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CERC Uses 'Power To Relax' Provision To Give Relief To RE Generator
Spanish renewable energy developer Acconia Energía has been awarded a Power Purchase Agreement (PPA) for five wind projects totaling 436MW in Thailand together with its participated company The Blue Circle. The Blue Circle is a wind energy player mainly focused on ASEAN markets.
Acconia Energía said that the projects have been allocated through a tender process by the Office of Energy Regulatory Commission (ERC) and will have a staged development timeline. The first wind farm is slated to commence construction in 2024. The completion date of the separate projects staggers from 2026 until 2030.
All energy generated by these projects will be directly purchased by the Electricity Generating Authority of Thailand, which is owned by the Ministry of Energy, through a 25-year PPA. This is part of the Thai Government’s plan to guarantee a supply of renewable energy of up to 30% by 2037.
Four of the projects will be located in the Northeast provinces of Ubon Ratchatani and Amnat Charoen, while the fifth one will be built in the region of Chaiyaphum. Once operational, the combined wind farms will produce 1,141 GWh/year, reducing CO2 emissions by 645,000 tons a year. Acconia Energía held that this is equivalent to removing 250,000 cars from circulation or to planting 19 million trees.
Acconia Energía entered a strategic agreement with The Blue Circle to develop, build and operate its pipeline of projects in Southeast Asia in September 2022.
The entity –headquartered in Singapore and with Acconia Energía owning a close-to 50% stake– already has an installed operational capacity of 84MW in Vietnam and has a development pipeline of 3.8GW in Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Malaysia and Sri Lanka.
The award of these five new projects in Thailand cements the agreement and reinforces presence of Acconia Energía in the region and its growth and geographic diversification plans.
The September deal between the two firms included a $34 million investment to enter the capital of The Blue Circle and a commitment of up to $113.5 million to finance capex of projects that reach ready-to-build status.