Thai Solar Energy Posts 2015 Results, Boosts Solar Energy Output in Japan to 100 MW in 2016
March 7, 2016 | ACN NewswireEstimated reading time: 2 minutes
Thai Solar Energy (TSE), a leading SET-listed producer and distributor of solar power to the government sector, has announced a 526.7 million baht net profit from its financial results in 2015, representing a 38% increase from the 381.4 million baht net profit in 2014.
The profit was derived from revenues from a combination of power sales from the company's own solar-rooftop projects and revenue shares from solar-farm joint ventures with the state-run oil company PTT in which TSE holds 60%.
According to TSE's Chief Financial Officer Mr. Tee Seeumpornroj, revenue from TSE's own sales and services came in at 129 million baht in 2015, marking a huge 139% jump from the previous year. Another larger portion of revenues totaling over 1,500 million baht was derived from the solar-farm joint ventures with PTT which produced a total of 80 MW.
Mr. Tee noted that the outstanding financial performance in 2015 came as the result of TSE's efficient management of its solar energy businesses, particularly the 10 solar-farm projects in joint venture with PTT which produced a combined 80 MW, or higher than the guaranteed volumes. TSE booked full-year revenue from the 14 MW generated from its own solar-rooftop projects for the first time in 2015.
"2015 has been a good year for TSE as we were able to generate satisfactory revenues and profits. New projects that are being planned now will further strengthen our performance and help sustain stable growth into the longer-term future," Mr. Tee stated.
Dr. Cathleen Maleenont, the Chairperson and Chief Executive Officer, stated that TSE will continue to expand its solar-energy business aggressively this year both in Thailand and overseas, particularly in Japan where the company is currently negotiating with potential local partners on 2-3 solar-farm projects with a combined capacity of 40-50 MW. The negotiations are expected to be concluded in mid-2016.
A recent meeting of the TSE Board approved an investment budget of 2,000 million baht to build a solar-farm power plant with an installed capacity of 17.5 MW in Hanamizuki, Ishikawa. Prospec Holdings Inc. will be contracted to build the plant with construction scheduled to begin in this quarter and to be completed in 2017. This latest project will raise the combined capacity of all ongoing projects in Japan to 42 MW.
"We are ready to expand our renewable-energy business both from solar power and other renewable sources in order to become a market leader in this field in the Asian region, particularly in Japan and AEC. Our target is to produce 100 MW of solar energy from our overseas operations this year, rising to 300 MW within three years," Dr. Cathleen stated.
About Thai Solar Energy PCL
Thai Solar Energy PCL, or TSE, was established in Bangkok in 2008, and is the first company in Southeast Asia to have effectively applied solar energy commercially. The Company supplies electricity to the government following the policies of the Energy Policy and Planning Office, Ministry of Energy to encourage production and consumption of renewable energy, and distributes electricity to the Provincial Electricity Authority (PEA) and Metropolitan Electricity Authority (MEA).
TSE was established by Thai national shareholders who together share the common goal of pushing the technological envelope for clean renewable energy, and harnessing this energy for the benefit of those communities that surround it. It was listed on the SET MAI (Market for Alternative Investment) on Oct 30, 2014, as SET:TSE.
The profit was derived from revenues from a combination of power sales from the company's own solar-rooftop projects and revenue shares from solar-farm joint ventures with the state-run oil company PTT in which TSE holds 60%.
According to TSE's Chief Financial Officer Mr. Tee Seeumpornroj, revenue from TSE's own sales and services came in at 129 million baht in 2015, marking a huge 139% jump from the previous year. Another larger portion of revenues totaling over 1,500 million baht was derived from the solar-farm joint ventures with PTT which produced a total of 80 MW.
Mr. Tee noted that the outstanding financial performance in 2015 came as the result of TSE's efficient management of its solar energy businesses, particularly the 10 solar-farm projects in joint venture with PTT which produced a combined 80 MW, or higher than the guaranteed volumes. TSE booked full-year revenue from the 14 MW generated from its own solar-rooftop projects for the first time in 2015.
"2015 has been a good year for TSE as we were able to generate satisfactory revenues and profits. New projects that are being planned now will further strengthen our performance and help sustain stable growth into the longer-term future," Mr. Tee stated.
Dr. Cathleen Maleenont, the Chairperson and Chief Executive Officer, stated that TSE will continue to expand its solar-energy business aggressively this year both in Thailand and overseas, particularly in Japan where the company is currently negotiating with potential local partners on 2-3 solar-farm projects with a combined capacity of 40-50 MW. The negotiations are expected to be concluded in mid-2016.
A recent meeting of the TSE Board approved an investment budget of 2,000 million baht to build a solar-farm power plant with an installed capacity of 17.5 MW in Hanamizuki, Ishikawa. Prospec Holdings Inc. will be contracted to build the plant with construction scheduled to begin in this quarter and to be completed in 2017. This latest project will raise the combined capacity of all ongoing projects in Japan to 42 MW.
"We are ready to expand our renewable-energy business both from solar power and other renewable sources in order to become a market leader in this field in the Asian region, particularly in Japan and AEC. Our target is to produce 100 MW of solar energy from our overseas operations this year, rising to 300 MW within three years," Dr. Cathleen stated.
About Thai Solar Energy PCL
Thai Solar Energy PCL, or TSE, was established in Bangkok in 2008, and is the first company in Southeast Asia to have effectively applied solar energy commercially. The Company supplies electricity to the government following the policies of the Energy Policy and Planning Office, Ministry of Energy to encourage production and consumption of renewable energy, and distributes electricity to the Provincial Electricity Authority (PEA) and Metropolitan Electricity Authority (MEA).
TSE was established by Thai national shareholders who together share the common goal of pushing the technological envelope for clean renewable energy, and harnessing this energy for the benefit of those communities that surround it. It was listed on the SET MAI (Market for Alternative Investment) on Oct 30, 2014, as SET:TSE.
Suggested Items
Incap Releases Unaudited Business Review for January–March 2024
05/08/2024 | IncapRevenue for the first quarter 2024 amounted to EUR 51.4 million (1–3/2023: EUR 72.2 million). Year-on-year the revenue decreased 29.3%, as expected.
Schweizer Electronic: Business Development in Q1 2024
05/08/2024 | Schweizer Electronic AGThe sales of the SCHWEIZER Group amounted to EUR 39.2 million in the first quarter of 2024 (Q1 2023: EUR 37.1 million). This corresponds to an increase of +5.5 percent compared to the same quarter of the previous year.
Key Tronic Announces Results for Q3 of Fiscal Year 2024
05/08/2024 | Globe NewswireFor the third quarter of fiscal year 2024, Key Tronic reported total revenue of $140.5 million, compared to $164.6 million in the same period of fiscal year 2023.
Fabrinet Announces Q3 Fiscal Year 2024 Financial Results
05/07/2024 | FabrinetFabrinet, a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its third fiscal quarter ended March 29, 2024.
Tablet Shipments Show Signs of Recovery in Q1 2024
05/06/2024 | IDCAfter more than two years of decline, worldwide tablet shipments posted modest year-over-year growth of 0.5% in the first quarter of 2024 (1Q24), totaling 30.8 million units, according to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker.
Copyright © 2024 I-Connect007 | IPC Publishing Group Inc. All rights reserved.
Log in