Thailand-based manufacturer of transformers, QTC Energy will construct a 220-megawatt solar farm in Myanmar through acquisition of Green Earth Power Thailand. The first phase of the farm is expected to start commercial operations by the first quarter next year.
QTC’s Chief Executive Officer, Poonphiphat Tantanasin said “The move is part of QTC Energy’s strategy to expand into renewable energy, grow company revenues and reduce risk from solely depending on transformer manufacturing business”.
Green Earth Power operates and sells renewable energy and has been granted a build-operate-transfer contract by Myanmar’s Electric Power Enterprise with a power purchase agreement (PPA) for 30 years.
QTC will buy 38,634 shares or 15% of the Green Earth’s registered capital, according to the QTC’ s CEO Poonphiphat Tantanasin. The value of the stake is estimated at $7.9 million. Founded in 1996, QTC produces and distributes custom-made transformers for both the domestic and export markets. It currently produces 3,000 – 4,000 transformer units a year and also provides installation, maintenance, testing and consultancy services.
