (IEAT) to address Thailand’s Net Zero greenhouse gas emission. The collaboration will allow the JV to tap into 60 industrial estates comprising more than 4,000 factories across Thailand. In the area of sustainability, PRIME plans to be listed in the Stock Exchange of Thailand’s (SET) Thailand Sustainability Investment (THIS) index in 2023. The SET defines sustainable companies as companies that embrace sustainable business operations with a focus on responsibility for environmental, social, and governance aspects. The selected companies must pass the sustainability assessment questionnaire.

During the SET Opportunity Day session, Mr. Piroon Shinawatra reported that PRIME’s total revenue and net profit for the nine months ending 30 September 2022 were THB 648 mn and THB 110 mn, respectively. Core revenue (electricity sales) increased 6.6% year-on-year for the first nine months, attributed to the completion of solar energy projects in Taiwan and Thailand. However, total revenue declined THB 57 million or 8.1% year-on-year due to lower contributions from other business segments as the Covid pandemic disrupted supply chains and a lower share of profits due to the disposal of an investment in Japan in the third quarter of 2021. 

PRIME’s solar farm project, located in the National Park of Cambodia, supported by the Asia Development Bank (ADB), will complete in December 2022. The project has a contracted and installed capacity of 60 MW and 77 MW, respectively, and will increase PRIME’s electricity production capacity by approximately 40% from 2023, and revenue is estimated at USD 6.0 million per year.