SET-listed Prime Road Power, an operator of solar farms and provider of solar panel installation services, is planning to embark on a renewable energy business in Indonesia next year to benefit from Jakarta's efforts to speed up its clean energy development.
The company plans to bid for a utility-scale renewable power development project under state-run grid operator PT Perusahaan Listrik Negara (PLN), said Somprasong Panjalak, chairman and founder of Prime Road Power.
The Indonesian government aims to increase the proportion of renewable energy to 23% of all fuels used for electricity generation by 2025. The figure will increase to 31% within 2050.
The renewable energy market in Indonesia is expected to grow by 21.4% on average annually between 2023 and 2027, said Mr Somprasong.
Indonesia's installed power generation capacity based on renewable energy is expected to reach 34.7 gigawatts within 2027, up from 10.8GW in 2021.
"We are setting up a new office in Indonesia. We will not miss an opportunity to grow our clean power business there," he said.
In Taiwan, Prime Road Power is building five new solar farms, with a combined capacity of 8.8 megawatts. They are scheduled to start commercial operation in the fourth quarter.
The company is also preparing to develop another 200MW solar farm under the Miaoli Lake West project in Taiwan. The first phase of development aims to have a capacity of 95MW. This facility is scheduled to operate by the end of 2025.
Prime Road Power is developing and operating a total of eight solar farms, with a combined capacity of more than 55MW, in Taiwan.
Mr Somprasong said the rooftop solar power business also has good potential in this country and the company plans to enter the business through private power purchase agreements.
The Taiwanese government plans to increase the country's renewable power generation capacity to 20,000MW by 2025, up from 7,700MW at present.
In Thailand, Prime Road Power and the Industrial Estate Authority of Thailand formed a joint venture named Prime Industrial Energy to promote solar power development at industrial estates, part of efforts to reduce carbon dioxide emissions in the manufacturing sector.
