By Karl-Erik Stromsta in Chicago
Thursday, May 02 2013
Updated: Thursday, May 02 2013
The projects will be owned and operated by a joint venture formed last year between Yanhee, a leading player in Thailand’s booming medical tourism sector, and independent power producer Egco.
Last year the group – known as Yanhee Egco Holding – indicated that the projects had power purchase agreements with the provincial electrical authority for up to 25 years, and would also benefit from a subsidy of 8 baht ($0.27) per kWh over a decade.
The plants will be built in the central provinces of Nakhon Pathom and Suphan Buri, with Germany’s Phoenix Solar and local contractor Italthai handling the engineering, procurement and construction duties.
REC says the projects will soak up nearly 300,000 of its Peak Energy Series modules and produce an estimated 57GWh of power each year.
Last year Yanhee Egco said the projects would be on line by July 2013. But a spokeswoman for REC says installation is now slated for completion in September.
The deal follows a 9.5MW project brought live last month in Chiang Rai using REC modules, and cements what REC calls its “leading position” in the Thai market – expected to be the largest in Asia over the next decade excluding China and India.
REC recently opened a Bangkok office, and chief executive Ole Enger has emphasised that the company – which makes its wafers, cells and modules in Singapore – will be aggressively targeting Asia for module sales.
Thailand, a large energy importer, has targeted meeting one-quarter of its power needs from renewables by 2021.
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