Green energy firm Tha Chang unveils roadmap as it prepares to list on SET
Tha Chang Green Energy (TGE), Thailand's green energy firm, has revealed its growth roadmap, with the goal of being at the forefront of the country's new energy industry.
The company aims to play a leading role in steering the country towards the global mega-trend of being environmentally friendly.
The disclosure at Thursday's online press conference also comes at a time when the company is preparing to list on the Stock Exchange of Thailand and launch its first initial public offering (IPO) next week.
Pongnarin Wansuwankul, chairman of the TGE's executive committee, stated that the plan sets growth targets for the short, medium, and long term so that investors can be assured their investment in TGE will yield returns.
The firm's earnings at present are derived from three biomass power generation plants in Surat Thani province. To generate electricity, the plants burned agricultural waste such as palm leaves and wood chips from rubber farms.
The biomass power plants have a total capacity of 29.7 megawatts.
TGE has already signed a contract with the Electricity Generating Authority of Thailand to sell 20.3MW under the Feed-in Tariff condition, with the remainder going to Tha Chang Group, a subsidiary of the company's palm oil business.
TGE sells water and steam, which are byproducts of electricity generation, in addition to selling electricity.
Meanwhile, three municipal solid-waste power generation plants with a total installed capacity of 22MW are under construction in Sa Kaew, Ratchaburi, and Chumphon provinces. These plants will be ready to generate electricity for nearby communities in 2024.
TGE's chief executive officer, Sakda Siripatsophon, stated that the company intends to build more biomass power generation and municipal solid-waste power generation to reach a capacity of 200MW within the next decade. Currently, the total electricity capacity is at 51.7MW.
Ratchada Klewpatinond, managing director of Investment Banking Division 2 at KGI Securities (Thailand), revealed that TGE's IPO will be available for purchase from August 9 to August 11.
The price per share is set at 2 baht, with a target to raise 1.2 billion baht. Sixty per cent of the funds will be used to develop and improve its green power generation and the remaining 40 per cent will be used to pay off the loan and working capital, said Ratchada.