PDI Energy buys Mae Ramat Solar Farm for Bt477 million
PDI Energy, a wholly owned subsidiary of Padaeng Industry, signed an agreement with International Engineering this week to acquire 99.99 per cent of the shares in IEC Mae Ramat (IECMR) for a total value of Bt477 million.
The 6.3-megawatt Mae Ramat Solar Farm has sold power to the Provincial Electricity Authority since December 26, 2013, under a 25-year power purchase agreement. IECMR is in Tak province.
PDI says the acquisition marks another successful step in the deployment of its renewable-energy business after the completion of its first operational solar farm in Japan in October.
The revenues and profits from the IECMR acquisition will be consolidated in PDI’s 2017 financial results. The cash flow generated will be used to reinvest in other sustainable business projects in the PDI group, it says.
PDI managing director Francis Vanbellen said the company would continue to expand its renewable-energy business both in Thailand and abroad.
Its solar-farm projects in Japan have progressed as expected, he said. The farm in Nanao (capacity 2.27MW) started in October and operates at 10 per cent above target. A second solar farm in Nogata (capacity 10.5MW) is under construction and is due to begin operating in the second quarter of 2017.
