CK Power has announced that it intends to double its cumulative capacity for renewable generation over the next three years by adding another 2.8GW. CK Power is a major manufacturer for generation equipment in Thailand. It is also a distributor of farming equipment. The company’s announcement, which was published this January, has been picked up by other renewable news websites.
Thanawat Trivisvavet, managing director of CK Power, said that the company plans to set up six renewable energy projects in Thailand and other parts of Southeast Asia in order to reach a cumulative generation capacity of 4.8GW by 2024. The newly added generation capacity will be based on solar PV, hydro power, and wind power. Looking further ahead, Thanawat said that the company’s PV generation capacity will undergo a 10-fold increase to 300MW within five years. The company’s wind generation capacity is expected to grow to 700MW within five years as well. Taken altogether, Thanawat estimates that eventually about 95% of the company’s generation capacity will be based on renewables.
Thanawat also stated that his company will establish three new renewable energy ventures in two countries outside of Thailand. He pointed out that his company has a solid financial position. Its balance sheet is very healthy, and its cash flow is stable thanks to long-term PPAs with the Electricity Generating Authority of Thailand.
The Thai government initiated its Alternative Energy Development Plan (AEDP) in 2018. With respect to the share of renewables in the total energy consumption, the Thai government aims for 30% (including imported electricity generated by hydropower) by 2037. Thailand’s installed PV generation capacity has reached around 3.5GW, and the target for 2037 is around 1.5GW. The main sources of renewable energy that are being adopted in the country are solar PV, wind power, and biomass.