By The Nation
Green Earth Power (Thailand), or GEP, has appointed
Country Group said it is confident in GEP’s fundamentals and growth potential, and aims to file for the listing soon.
Aung Thiha, CEO of GEP, said the company plans on being a leader in clean and renewable energy, generating power commercially from a variety of clean sources including solar and wind to the public and private sectors, both domestically and internationally. The company’s investors are Scan Inter Plc (SCN), ECF Power Co Ltd as a subsidiary of East Coast Furnitech Plc (ECF), META Corporation Plc (META) and Noble Planet Pte Ltd (NP). Founded in 2011, GEP now has registered and paid-up capital of Bt215,755,800, divided into 2,157,558 common shares with par value of Bt100 per share.
The company currently manages the 220MW Minbu Solar Power Plant in Myanmar, established under a 30-year concession from the Myanmar government via a Build-Operate-Transfer (BOT) agreement with a tariff rate of US$0.1275/KWh. Minbu is Myanmar’s first solar plant.
“The Minbu Solar Power Plant project is a large-scale project able to provide up to 350 million kWh/year or for up to 200,000 households, meeting increasing demand in the country where only 50 per cent of the population had access to electricity in 2019,” said GEP.
The company said it is developing other renewable energy projects, mostly in Myanmar, but is looking to expand throughout the region.
GEP recorded operational returns of Bt88.58 million in the first quarter of 2020. Revenue generation began in September 2019 as the Minbu plant’s first phase of 50MW installed capacity came online.
Littee Kitpipit, CEO of Scan Inter (SCN), said SCN took a 40 per cent stake in GEP to pioneer renewable energy development in Myanmar. As the country’s first solar plant, the Minbu project would also open doors to new opportunities for all energy businesses in the country, he said, adding that the project was highly stable and valuable since it was founded on the real energy demand of the nation rather than a means to create an image of clean and renewable energy. Such sustainable power needs will serve as a key factor in creating other business opportunities and support power supply security crucial to Myanmar’s economic development, said Littee.
He voiced confidence that Minbu Solar Power Plant would provide a strong return on investment for Scan Inter and its shareholders as well as incoming investors.
GEP is currently undergoing a financial and operational restructuring to meet regulations ahead of its filing with the Securities and Exchange Commission.
“GEP has strong fundamentals and growth potential due to its knowledge, insights and capability of its management and previous experience in the energy sector. The business has seen consistent growth and raising fund through the stock exchange will propel its capability and opportunities, enabling it to compete and respond to the rapidly growing demands of the renewable energy business,” Veeraphat Phetcharakupt, director of Country Group Advisory, said.