BCPG Reports Consistent Revenue Growth for first 9-Month, Driven by Successful Japanese Launches as Planned

Thailand’s leading clean energy producer and supplier BCPG has announced total revenue of 2,327 million baht from its 9-month results, representing a 3.1% increase, after booking revenue earned in Q3 from the commercial supply of 8.8MW in the Akita project in Japan that increased the five Japanese projects’ aggregate contracted capacity (as of Sep. 30) to 19.5MW. The management expects the company to complete the construction of Thai cooperatives’ solar power plants by Q4 and begin earning revenues from the plants by early 2017. Impending commercial power supply from another Japanese project is also set to ensure continuous revenue growth.

Mr. Bundit Sapianchai, President of BCPG Public Company Limited (“BCPG”), the country’s leading clean energy power producer and supplier, revealed that BCPG’s 9-month (Jan.-Sep.) operating results show total revenue from power sales of THB 2,327 million or a 3.1% yoy rise from THB 2,257 million baht from the same period last year while net profits topped 1,214 million baht which resulted from operational and revenue growth from new projects in Japan coming on-stream. At the end of Sep., he said, the aggregate contracted commercial supply of the five projects in Kagoshima, Kumamoto, Miyazaki and most recently Akita (with COD in July) rose to 19.5MW. Meanwhile, the aggregate 118MW contracted capacity of the solar power plants in Thailand will continue to generate regular and stable revenues.

For the Akita project, the BCPG group has sold the commercial supply of 8.8MW to Tohoku Electric Power Co., Ltd. for JPY40/kWh under a 20-year Feed-in-Tariff (FiT) power supply contract, which has raised the revenues from the operations in Japan by 144% compared to the previous quarter. Moreover, combined revenues will continue to increase further after another 10.5MW power plant at Okayama which has contracted FiT power sales over a 20-year period at JPY36/kWh which is currently under construction will begin commercial supply in the first quarter next year.

“We are happy with the respectable growth rates. We are especially pleased with the strong revenue growth from the solar power plants in Japan, which has shored up BCPG’s overall revenues and will serve as a core growth driver for the company over the next one or two years. We still have more projects in the development and pre-development phases, with a total contracted capacity of about 175MW, which will commence revenue generation starting early next year and reinforce our strength thereafter,” Mr. Bundit added.

In Q4 and 2017, the BCPG President noted that his company will continue to develop new clean energy power plant projects, with construction of the cooperatives’ solar power plants in Thailand (12MW in contracted capacity) projected to be completed by this yearend and start generating revenue by early 2017. This, together with the ongoing projects in Japan which will gradually generate more revenue will help ensure substantial improvement in BCPG’s operations in 2017.