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Thailand’s promising solar industry received a welcome boost this week with the news that a leading domestic clean energy developer is set to invest $1.4 billion into the country’s renewable energy sector.
Bangkok-based Energy Absolute Pcl has announced its intention to develop a number of renewable energy projects in Thailand over the course of the next three years, with large-scales solar and photovoltaic (PV) projects totaling 180 megawatts foremost in those plans.
Energy Absolute already owns Thailand’s largest solar PV plant (a 90-megawatt solar plant in Nakhon Sawan province), and hopes to add 570 megawatts of clean energy generating capacity to the national grid by 2017. Currently, the company’s renewable energy portfolio stands at approximately 100 megawatts.
CFO Amorn Sapthaweekul told Bloomberg that the company has committed to transitioning away from biodiesel production in order to take advantage of Thailand’s incentive schemes designed to deliver greater energy independence. Thailand’s energy ministry has stated on its website that it is targeting 4.8 gigawatts of solar and wind capacity by 2021, up from 1,046 megawatts at the end of 2013.
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