- Set for Local, Overseas Expansions, Eyes State Support
BANGKOK, Aug 13, 2015 - (ACN Newswire) - Thai Solar Energy PCL ("TSE"; SET:TSE), a solar power producer and supplier to the Thai government, reported an increase in total revenue in the second quarter, propelled by a rise in power production output due to full capacity utilisation in the solar farm segment and higher contribution from the commercial rooftop segment.
The company's management is confident of a continued strong growth over the second year-half, by the end of which the CODs of all 14 rooftop projects will have been reached. It is also ready to implement its local and overseas expansion plans and entertains the possibility that the Thai government will give the green light to new solar farm projects. This year's revenue growth is forecast to reach the 30% target.
Mr Tee Seeumpornroj, TSE Chief Financial Officer, announced the company's impressive operating results over the second quarter of 2015, which led to remarkable growth figures for the first year-half (January to June). He highlighted the revenues from power supply (including from the solar farm projects) of THB 524 million, a 59.7% year-on-year rise, which was attributed to recognition of revenue from the solar farms, which were fully utilised throughout the quarter (in 2014 the power supply activities were in the beginning stage), and to commencing commercial operation at nine commercial rooftop projects with a combined capacity of 9MW. According to the financial statements, TSE's revenue from power supply in the second quarter stood at THB 24.26 million, a 58% quarter-on-quarter increase from THB 15.34 million, and the company's profit-sharing revenue from solar farm business at THB 157.61 million.
The growth figures for the second quarter were achieved due to efficient, higher-than-expected power production from solar energy as a result of desirable weather conditions: the solar farms, which had an aggregate production capacity of 80MW, achieved an average daily output of 440,000-450,000 kWhr, which represented a 6-7% increase quarter on quarter.
The commercial rooftop projects, nine (9MW) of the 14 of which commenced commercial operation in the second quarter, produced on overage close to 40,000 kWhr of power per day, a jump from 30,000 kWhr over the previous quarter.
"The Q2/2015 growth was outstanding. Especially, the production output surged 63% year over year, which reflects our excellent operating efficiency," he noted.
Dr Cathleen Maleenont, TSE's chairman and chief executive officer, added that a continued growth is expected over the second year-half, as after the end of the second quarter three more commercial rooftop projects at Homepro's and The Mall Group's stores have begun commercial operation and the remaining two will follow suit this August. All the 14 projects with 14MW capacity will drive TSE's revenue from power supply for the second year-half higher, making the 30% growth target in terms of overall yearly performance highly achievable, said she.
She also referred to TSE's investment plan for local growth, showing the company's interest in building solar farm projects in partnership with agricultural cooperatives and government offices, and its readiness to act once the Thai government has decided to promote such projects.
As for the progress of the combined 24.86MW solar farm projects in Japan, in which TSE invests a total of about THB2.5 billion both independently and jointly with two local partners, she said that commercial operation of the 0.5MW pilot project in Ibaraki Prefecture is expected to start in mid-August. In 2016, six more projects (11.01MW) will begin commercial operation. The commercial operation date of the 13MW Aomori project will fall in the second quarter of 2017. All these will enable TSE to record robust growths, she concluded.
About Thai Solar Energy PCL
Thai Solar Energy Public Company Limited ("TSE") was established in 2008 in Bangkok, Thailand. TSE 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 Energy Policy and Planning Office, Ministry of Energy to encourage production and consumption of renewable energy, and distributes electricity to Provincial Electricity Authority (PEA) and Metropolitan Electricity Authority (MEA).
TSE was established by Thai national shareholders who together share a common goal of pushing the technological envelope for clean renewable energy, and harnessing it for the benefit of those communities that surrounds us. It was listed on the SET's MAI (Market for Alternative Investment) on Oct 30, 2014, as SET:TSE. For more information please visit www.thaisolarenergy.com.
Source: Thai Solar Energy PCL
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