ACE Secures PPAs For 15 Solar Projects In Thailand, Accelerating Clean Energy Expansion

Representational image. Credit: Canva

Absolute Clean Energy Public Company Limited (ACE), a leading player in Thailand’s clean energy sector, has reached a significant milestone by securing Power Purchase Agreements (PPAs) from the Provincial Electricity Authority (PEA) for 15 ground-mounted solar energy projects. These projects, with a combined capacity of 92.73 megawatts, are set to open for commercial operation (SCOD) between 2024 and 2025.


The PPAs, signed on October 16, 2023, have a 25-year term, and the electricity sales rate is fixed at 2.1679 baht per kilowatt-hour. Over the contract period, ACE anticipates annual revenue from electricity sales of approximately 547.52 million baht.


The 15 solar projects covered by the PPAs are located in ten provinces. This development follows the Energy Regulatory Commission’s announcement in April 2023, which designated 14 of ACE’s wholly-owned subsidiaries as winners of a bid for renewable energy projects. These subsidiaries secured a total of 18 projects with a combined capacity of 112.73 megawatts, all under the Feed-in Tariff (FiT) scheme for ground-mounted solar power.

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Additionally, ACE has three projects with a combined capacity of 20.00 megawatts scheduled for SCOD in 2027. Once the PPAs for these projects are finalized, ACE will inform stakeholders. When all 18 projects are fully operational, it is expected to increase ACE’s annual income by approximately 664.76 million baht.

Mr. Teerawut Songmetta, Chief Technology and Innovation Group Officer of ACE, also highlighted progress in constructing various power plants, including community waste power plants in Udon Thani and Nakhon Ratchasima, which are expected to be ready for SCOD by the first quarter of 2024.

In addition to these achievements, ACE recently successfully issued bonds worth 391.60 million baht. These funds will support business expansion, debt repayment, and working capital for clean energy projects.

Currently, ACE boasts a total installed capacity of over 652.64 megawatts, comprising 23 open COD projects with 257.57 megawatts and 68 projects under development with more than 395.07 megawatts.

The company remains committed to pursuing clean energy investment opportunities, both domestically and internationally, in line with its goal to become a leading model for the world’s clean energy industry and achieve net-zero greenhouse gas emissions by 2050.

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