ACE preps B4.72bn for 18 plant projects

Absolute Clean Energy Plc (ACE), a biomass power plant developer and operator, plans to spend 4.72 billion baht developing 18 biogas-fired power plant projects under Energy For All renewable scheme as it continues to expand its power business domestically and internationally.

The construction is scheduled to start in the middle of next year if it is not delayed by the impact of the Covid-19 pandemic.

"We expect the cost will be around 80-100 million baht per one megawatt of electricity generation," said Teerawut Songmetta, executive director of ACE.

The company earlier proposed 29 power plant projects in an Energy for All auction, but only 18 projects, with installed capacity of 59MW in total, are qualified to join the scheme.

ACE is considering using biogas technology from the US and Germany.

The company plans to sign power purchase agreements with the state power distribution arm Provincial Electricity Authority (PEA) between November and December.

Teerawut Songmetta, executive director of ACE.

Energy for All, which was introduced in November 2019, encourages communities to co-invest with companies in power plants and sell fast-growing plants as fuel.

The scheme, with first-phase capacity of 150MW, promotes investment in biomass and biogas projects.

ACE plans to develop 18 biogas power plant projects in Buri Ram, Ratchaburi, Chiang Rai and Kamphaeng Phet, said Mr Teerawut.

The company expects the new projects will help it achieve a goal of 1,000MW of power generation capacity.

ACE continues to seek new investment opportunities in the renewable energy segment in the country and overseas. Projects include biomass and biogas-fired power plants, waste-to-energy power plants, solar energy and hybrid fuel development.

Renewable energy is a growing global trend as many countries are paying more interest to environmental issues, including a push for electric vehicles and attempts to attain a net-zero target.

The net-zero goal requires countries to strike a balance between the amount of greenhouse gas generated by emissions and the amount absorbed by the atmosphere.

"The company is in talks with companies in many countries including Japan, Australia, Vietnam, South Korea, the US and European countries on renewable energy projects," said Mr Teerawut

ACE expects its 1-2 asset acquisition deals in renewable energy projects will be completed in 2022.

The company currently generates 247MW of electricity from 22 power plants. It plans to add new capacity of 202MW from 15 projects nationwide, excluding Energy for All projects, between the second half of this year and 2022.

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