Chow Steel Industries To Invest $43 M in PH Solar Power Plants.
Author: Darvin Tocmo Date Posted:15 June 2015
Thailand’s Chow Steel Industries PCL said one of its units would invest 1.5 billion baht ($43 M) in 25-megawatt solar power plants in the Philippines as part of its foreign expansion to mitigate risk at home. In a statement, the steel billet maker said it’s the company’s second investment abroad after it invested in solar power plants in Japan. “This is a good business opportunity with support from the government and financial institutions,” Chief Executive Anavin Jiratomsiri said. After posting a decline in sales revenue and weak steel prices, Chow Steel has diversified into solar power business. The company is eager to invest in another renewable energy project in the Philippines along with expansion in Japan where it has already invested in 18 MW solar projects said Chow Steel. Chow Steel has assigned Premier Solution Philippines Co Ltd, indirectly owned via its 76.67 percent-owned unit Chow Energy, to develop the solar power plants. It also received permission from Philippine authorities to sell power for 25 years. Construction of the plants is expected to be completed in the first quarter of 2016, Thai firm said. In Japan, the company has completed the construction of Oita Usa 1 and 2 solar power plants and they are ready for commercial operations on June 5, it said. They will begin to realize additional from the two solar projects with combined capacity of 7.9294 MW, and the rest is expected to begin operations later this year, the statement said. Find more information at: http://af.reuters.com/article/commoditiesNews/idAFL3N0YW1K720150610