Thailand: Wind Energy Plans $550 Million of Wind Farm Projects by 2016

Wind Energy will develop three wind farm projects each with a 90- megawatt capacity in the Korat province north of Bangkok, said Aaron Daniels, vice president of business development.

Thailand, hoping to rebound from its worst floods in 70 years last year, is aiming to get 25 percent of its energy from renewables by 2022 to curb dependence on fuel imports.

Wind Energy is looking for lenders and equity investors in the wind turbines projects, Daniels said. The company plans to open a bidding process for the wind turbines supplier late this quarter or early the next, Daniels said. The projects should be connected to the grid in 2016, he said.

Wind Energy has started work on a separate $400 million wind farm at a site nearby. The company obtained 12-year loans from Kasikornbank Pcl (KBANK) and Siam Commercial Bank Pcl (SCB) accounting for about 70 percent of the cost, Daniels said.

Siemens AG (SIE) is supplying 90 wind turbines each with a 2.3- megawatt capacity for the 207-megawatt wind farm developed in equal portions called “FKW” and “KR2.” Thailand, which grants an incentive for wind power produced, aims to install 1,200 megawatts of wind by 2021.