BG Container Glass (BGC), Thailand‘s largest glass container packaging manufacturer by capacity, is negotiating with investors in Vietnam to buy solar farms to widen its foothold in the promising renewable sector.
The company expects to complete a deal in the fourth quarter for at least two farms, with a combined capacity of 50-100MW.
According to newswire Bangkok Post, it set a budget of THB1-2 billion ($31.9-63.88 million) for the purchases.
BGC chief executive Silparat Watthanakasetr said the company aims to diversify its business and is eager to invest in renewable energy, specifically solar, wind, and water.
“We target renewable businesses in Vietnam, Japan, and Taiwan because these markets have a high potential for renewable energy development and growth in electricity demand,” he said.
BGC plans to increase its capacity for electricity generation to 300-400MW by 2022. It already acquired a 67MW solar farm in Vietnam.
The company allocated THB3-4 billion ($95.82-127.7 million) this year for renewable energy and packaging businesses.
Most recently, Gulf Energy Development Plc of Thailand announced the purchase of two wind power farms worth $200 million in Vietnam.
The move aims to take advantage of low building costs and a quick return on investment.
The company reported to the Stock Exchange of Thailand that it entered into a share purchase agreement with Dien Xanh Gia Lai Investment Energy JSC (DGI), the developer and operator of the two onshore wind farm projects, each with a capacity of 50MW.
The projects, located in Ia Grai district of Gia Lai province, will be wholly-owned by Gulf International Holding Pte., Ltd., a subsidiary of Gulf Energy Development Plc.