Thai leading solar farm operator Super Energy Corp. plans to invest 41.5 billion baht ($1.2 billion) to fund renewable developments in Thailand and Vietnam between 2023 and 2025.
The firm expects this capital expenditure to help increase its revenue in the next two years, according to Bangkok Post.
The Thai newspaper quoted Super Energy CEO Jormsup Lochaya as saying that out of the total allocation, 12.4 billion baht ($358 million) will be spent this year supporting electricity generation projects under power purchase agreements in the two countries.
Most of the 2023 spending will go to the company’s development of wind farms in Vietnam, including a 30 megawatt offshore project in Soc Trang and a 70 MW near-shore wind farm in Bac Lieu, both in southern Vietnam.
Lochaya said his company will next year use around 5.5 billion baht ($159 million) to fund its renewable projects in the two countries, including a 71 MW wind farm in Soc Trang.
For 2025, the CEO said the company will spend 23.5 billion baht ($678 million). In Vietnam, the developments will be the 200 MW Phu Yen Wind Energy project in the central province of Phu Yen, and 50 MW Dak Song Wind Energy project in the Central Highlands province of Dak Nong.
Super Energy has been present in Vietnam since 2017 with an ambition to become a dominant player in the renewables sector. The firm is operating nine solar power projects and one wind power project in the southern region and the Central Highlands, with a total capacity of 886 MW.
The company reported a revenue of more than 3.24 billion baht ($93.7 million) from solar projects in Vietnam last year, up 13.5% year-on-year, according to its 2022 consolidated financial statement.
At an investment promotion conference in Bac Lieu in 2022, Lochaya said his firm had invested $2 billion in Vietnam by that time.