BAFS Further Expands into Renewable Energy, Investing Roughly 2,500 Million Yen to Acquire Solar Power Plants in Japan

The Board of Directors of Bangkok Aviation Fuel Services Public Company Limited (BAFS) approved BAFS Clean Energy Corporation Company Limited (BC)’s purchase of solar power plants in Japan worth 2,500 million yen to continue to generate income from clean energy.

Mr. Prakobkiat Ninnad, President of BAFS, said that the company, at a meeting of its Board of Directors convened on 9 August 2021, approved the acquisition of solar power plants in Japan by its subsidiary BC. The total transaction value of not over 2,500 million yen will go towards the purchase of 99.99% of ordinary shares of PDI Energy Company Limited from Padaeng Industry Public Company Limited.

M.L. Nathasit Diskul, Chief Executive Officer of BC, said that the PDI Solar Energy Power Plants, with a total capacity of 13 megawatts, have reached their commercial operation date (COD). This investment will increase BC’s renewable energy capacity and allow the company to recognize revenue from the first year of the acquisition. This is in accordance with BAFS Group’s main strategic plan to expand investments in renewable energy businesses, both domestically and internationally, to strengthen the financial stability of the group of companies and meet corporate governance objectives with a focus on operating a sustainable business in response to the government of Thailand’s clean energy policy.

The purchase of PDI Energy Company Limited’s ordinary shares will be completed after BAFS gains the approval of its shareholders. The investment is expected to be completed by the fourth quarter of 2021.

BC currently has seven solar power plants with a capacity of 36.4 megawatts. This investment will increase the company’s clean energy position to nine solar power plants with a total capacity of 49.4 megawatts.