PDI boosts energy business by 30MW Solar Farms acquisition in Thailand
PDI announced its successful completion of the purchase of 6 operating solar farms in Thailand with a total capacity of 30MW.The projects were developed and constructed by Symbior Solar with investment from Armstrong Asset Management and the Mekong Brahmaputra Clean Development Fund. August 31st, 2017, the Company signed a share purchase agreement, acquiring 100% of the shares in Symbior Elements Pte., Ltd. for a total value of THB 1.3 billion. After the successful acquisition of the plants, PDI will operate solar farms in Asia with a total capacity of 50MW.
Padaeng Industry Public Company Limited (PDI) successfully expanded PDI Energy by winning a bid to acquire 6 operating solar farms in Thailand with a total capacity of 30MW. The share purchase agreement was signed August 31st, 2017 at PDI’s head office. PDI Energy, by Ton Sangkasi Pte.,Ltd., a subsidiary of PDI incorporated in Singapore, will hold 100% of Symbior Elements (Singapore) which operates the Thai based 30MW solar farms.
The acquisition of these solar farms, with a total value of THB1.3 billion, was fully financed through PDI’s own available cash, generated during the ceasing of its historical Zinc operations. PDI carefully considered this investment during the past months and evaluated and mitigated all risks. The Company’s Board of Directors is convinced that this significant acquisition contributes largely to the Company’s growth strategy in green business and will balance future risks revenues over different sustainable businesses.
The acquisition will generate immediate revenues, from the 6 solar farms holding 25-Year Power Purchase Agreements (PPA) with the Provincial Electricity Authority. The first solar farm started COD already in June 2013. 4 more started in December 2015, whilst the last one started in April 2016. PDI’s energy team plans to further continuously improve operational performance, similar to the previous acquisition of PDI Mae Ramat Solar in December 2016.
Including the Japan operational and under construction plants, PDI Energy will hold 50MW solar farms in Asia. The acquired solar farms include two 8MW plants and one 3MW plant located in Prachinburi, a 6MW and a 4MW solar farm located in Samut Sakhon and a 1MW solar farm located in Khon Kaen.