SET-listed Global Power Synergy Plc (GPSC), an electricity and utility producer under PTT Group, has started its solar power project after being awarded rights to operate a solar farm for local agricultural cooperatives by the Energy Regulatory Commission (ERC).
President and chief executive Toemchai Bunnag said the solar farm has total power-generating capacity of five megawatts and the project is operated by Combined Heat and Power Producing Co (CHPP), a subsidiary of GPSC and the Chanthaburi Solar Cooperatives.
He said the project to develop CHPP Solar Cooperatives with the Shrimp Farmers Cooperatives in Chanthaburi province started commercial operations on Dec 30, 2016 and has since been supplying electricity to the Provincial Electricity Authority.
CHPP is wholly owned by GPSC, and CHPP Solar Cooperatives installed the solar farming equipment. It is located on 75 rai of land in Na Yai Am district in Chanthaburi.
"The first synchronisation was run on Dec 19 and the test ran perfectly. We were then granted permission from related authorities to go ahead with the plan," Mr Toemchai said.
CHPP was selected under the government scheme to encourage cooperatives to develop solar farms.
"This project will help create a sustainably rising revenue for 25 years under the power purchasing agreement. At the same time, it is a progressive step to work with the government to generate renewable energy for the country," he said.
GPSC is in the process of acquiring a small power producer.
Over the past six years, many investors have jumped into the power business, despite some having little understanding of the sector, in order to capitalise on the high investment returns in the booming renewable energy business.
GPSC is also waiting for a power purchasing approval from the ERC for its power-generating facility using refuse-derived fuel in Rayong province.
The 2-billion-baht facility is a joint project of GPSC and the local administration to generate up to nine MW of power from solid waste, Mr Toemchai said.
GPSC posted a net profit of 724 million baht in the third quarter of 2016, up from 566 million baht in the year-earlier period.
For the first nine months of 2016, the company had a net profit of 2.3 billion baht, up from 1.6 billion baht the same period of 2015.
GPSC shares closed yesterday on the Stock Exchange of Thailand 36.25 baht, down 25 satang, in trade worth 29 million baht.