SET-listed Prime Road Power Public Company Limited ("PRIME"), a leading solar power and renewable energy developer in Thailand and the Asia Pacific

Wednesday 23 November 2022 14:34
SET-listed Prime Road Power Public Company Limited ("PRIME"), a leading solar power and renewable energy developer in Thailand and the Asia Pacific, is preparing to issue a THB 2 billion bond with a 5.20%
SET-listed Prime Road Power Public Company Limited (PRIME), a leading solar power and renewable energy developer in Thailand and the Asia Pacific

SET-listed Prime Road Power Public Company Limited ("PRIME"), a leading solar power and renewable energy developer in Thailand and the Asia Pacific, is preparing to issue a THB 2 billion bond with a 5.20% coupon rate to institutions and high-net-worth individuals. The majority of the proceeds will be used to fund new solar farm developments in Thailand, Taiwan, Cambodia and other countries. The tentative issue date is from 29 - 30 November to 1 December 2022.

Mr. Somprasong Panjalak, the Chief Executive Officer of PRIME, announced the launching of THB 2 billion bond to finance its expansion plans in the next three years.  The three-year expansion is part of its aspirational growth target of 1,800 MW in 2027 in renewable energy and related businesses in Asia.

Targeting instituational and high-net-worth individuals, the bond is unsubordinated, unsecured and carries a coupon rate of 5.20% per annum which will be paid quarterly.  It has a three-year tenor beginning on the issue date of 2 December 2022.  The minimum ticket size is THB 100,000.  PRIME is planning to sell the debenture from 29 November to 1 December 2022. For more information, please contact Bluebell Securities Company Limited Tel. 02-249-2999 Line Official: @BlueBellFin, Asia Plus Securities Company Limited Tel: 02-680-4004, Capital Nomura Securities Public Company Limited Tel. 02-638-5500 Line Official: @nomuradirect, DAOL Securities (Thailand) Public Company Limited Tel. 02-351-1800, Krungthai Xspring Securities Company Limited Tel.  02-695-5000, KGI Securities (Thailand) Public Company Limited Tel. 02-658-8888, 02-658-8945, CGS-CIMB Securities (Thailand) Company Limited. Tel. 02-846-8675, Asia Wealth Asset Management Tel. 02-207-2124 Line Official: @awam and Globlex Securities Company Limited 02-687-7159.

PRIME is an operator of solar farms and a provider of solar panel installation services with over ten years of experience in the business.  It currently operates in four countries in the Asia Pacific region with a combined solar power capacity of 301 MW in Thailand, Japan, Taiwan and Cambodia.The National Solar Park project undertaken by PRIME is one of the largest single site solar power plants in Cambodia with an installed capacity of 77mw and contracted capacity of 60mw. This power plant will achieve COD within Quarter 4 of this year.

As more countries are increasingly replacing traditional fossil fuels with renewable energy to reduce greenhouse gas emissions, the company hopes to capture this trend and has set a target to increase its electricity generation capacity to 1,200 MW and 1,800 MW by 2025 and 2027 respectively.

The proceeds from the bond will mainly be used to fund new solar farm developments in Thailand, Taiwan, Cambodia and other countries as well as used for working capital in the business.

In addition to solar farms, the company is considering investments in other sources of renewable energy projects such as wind, biogas, biomass, and solid waste disposal plant.  The company has also diversified into the Solar Construction business (EPC business) and Solar Private Power Purchase Agreements (PPA) to capture the retail market which has been growing in recent years.

From the overwhelming response to the THB 1 billion bond issuance in March 2022 and the solid development track record of the company, PRIME is confident that this round of bond issues will also be well received by investors.

Source: Prime Road Power