Thailand-based Prime Road Power Public Co Ltd (PRIME), the parent company of Prime Road Alternative (Cambodia) Co Ltd (PRAC), plans to significantly expand their clean energy investments Cambodia. This aligns with the government’s strategy to attract more financing in the sector.
The Bangkok-headquartered firm focuses on renewable energy projects across the Asia-Pacific region.
PRIME chief financial offcer Piroon Shinawatra sought further support from Cambodian ministries and institutions during a meeting with Sun Chanthol, deputy prime minister and first vice-president of the Council for the Development of Cambodia (CDC), in Phnom Penh on December 6.
Piroon highlighted the company’s current operation of clean energy facilities totalling 307 Megawatts (MW) in Cambodia, including a 77MW solar energy project in Kampong Chnang province, according to a CDC announcement following the meeting.
Chanthol endorsed the firm’s expansion plans, urging collaboration with relevant ministries and institutions to explore potential investment areas.
He emphasised the government’s openness to investors in clean energy, in line with its vision to export energy regionally, particularly to promote clean energy.
Somprasong Panjalak, chairman and CEO of PRIME, recently reported significant growth in the company’s third-quarter performance.
According to the chairman, the company’s total revenue for Q3 2023 reached 282.63 million Thai baht (about $7.997 million), a 54.48% increase compared to Q3 2022. From January to September, revenue climbed to 1.454 billion Thai baht ($41.14 million), up by 124.44% year-on-year, with solar power plant operations contributing 46.69% to the group’s total operating income.
He noted that the growth aligns with the firm’s 2023 business plan targets.
In September, PRAC won the construction rights for a 60MW solar farm project at an auction conducted by the Asian Development Bank (ADB). The project is part of a 100MW national solar park in Kampong Chhnang province, structured as a public-private partnership, as per the CDC.
The council also approved a 60MW solar farm in the province’s Teuk Phos district in February 2021, with a capital investment of $37.4 million, developed by PRAC. The farm was connected to the national grid in November 2022.
Minister of Mines and Energy Keo Rattanak highlighted the country’s significant strides in reducing fossil fuel emissions and increasing the use of clean or renewable energy at a recent press conference.
He noted that the country has already exceeded the ASEAN target of sourcing 35% of energy from renewable sources by 2030, reaching over 60% in 2022.
“In the past, we relied on power generated from diesel or oil, which produced heavy dark smoke and loud noise. However, by the end of 2022, 62% of our national grid’s electricity came from clean and renewable sources. This includes over 40% from our country’s hydropower sources, more than 10% from solar energy, a small amount of biomass power and clean energy imports from Laos,” he explained.
He added that the country’s energy sector has nearly doubled the ASEAN average for the 2030 plan.
Natharoun Ngo Son, country director of EnergyLab, a clean technology development company, recognised the government’s efforts at an early December event in Phnom Penh.
He commended the energy ministry for accelerating the transition to renewable energy within the next seven years, highlighting the planned introduction of more solar energy, expansion of pumped hydro capacity and cancellation of a large coal power plant project.
“The government is increasing its clean energy ambition, which will see significantly more renewable energy … in Cambodia. There will be 2 gigawatts [GW] of solar power installed by 2030 – double the amount planned under the previous government mandates,” he stated.