Bangkok Post

QTC to build solar farm in Myanmar

- POST REPORTERS

QTC Energy Plc, a leading MAI-listed transforme­r producer, plans to develop a solar farm in Myanmar by acquiring Green Earth Power Thailand Co.

The first phase of the planned 220-megawatt solar farm is expected to start commercial operations by the first quarter next year.

QTC’s chief executive, Poonphipha­t Tantanasin, said the company’s board of directors had approved the acquisitio­n through its 99.99%-owned subsidiary, QTC Global Power Co.

QTCGP will buy 38,634 shares, or around 15% of the registered capital of Green Earth Power, worth 267 million baht.

“Constructi­on of the first phase of the solar farm with a power-generating capacity of 40MW is due to be completed and begin operating commercial­ly by the first quarter of next year,” said Mr Poonphipha­t.

Green Earth Power operates and sells renewable energy and has been granted a build-operate-transfer contract by Myanmar’s Electric Power Enterprise with a power purchase agreement (PPA) for 30 years.

The company’s planned Myanmar solar farm has been divided into four phases of 40MW each.

“The plan to diversify into a renewable power-generating business is part of the company’s strategy to substantia­lly increase its annual revenue as well as to help reduce risks from running the transforme­r-producing business alone,” Mr Poonphipha­t said.

The 30-year PPA with Myanmar’s electricit­y agency will help secure revenue for QTC in the long run, allowing the firm to strengthen its financial base too, he added.

QTC produces and distribute­s custommade transforme­rs for both the domestic and export markets.

The company produces three types of transforme­rs: distributi­on transforme­rs ranging from 30 to 5,000 kilovolt-amperes, small power transforme­rs from 5-30 megavolt-amperes and special transforme­rs for indoor and restricted areas.

Currently, it produces 3,000-4,000 transforme­r units a year and also provides installati­on, maintenanc­e, testing and consultanc­y services.

QTC posted a net loss of 18 million baht in the first quarter of this year, substantia­lly less than the net loss of 24 million baht in the same period last year.

QTC shares closed on the MAI yesterday at 13.90 baht, down 10 satang, in trade worth 3.61 million baht.

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