SP Group expands renewable energy portfolio in Thailand with its M&A deals - Media Releases - Insights | SP Group Asia
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SP Group expands renewable energy portfolio in Thailand with its M&A deals

  • SP Group acquires 13 MWp of solar capacity, including 9 MWp of ground-mounted utility-scale solar farms and 4 MWp of rooftop solar projects
  • The new solar assets can generate approximately 17,600 MWh of clean energy annually, reducing 8,625 tonnes of carbon emissions annually 

Singapore & Bangkok, 19 November 2024 – SP Group (SP) announced its acquisition of solar photovoltaic (PV) assets with a total capacity of 13 megawatt-peak (MWp) in Thailand. This marks SP’s first mergers and acquisitions (M&A) in the country as part of its renewable energy expansion strategy and reaffirms its commitment to supporting Thailand's renewable energy and sustainability goals.

These solar PV assets are expected to generate approximately 17,600 megawatt-hours (MWh) of clean energy annually, offsetting about 8,625 tonnes of carbon emissions per year. This is equivalent to removing 1,875 cars from the road.

 

The acquisitions include a 9 MWp portfolio of three ground-mounted utility-scale solar farms from Solartron, which has 35 years of experience in manufacturing solar PV equipment. SP also completed a deal with The Megawatt Co. Ltd for two rooftop solar projects with a capacity of 4 MWp.

The three solar farms are in the Angthong and Prachuab Kirikhan provinces. These solar farms will supply clean energy directly to the electricity grid under Thailand’s Feed-in-Tariff Scheme, which incentivises renewable energy generation from utility-scale solar, wind and bioenergy. It is expected to generate 12,500 MWh of clean energy annually, abating 6,075 tonnes of carbon emissions per year.

 

The two rooftop solar projects in Rayong will provide clean energy to two steel factories, which includes the Kobelco Millcon Steel. These projects are expected to generate 5,100 MWh of clean energy annually, reducing carbon emissions by approximately 2,550 tonnes per year.

These investments enables SP Group to further support Thailand's Alternative Energy Development Plan (AEDP), which aims to grow the renewable energy component of the country’s energy mix to 30 per cent by 2037. The AEDP plans to expand the country’s renewable energy capacity to 29,411 Megawatt (MW) in the same year.

 

Mr. Brandon Chia, Managing Director of Southeast Asia & Australia, SP Group, said, "The acquisitions mark a key step towards SP Group’s long-term commitment to support Thailand’s transition to clean energy and strengthen our renewables portfolio. We look forward to accelerating the decarbonisation and sustainable development of carbon-intensive facilities and industrial parks across Thailand through deeper partnerships and investments in renewable and sustainable energy solutions."

Since 2022, SP Group has been actively supporting Thailand's green energy transition, partnering with industry leaders like Betagro, Malee Group and Rangsit University. The Group has a pipeline of over 200 MWp of solar PV projects in Thailand. Additionally, SP Group has announced its first district cooling project in Thailand at the Government Complex Centre Zone C in collaboration with Banpu NEXT, further diversifying its sustainable energy portfolio in the country and reinforcing its position as a leading sustainable energy solutions provider in the region.

About SP Group

SP Group is a leading utilities group in the Asia Pacific, empowering the future of energy with lowcarbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, as well as sustainable energy solutions in Singapore, China, Thailand and Vietnam.

 

As Singapore’s national grid operator, more than 1.7 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective worldwide.

 

Beyond traditional utilities services, SP Group provides a suite of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential townships, solar energy solutions, electric vehicle fast-charging stations and digital energy solutions for customers in Singapore and the region.

 

For more information, please visit spgroup.com.sg or follow us on Facebook at spgrp.sg/facebook, LinkedIn at spgrp.sg/linkedin and Instagram at spgrp.sg/Instagram.