Announces Joint Investment in Clean Energy Business, Focuses on Studying Business Opportunities for Solar Farm Development
Siam East Solution Public Company Limited
Announces Joint Investment in Clean Energy Business, Focuses on Studying Business Opportunities for Solar Farm Development
On August 14, 2024—The Company reported an important resolution of the Board of Directors’ meeting to the Stock Exchange of Thailand, approving the joint investment to establish a new company, whereby the Company will invest with PPM Engineering Co., Ltd. (PPM) with a registered capital of 1,000,000 baht, with the Company holding a 20 percent stake
to study opportunities for developing a solar farm business, which is in line with the clean and sustainable energy trend, with the goal of promoting the efficient use of renewable energy from solar power sources and aiming to create sustainability for the environment and society. The Company plans to install a power transmission system to end users, such as the Electricity Generating Authority of Thailand and other agencies that provide electricity distribution services to the public, which will calculate the size of the transaction in accordance with the rules of the Stock Exchange of Thailand and the rules of the Energy Regulatory Commission (ERC) in order to comply with the standards and regulations of various regulatory agencies.
PPM Engineering Co., Ltd. (PPM) is the owner of the land This is beneficial to finding suitable areas for installing solar farms. In addition, the Company also has products and services in the utility and energy groups that can provide strategic advice for investment and development of solar farm projects effectively, especially in terms of equipment procurement and installation that meet industry standards. The Company’s investment in solar farms is expected to create beneficial results in several aspects, as follows:
- Increase revenue from renewable energy : The company will earn revenue from selling electricity from solar farms, especially when renewable energy is supported by the government and other agencies, which presents a good opportunity for growth.
- Create opportunities for new business expansion : Having expertise in solar farms may open up opportunities for the company to expand into other renewable energy businesses.
- Reduce long-term business risks : Investing in renewable energy reduces the risk of relying on fossil fuels, which may fluctuate according to global economic and political situations.
- Reduce energy consumption costs : Using solar energy reduces the company’s dependence on fossil fuels, which may have volatile and higher prices in the future, resulting in lower electricity production costs for the company.
- Reduce carbon emissions : It helps reduce the impact on the environment by reducing greenhouse gas emissions, which will allow the company to help solve the problem of global warming and climate change.
“SiamEast” promotes sustainable growth, increases competitiveness and reduce the risk of relying on other energy sources in the long term
Reference data: https://www.set.or.th/th/market/product/stock/quote/SE/news
