ACE Posts the 4th Consecutive Record-High in 2020, Targeting a 1,000MW Milestone in 2024

ACE reported the 4th consecutive record-high earnings in 2020 of 1,508 million baht, an increase of 85% YoY as revenue from sales and services surged to 4,988 million baht, signalling a bright outlook in 2021 with a plan to acquire more power plants both in Thailand and overseas to reach its production capacity target of 1,000MW by 2024.

 

Mr. Tanachai Bunditvorapoom, the Chief Executive Officer of Absolute Clean Energy Public Company Limited (ACE), revealed that the company’s net profit for the year 2020 was 1,508 million baht, increasing 85% compared to a year earlier which had net profit of 815 million baht, while the revenue from sales and services was 4,988 million baht, an increase of 0.7% YoY, as result of efficiently production performance and cost management.

 

For the year 2021, ACE expected the revenue recognition from COD at the end of last year will be a key catalyst for the company’s growth, stating that there are several power plant projects awaiting for the PPA such as 3 SPP Hybrid projects with a combined installed capacity of 73MW, 11 Biomass VSPP projects with a combined installed capacity of 108.9MW.  Also, the company planned to participate in community power plant project bids.