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
Benchmark Reports Q1 2024 Results
05/03/2024 | PRNewswireRevenue decreased quarter over quarter and year over year primarily due to decreases in Medical, Advanced Computing and Next-Generation Communication sales, which were partially offset by an increase in Complex Industrials sales quarter-over-quarter and increases in Semi-Cap and A&D sales year-over-year.
TTM Technologies Reports First Quarter 2024 Results
05/02/2024 | TTM TechnologiesTTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency components and RF microwave/microelectronic assemblies, quick-turn and technologically advanced printed circuit boards , reported results for the first quarter 2024, which ended on April 1, 2024.
GPV’s Q1 2024 Interim Financial Report Shows Strong Navigation in Uncertain Times
05/01/2024 | GPVDanish-based GPV recorded an expected drop in sales to DKK 2.3 billion for the first quarter of 2024. The decline also affected the operating profit, which was DKK 155 million compared to DKK 179 million in the same quarter last year, although the EBITDA margin was maintained. In general, demand has been softer in 2024, but GPV continues to invest for the long-term and expects the trend to turn in the second half of 2024.
Celestica Announces Q1 2024 Financial Results
05/01/2024 | CelesticaCelestica Inc., a leader in design, manufacturing, hardware platform and supply chain solutions for the world's most innovative companies, today announced financial results for the quarter ended March 31, 2024 (Q1 2024).
NASA’s Optical Comms Demo Transmits Data Over 140 Million Miles
04/30/2024 | NASA JPLNASA’s Deep Space Optical Communications experiment also interfaced with the Psyche spacecraft’s communication system for the first time, transmitting engineering data to Earth.
Copyright © 2024 I-Connect007 | IPC Publishing Group Inc. All rights reserved.
Log in