Published on 04/10/2014
TSE aims to go public on MAI Thai Solar Energy Plc (TSE), a solar-farm operator controlled by Channel 3's Maleenont family, expects to list on the Market for Alternative Investment (MAI) this month. "TSE will issue 450 million shares at an unspecified price due to restrictions placed by the Securities and Exchange Commission. But the price will be revealed close to the date," said chief financial officer Tee Seeumpornroj. "We chose the MAI so we won't have to rely on major shareholders if we want to expand or invest in new projects." At present, the Maleenont group comprising P.M. Energy Co and Wave Entertainment Plc owns 82.3% of TSE. Once TSE lists on the MAI, 23.6% will be offered to the public, while the group's stake will be diluted to 63.1%. Up to 22 million shares will be reserved for Wave Entertainment and a minimum of 428 million shares for the public. Capital raised from the listing will be used to expand its solar business in Thailand and abroad, repay debt and support working capital. "Regarding international opportunities, we're looking at Japan and the Philippines, as both of these countries have policies that are conducive to growing demand for solar energy," said chairman and chief executive Cathleen Maleenont. She said TSE was conducting feasibility studies in both countries that would be completed next year. In total, TSE will have 98.5 megawatts capacity by the end of this year from three types of generating methods. They are a solar thermal plant in Kanchanaburi (4.5 MW), a solar photovoltaic (PV) farm in Kanchanaburi and Suphan Buri (80 MW) and solar commercial
rooftops (14 MW) on 14 branches of The Mall department store and HomePro hardware stores nationwide. TSE sells the electricity to state utilities at eight baht and 6.50 baht a kilowatthour under adder-tariff licences awarded by the energy regulator for its solar thermal and solar PV farm, respectively. Meanwhile, it solar commercial rooftop output sells at 6.16 kWh under the feedin-tariff system. "Future expansion will depend on whether we can obtain a production licence, but there is more room for solar energy to expand," Ms Maleenont said. The Alternative Energy Development Plan by the Alternative Energy Development and Efficiency Department aims at 3,000 MW capacity from solar power by 2021. Only 961 MW capacity was achieved as of this past March 31. "While the government already has policies that support the development of solar energy, it would be better if the process and procedures such as the power purchase agreement and construction were simpler and done through a one-stop shop style process," Ms Maleenont said.