Thailand Joins the Solar Fast Lane
Solar Power Company will put up 34 solar plants totalling 204 MW in Isaan by the end of 2012.
The International Finance Company had invested $1.1 million for a 9% equity stake in two of SPC’s planned solar plants.
According to IFC executive vice president and chief executive Lars Thunell, ‘Developing countries need new sources of energy that allow them to grow their economies without adding to greenhouse gas emissions and climate change… SPC is showing how companies can innovate and make solar energy a long-term solution for Thailand’s energy needs.’
Another Thai energy company that has identified the opportunities provided by solar power is oil company Bangchak Petroleum, which secured a THB 4.2 billion loan from the Asian Development Bank last year for two solar power plants in Ayuttaya, north
of Bangkok. The loan is part of the ADB’s Asia Solar Energy Initiative that seeks to support solar projects to assist Asia in
capitalising on its solar power potential. The initiative aims to provide financial support of $2.25 billion to meet 3 GW of
solar power in the bank’s developing member countries by mid-2013.
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