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Gunkul Tie-Up For Solar Panels

Gunkul Tie-Up For Solar Panels

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Gunkul Engineering, a renewable energy developer and constructor, and Origin Property — both SET-listed companies — are forming a joint venture to install rooftop solar panels and directly sell electricity at inexpensive rates to households in residential areas.

The new business aims to provide clean energy to homeowners as well as raise awareness about global warming, caused by high levels of carbon dioxide released by the burning of fossil fuels.

Gunkul and Origin Property agreed to set up Origin Gunkul Energy Co with registered capital of 1 million baht to provide solar power service and develop charging outlets for electric vehicles (EVs).

The two companies are in the process of endorsing a joint venture agreement, said Origin Property chief executive Peerapong Jaroon-ek.

Gunkul is investing via its unit Future Energy Corporation.

The new business is scheduled to launch in the third quarter this year, according to the companies’ statements sent to the Stock Exchange of Thailand yesterday.

Mr Peerapong said this business is in line with a global trend towards use of cleaner energy resources to reduce carbon emissions and deal with climate change.

Gunkul also wants to administer private power purchase agreements (PPAs), which are usually made between private electricity producers and owners of factories or commercial buildings, in the housing segment.

A private PPA lets business operators buy electricity from energy firms other than the state power distributors.

Under a private PPA, Origin Gunkul Energy expects to install rooftop solar panels and sell electricity generated by solar power to house or condominium owners at a lower tariff rate than is charged by the state grid, said Mr Peerapong.

This type of service should be appealing to customers who cannot afford to buy a complete solar power system to generate their own electricity, yet want to play their part in the fight against climate change, he said.

Origin Gunkul Energy also plans to design a peer-to-peer power trade platform to facilitate the activity among homeowners at auction prices.

Gunkul chief executive Somboon Aueatchasai said the new business supports the company’s expansion under private PPAs, which currently provide power generation capacity of 70 megawatts.

Source: bangkokpost

Anand Gupta Editor - EQ Int'l Media Network