KUALA LUMPUR: Kejuruteraan Asastera Bhd (KAB) has secured three new solar photovoltaic (PV) projects in Thailand worth RM55.71mil.
In a filing with Bursa Malaysia, KAB said its indirect subsidiaries, KAB Gree Solar Thai Co Ltd (KABGST) and Energy Optimisation (Thailand) Co Ltd (EOT), secured three projects for grid connected photovoltaic (GCPV) solar systems with an estimated aggregate capacity of 4,537 kilowatt-peak in Thailand.
According to KAB, four 15-year power purchase agreements (PPAs) would be signed between KABGST and Aapico Group of Companies, which comprises four subsidiary companies.
“KABGST shall procure, deliver and install a GCPV solar system with an installed capacity of 3,376 kilowatt-peak for the industrial plants owned by the four subsidiaries,” KAB said.
Meanwhile, a 20-year PPA would be signed between EOT and Great Glove (Thailand) Company Limited for a GCPV solar system to be installed on the rooftop of the Factory (F6) in Phuket, Thailand.
“This system with an installed capacity of 610 kilowatt-peak is expected to generate total savings of 20,087,438 kilowatt-hour of electricity consumption. This solar system will help avoid 12,836 tonnes of CO2 emissions,” KAB said in a separate statement.
Additionally, a 20-year PPA would be signed between KABGST and Volcano Tec Thailand Co Ltd, involving an installed capacity of 551 kilowatt-peak of GCPV solar system in the latter’s property.
“The development of the GCPV solar system project will achieve a total savings of electricity consumption of 17,206,292 kilowatt-hour. This solar system will help avoid 11,941 tonnes of CO2 emissions,” it said.
“The total savings and reduction of carbon dioxide for all the three projects are computed over 25 years, being the average lifespan of solar panels.
“Construction of the solar systems for Aapico Ayutthaya and Volcano Tec are expected to be completed within 12 months from the date of the construction permit being approved. The Great Glove project is anticipated to complete within ten months from the date of the PPA,” KAB said.
KAB managing director Datuk Lai Keng Onn said the projects would contribute positively to KAB’s earnings.
“On the Group’ prospects, KAB continues to increase its tender capacity in the renewable energy segment in the Southeast Asia region, given the ample room for growth in this sector.
“Particularly in Thailand, the local government has pledged to increase its share of renewable energy consumption to 35% by 2037,” Lai said.
Currently, KAB has a combined installed capacity of 11,534 kilowatt-peak of solar projects, which include 3,912 kilowatt-peak in Thailand.
The signing of these new PPAs will elevate the installed capacity to 16,071 kilowatt-peak, of which Thailand will account for 53% or 8,449 kilowatt-peak of the total installed capacity of the solar projects.