Tuesday, August 03, 2021

business

GPSC extends its renewable energy wings to Taiwan


Worawat Pitayasiri, president and chief executive officer of Global Power Synergy Public Company (GPSC), the power flagship of PTT Group, said the company’s board has approved Global Renewable Power (GRP)’s plan to set up a new subsidiary called Global Renewable Power One by purchasing a 90-per-cent stake in Sheng Yang Energy Co Ltd.

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GRP is a wholly-owned subsidiary of GPSC.
Sheng Yang Energy, meanwhile, is owned by Tatung Forever Energy (TFE), a subsidiary of Tatung Co Ltd that is listed in the Taiwan Stock Exchange with a trading value of T$2.52 billion (approximately Bt2.74 billion).
The purchasing of Sheng Yang Energy’s shares will boost GPSC’s ratio of electricity generation capacity per share held by 50 megawatts. Its existing capacity is 5,026MW, 563MW of which comes from renewable energy sources in Thailand and overseas.
“Sheng Yang Energy has the capacity to produce 55.8MW from solar power, 54.4MW of which will come from existing plants and the remainder will come from plants being constructed,” Worawat said.
“GPSC has realised in Sheng Yang Energy’s potential as it is getting support from the Taiwan government, which will purchase power from it through a renewable energy promotion campaign at a fixed rate throughout the duration of the contract.
“This deal will strengthen the company’s financial stability and will be in line with GPSC’s strategy to expand its renewable energy operation in foreign countries,” he added.

Published : November 16, 2020

By : THE NATION