GPSC says the construction of its 20.8 MW Ichinoseki solar power plant is completed and is due to start commercial operation date (COD) on December 15, 2017, generating revenue of 40 Yen per unit of power.
Dr.Toemchai Bunnag, President and Chief Executive Officer (CEO) of Global Power Synergy Public Company Limited or GPSC, a power and utility flagship of PTT Group, said the construction process of the 20.8 MW Ichinoseki solar power plant (ISP1) is completed and is due to start commercial operation date (COD) on December 15, 2017.
“For ISP1 project, the company has conducted all construction process to completely match the design and efficiency requirement in order to supply power on grid efficiently. That has made the company to start COD on time as planned. As a result, GPSC is a foreign company that has received trust and confidence among local administration and local utility firms that GPSC has committed power purchasing agreement with,” said Dr. Toemchai.
GPSC has spent 10,000 million Yen of investment budget, or around 3,000 million Baht (0.30 Baht per 1 Yen) on this project. The company has committed a 20-year power purchasing agreement (PPA) with Tohoku Electric Power, a Japanese utility firm, at the feed in tariff (FIT) rate of 40 Yen per unit, equivalent to 12 Baht. The PPA is one of the projects that the Japanese government encourage private firms to invest in renewable power project in Japan.
Regarding IRPC Clean Power Plant Phase 2 (IRPC-CP) in Rayong province has started commercial operation since November 15, 2017. IRPC-CP is the project that GPSP holds 51% stakes, which should help generated additional revenue to be booked in the company’s balance sheet in Q4/2017 onwards.