Thai Solar Energy, a Bangkok-based solar developer, is in advanced discussions with potential Japanese partners on two to three solar farm projects with a combined capacity of up to 50MW in Japan, according to Cathleen Maleenont, the company’s chair and CEO.
The discussions are expected to be concluded in mid-2016.
The company released its 2015 financial results on Monday and stated its plans to expand its solar energy business “aggressively” this year both in Thailand and overseas, particularly in Japan.
“Our target is to produce 100MW of solar energy from our overseas operations this year, rising to 300MW within three years,” Maleenont said in the statement.
The company initiated its overseas expansion drive last year by building two solar farm projects totalling 25MW in Japan. The first phase of projects is expected to become operational this year and generate THB300 million ($8.5 million; €7.7 million) in annual avenue.
An injection of THB2 billion has been approved to build another solar power plant with an installed capacity of 17.5MW in Ishikawa, western Japan. Set to become operational in 2017, the project will bring the company's Japanese solar power portfolio to a total capacity of 42MW.
The company’s overseas solar capacity will amount to nearly 100MW once the 40-50MW plants in discussions are also accounted for.
Thai Solar generated a net profit of THB526.7 million in 2015, a 38 percent increase on 2014. It had THB4.84 billion of total assets under management as of 31 December 2015.