QTC Energy Unit Buys 15% Stake in GEP

Bangkok-based QTC Global Power has paid 67.84 million baht ($1.9 million) for a stake in Thai PV developer Green Earth Power (GEP), which is building a 220 MW solar installation in Myanmar.

GEP is developing the massive PV plant in the city of Minbu, Magway Region, in cooperation with Myanmar’s Ministry of Electric Power. In August 2016, GEP revealed that it had chosen China Triumph International Engineering Group — a unit of state-owned China National Building Materials — to provide EPC services for the four-phase installation. The 220 MW project was first announced in May 2013.

In late June, QTC Global Power — a subsidiary of electric-transformermanufacturer QTC Energy — acquired L Solar 1, which is developing 8 MW of solar capacity in Thailand. Bangkok-based Capital Advantage served as independent financial advisor on the transaction, which involved a 21.7 million baht private share placement. The project is located in Kabin Buri district, Prachinburi province, according to a statement to the Stock Exchange of Thailand.

Earlier this week, Sunlabob Renewable Energy revealed that it had finished installing a 92.6 kW rooftop PV system on top of a garment factory in Myanmar. In July 2016, the Laotian solar developer completed 11 PV-powered microgrids in the country, funded by the state-linked Japan International Cooperation System (JICS), in cooperation with Myanmar’s Ministry of Livestock, Fisheries and Rural Development.

A number of companies have revealed plans to invest in solar in Myanmar in recent years. Panasonic, for example, recently installed a 2.82 kW off-grid solararray — backed by 17.2 kWh of storage capacity — in a rural village in the country. And US-based ACO Investment Group revealed plans in 2014 to build 300 MW of solar capacity in cooperation with Myanmar’s Ministry of Electric Power. However, the country’s cumulative installed PV capacity remains negligible, at just 16 MW by the end of 2016, according to the International Renewable Energy Agency (IRENA).


Source: The PV Magazine

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