Glow Energy Plc, an SET-listed company and independent power producer, is planning to spend 3-5 billion baht to re-power four of its generating units.
The units are located at two of the company’s power plants in Rayong, and have a combined electricity-generating capacity of 500 megawatts. The units were first licensed in 1996, and those licenses were set to expire in 2017. Glow’s CFO Pajongwit Pongsivapai says the licenses have been extended an additional 25 years.
The planned capital expenditure will span from 2017 through 2020. During this time, the company will be looking to expand its generating capacity in Thailand and all throughout Asean.
Once the renewed plants are up and running, the power generated from these units will be sold at a lower tariff rate to the Electricity Generating Authority of Thailand.
Glow expects to gradually retire other power plants over the next decade, including its SPP11 Phase 1 and Phase 2 plants by 2025. In 2024, the SPP2 and SPP3 plants in Map Ta Phut will retire. In 2026, the company’s coal-fired plant will retire.
Mr. Pajongwit says the company is interested in greenfield projects as well as mergers and acquisitions in renewable energy and fossil fuel projects. The CFO said the company will no longer be involved with coal-fired energy.
Glow’s anti-coal position is in line with its French parent company Engie’s goal to reduce greenhouse gas emissions.
The company will continue with its plans for solar farm projects, and will be applying for licensing next year, says Mr. Pajongwit.