Thai Super Energy Corp posts Q1 revenue of $29 mln in Vietnam

Thailand’s Super Energy Corporation recorded a revenue of THB1,004.1 million ($29.3 million) from its activities in Vietnam in the first quarter of 2023, up 4.98% year-on-year, according to the firm’s financial statements.

The energy firm’s global revenue increased 8.68% year-on-year to THB2,669.7 million ($77.96 million). Of which, revenue from its operations in Thailand reached THB1,665.6 million, ($48.64 million) up 11.04%.

Entering Vietnam in 2017, Super Energy operates nine solar power projects with a total capacity of 836.72 MW and one wind power project of 50 MW.

Besides, it has finished and is waiting for commercial operation acceptance (COD) for one wind power project with a capacity of 30 MW and is developing three wind power projects with a combined 391 MW.

The firm stressed that due to the Covid-19 pandemic, no clear guidelines for the COD schedule are available yet.

Super Energy elaborated that revenue from solar power projects in Vietnam reached THB841.45 million ($24.57 million) in Q1/2023, up 1.98% year-on-year, thanks to increases in light intensity during the period.

Meanwhile, that of wind power was THB162.68 million ($4.75 million), up 23.86% year-on-year, because of better weather conditions, particularly higher average wind speeds.

With the performance, Super Energy’s gross profit from its solar and wind power projects in Vietnam reached THB441.28 million ($12.89 million) and THB115.02 million ($3.36 million), respectively.

In March, Super Energy said it would invest THB41.5 billion ($1.2 billion) to fund renewable development in Thailand and Vietnam between 2023 and 2025. Most of the 2023 spending will go to the company’s development of wind farms in Vietnam, including a 30 MW offshore project in Soc Trang province and a 70 MW near-shore wind farm in Bac Lieu province, both in the Mekong Delta, southern Vietnam.

For 2025, CEO Jormsup Lochaya said the company will spend THB23.5 billion ($678 million). In Vietnam, the developments will be the 200 MW Phu Yen Wind Energy project in the south-central province of Phu Yen, and the 50 MW Dak Song Wind Energy project in the Central Highlands province of Dak Nong.