ACE Posts Strong Q1/2026 Results, Driven by Solar Power; Net Profit Surges 39.0% Total Revenue Reaches THB 1,591.6 million; Pipeline of Projects Remains Robust
ACE announces its Q1/2026 results with revenue of THB 1,591.6 million and net profit of THB 314.4 million, up 39.0% year-on-year, driven by higher gross profit from solar power plants and lower financing costs. The Company has more than ten power plant projects under development scheduled for COD in 2026–2027.
Mr. Tanachai Bunditvorapoom, Chief Executive Officer of Absolute Clean Energy Public Company Limited (ACE), Thailand’s leading clean energy company, disclosed the Company’s operating results for the first quarter of 2026 (Q1/2026). ACE recorded revenue from sales and services of THB 1,591.6 million and net profit of THB 314.4 million, an increase of 39.0% from Q1/2025 (THB 226.1 million) and 47.6% from Q4/2025 (THB 212.9 million). Core profit (net profit from normal business operations) also showed satisfactory growth both year-on-year and quarter-on-quarter, reaching THB 254.1 million — up 11.7% from Q1/2025 (THB 227.4 million) and 5.6% from Q4/2025 (THB 240.6 million). The improvement was primarily driven by a significant increase in gross profit from the solar power plant segment and a reduction in financing costs.
“Since the beginning of Q1/2026, ACE has demonstrated positive momentum in expanding its power plant business. We have achieved Commercial Operation Dates (COD) for an additional 2 projects from the group of 18 solar farm projects that won the Feed-in Tariff (FiT) auction under the 2022–2030 renewable energy program, with a combined PPA capacity of 13.29 MW. This brings the total number of COD solar farm projects in this group to 15, with the remaining 3 projects expected to complete construction and commence operations by 2027. Furthermore, ACE recently won the auction for a municipal solid waste (MSW) power plant for Sadao Municipality, Sadao District, Songkhla Province, with an expected installed capacity of 9.9 MW and a PPA of 8.0 MW. This addition brings ACE’s total MSW power plant portfolio to 10 plants nationwide.”
ACE’s CEO further noted that the Company currently operates a total of 91 clean energy power plant projects with a combined installed capacity of 757.52 MW — comprising 47 projects in commercial operation (466.94 MW) and 44 projects under development (290.58 MW). ACE continues to hold a substantial development pipeline of projects awarded through competitive bidding that are being developed ahead of future COD milestones. The Company also continues to actively seek new opportunities to participate in upcoming clean energy auctions, and will provide updates as developments unfold.
ACE remains committed to its target of achieving Net Zero Emissions by 2050, in line with its long-held business strategy of becoming a “World-Class Clean Energy Leader.” This commitment reflects the Company’s determination to create positive environmental and social impact — from within the organization outward to the broader community — in a sustainable manner.