Thailand’s Banpu mining and power company has announced that it will expand into China with the acquisition of four solar PV parks with a combined capacity of 78.5MW.
All four parks are located in the Shandong province in eastern China. The purchase, valued at US $93 million, comes as the company’s power plant subsidiary, Banpu Power PCL (BPP), works toward generating 20 percent of its power from renewable sources by 2025.
The company’s CEO, Somruedee Chaimongkol, said: “Entry into solar power in China is part of BPP’s strategy to invest in markets with attractive growth fundamentals and strong government support.”
The deal remains subject to a successful connection to the grid in the middle of this year.
Banpu is reportedly looking to increase its PV portfolio in the Japanese market, as well. The company suffered losses in Q1 this year due to unfavourable coal market conditions globally.
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