Daily Brief Thailand: Prime Road Power and more

• Aggressive Capacity Expansion Pipeline: Prime Road Power is embarking on a significant growth trajectory, aiming to expand its renewable energy capacity from approximately 307.5 MW to 1,800 MW by 2027. This expansion is geographically diversified across Thailand, Taiwan, Cambodia, and Japan, with plans to enter the Indonesian market. Key projects include a 200-MW solar farm in Taiwan and a joint venture with the Industrial Estate Authority of Thailand (IEAT) to develop solar projects in industrial estates.
• Supportive Regulatory Environment: The company operates in a favorable regulatory landscape, particularly in its home market of Thailand. The government’s Power Development Plan (PDP) aims to increase the share of renewable energy to 51% of total power generation by 2037, creating a significant tailwind for growth. This long-term policy provides visibility and support for new renewable energy projects.
• Challenging Financial Performance: Despite strong revenue growth, the company has experienced significant net losses in recent years, as reflected in the provided financial data for 2023 and 2024. This unprofitability, coupled with negative operating and free cash flows in some periods and a high debt-to-equity ratio, presents a key challenge. The company’s ability to manage its finances and execute its ambitious growth plan profitably will be critical for future success.

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