Thai Solar Energy Profile
Thai Solar Energy Profile
Thai Solar Energy Profile
COMPANY PROFILE
20/03/2018 1
Sun For The Future
CONTENTS
• Vision & Mission
• Key Development Milestones
• Portfolios & Diversification (Totaling 298.42 MW PPA)
• Investment in Thailand (Totaling 121.70 MW PPA)
◦ Solar PV Farms & Solar Thermal – 85.5 MW PPA
◦ Solar PV Rooftops – 14 MW PPA
◦ Biomass Power Plants – 22.2 MW PPA
• Financial Highlights
◦ Profitability
◦ Valuation Assumption
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Vision
To become a world-class regional leader in providing
renewable energy through reliable technologies to serve
both commercial and social societies
Mission
To establish a solid footprint in Thailand in the solar power
industry and expand into other renewable energies as well
as developing an international solar power business
focusing in Asia & Oceania regions
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• Renewable Energy produces little to no global warming emissions. Even when including
“life cycle” emissions of clean energy (i.e. emissions from each stage of a technology’s life —manufacturing,
installation, operation, decommissioning), the global warming emissions associated with renewable
energy are minimal (*)
• Solar Energy provide air quality, public health, and greenhouse gas emission benefits as it reduces
reliance on combustion-based electricity generation.
• Solar Energy requires essentially no water to operate and thus does not pollute water resources or strain supplies
by competing with agriculture, drinking water, or other important water needs.
Costs will likely decline even further as markets mature and companies increasingly take advantage of
economies of scale.
• In contrast, fossil fuel prices can vary dramatically and are prone to substantial price swings. For example, there
was a rapid increase in US coal prices due to rising global demand before 2008, then a rapid fall after 2008 when
global demands declined (**) Likewise, natural gas prices have fluctuated greatly since 2000.
Sources: * SEIA. 2017. Solar Market Insight Report 2017 Q2 / ** UCS. 2011. A Risky Proposition: The financial hazards of new investments in coal plants..
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Renewable Energy (RE) and Energy Efficiency (EE) will work in synergy to drive global energy decarburization.
When pursued together, they result in higher shares of renewable energy, a faster reduction in energy intensity,
and lower energy system costs. This also brings environmental and social benefits, such as less air pollution.
DEVELOPMENT MILESTONES
Continuing Portfolio Improvement:
Strengthened Presence in Prospect Market & New Business Expansion
MW PPA 4.5 44.5 89.5 99.0 104.5 106.5 129.9 143.4 143.4 143.4 298.4
MW MW MW MW MW MW MW MW MW MW MW
CO-OP PV FARM
PV FARM - JAPAN
PV ROOFTOP
PV FARM
THERMAL
2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E 2022E
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Remarks: * The Company invests at the initial 49% of registered capital and there will increase to be 100% of registered capital
after COD 3 years.
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Investment in Thailand
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Investment in Thailand
TSE’S SOLAR PV FARMS & SOLAR THERMAL IN THAILAND = TOTAL 85.5 MW PPA
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TSE’S SOLAR PV FARMS & SOLAR THERMAL IN THAILAND = TOTAL 85.5 MW PPA
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Investment in Thailand
TSE’S SOLAR PV ROOFTOPS IN THAILAND = TOTAL 14.0 MW PPA
In partnership with
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Investment in Thailand
TSE’S BIOMASS POWER PLANTS IN THAILAND = TOTAL 22.2 MW PPA
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Cooling Tower
Cooling Tower
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Investment in Japan
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Investment in Japan
TSE’S SOLAR PV FARMS IN JAPAN = TOTAL 176.72 MW PPA
TOYAMA
PV Farm
Shima (1.25 MW) MIYAGI
Sakura (1.99 MW)
PV Farm
Onikoube (154.98 MW)
ISHIKAWA
PV Farm
Hanamizuki (13.50 MW)
IBARAKI
Installed Selling
FUKUI
# Company Plant Type Project Site Capacity Capacity
Feed-in-
Location COD PV Farm
Tariff
(MW) (MW) PV Farm Jyoso (1.25 MW)
1 TSI PV Farm Kuno 0.65 0.50 36 Yen Ibaraki 18/8/2015
2 TSI PV Farm Shima 1.43 1.25 32 Yen Toyama 1/3/2016 Hikeme (1.50 MW) Ryugasaki (1.75 MW)
3 TSI PV Farm Hikeme 1.86 1.50 32 Yen Fukui 1/4/2016
4 TSI PV Farm Ryugasaki 2.34 1.75 36 Yen Ibaraki 1/9/2016 Kuno (0.50 MW)
5 TSI PV Farm Sakura 2.50 1.99 32 Yen Toyama 2/11/2016
6 TSI PV Farm Jyoso 1.43 1.25 36 Yen Ibaraki Q2 2018
7 TSI PV Farm Hanamizuki 17.50 13.50 36 Yen Ishikawa Q1, 2019
8 TSO PV Farm Onikoube 182.76 154.98 36 Yen Miyagi Q2, 2022
Total Capacity 210.47 176.72
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Hanamizuki
13.50 MW
Target COD: Q1, 2019
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Onikoube Project – 154.98 MW PPA Solar Power Plant Target COD: Q2, 2022
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Financial
Highlights
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75%
2015 2016 2017
50% EBITDA Margin 78% 77% 72%
NP Margin 69% 61% 49%
25%
0%
2015 2016 2017
EBITDA Margin NP Margin
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7438
8000
7000
Assets 6000
5000 3394 3789
12000 3000
804
8375 2000
10000
6881 1000
8000
4844 0
6000 FY2014 FY2015 FY2016 FY2017
4000
2000 Equity
0
FY2014 FY2015 FY2016 FY2017 4563 4619
5000
4040
4500
3487
4000
3500
3000
Despite expanded investments during 2016-2017 in 2500
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Financial Highlights
Result per MW PV Farm - TH PV Farm - JP PV Rooftop - TH Biomass PP
Rev enue (mTHB/MW ) 16 - 18 12 - 14 7-9 30 - 32
Gross Profit (mTHB/MW ) 12 - 14 11 - 12 3-5 19 - 21
EBIT (mTHB/MW ) 12 - 14 3-4 3-4 7-9
Net Profit (mTHB/MW ) 10 - 12 2-3 2-3 6-8
Valuation Assumption PV Farm - TH PV Farm - JP PV Rooftop - TH Biomass PP
Inv estment Cost Per MW (mTHB) < 60 < 120 < 60 < 100
Output (1.XX) 1.41 1.18 1.22 90% Capacity Factor
FIT Per kW h (Base Rate) 3.13 32-36 JPY 6.16 4.24
Adder (THB/kW h) 6.5 - - 0.30
Adder Tenor (years) 10 - 8
GK-TK: CIT 27.45% on 3%
0% for Y1-Y8 0% for Y1-Y8 0% for Y1-Y8
W HT 20.42%
Tax Rate
DI: CIT 27.45% on 100%
20% for Y9 onwards 20% for Y9 onwards 20% for Y9 onwards
W HT 5%
LT Financing Facility Tenor (Years) 10 18 12 11.0
Interest Rate (% p.a.) < 6.00% < 3.00% < 6.00% < 6.00%
Debt Portion 75% 80% - 85% 75% 70%
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