SET-listed Prime Road Power, an operator of solar farms and provider of solar panel installation services, has set a target to increase its electricity generation capacity to 1,200 megawatts by 2025 as it hopes to capture the trend of campaigns against greenhouse gas emissions across Asia-Pacific.
The company's current capacity is 301MW.
Somprasong Panjalak, chairman and founder of Prime Road Power, said he believes the company has the potential to benefit from growing interest in renewable energy.
In roughly two decades, the government aims for renewable energy to comprise 50% of fuels used for power generation in Thailand, according to the latest version of the national energy plan.
The plan sets the direction for the long-term development of clean energy, including energy generated by wind and the sun, fossil fuels, along with efficient energy usage.
With the growing trend in renewable energy development, it is hard to avoid increasing competition in the energy sector.
"Despite fierce competition, we are still confident in our solid experience in the energy business, both in domestic and overseas markets," he said.
One project that has the ability to boost Prime Road Power's business is its joint venture with the Industrial Estate Authority of Thailand (IEAT), said Mr Somprasong.
Known as "Prime Industrial Energy", the joint venture aims to promote solar energy development on IEAT's industrial estates nationwide, part of efforts to help the government reduce carbon dioxide emissions in the manufacturing sector.
Prime Road Power has a 75% investment in the joint venture, while 25% was contributed by the IEAT.
The company expects to benefit from renewable energy projects under the joint venture, including new solar farm development, rooftop solar panel installation and waste-to-energy projects.
Prime Road Power also plans to increase the electricity generation capacity of its solar farms overseas.
In addition to a 144MW solar farm operated by the company in Thailand, it also runs solar farms in Japan (24.2MW), Taiwan (55.3MW) and Cambodia (77MW).
The company will also look for new investment opportunities in other Asian countries, he said.
