Banpu Next, the energy technology subsidiary of Banpu Plc, has partnered with Japanese renewable energy firm Amp Co to co-invest in the development of solar and wind farms in Japan.
The collaboration involves joint funding through the Asia-Pacific Sustainable & Decarbonisation Infrastructure Equity Fund, which is sponsored by Aravest and SMBC Group. The total investment is valued at approximately $45 million.
This investment supports Amp Co's strategy to build renewable energy projects with a total power generation capacity of 800 megawatts, focusing on solar and wind energy.
Smittipon Srethapramote, CEO of Banpu Next, emphasized that expanding into Japan, a key market for renewable energy, is a significant part of the company's growth strategy.
Amp Co, a subsidiary of global renewable developer Amp Energy, is also pursuing a 300MW solar farm project and has set a goal to reach 2 gigawatts of total electricity generation capacity over the next decade.
Japan is aiming to increase its renewable energy share to 36-38% of its total power generation by 2030. The government is prioritizing the development of solar and wind energy as part of its strategy to meet its 2050 net-zero carbon emissions target, Smittipon added.
Rohit Nanda, head of the Aravest-SMBC Infrastructure Equity Fund, praised the rapid growth of Japan's renewable energy sector over the past decade.
"We see the potential of the private power purchase agreement and are excited to contribute to lowering the carbon footprint of various corporations in Japan," said Nanda.
Banpu Next sees collaborations with local companies like Amp Co as crucial to its expansion into international markets.
"We will leverage technological advancement to enhance energy management efficiency as well as increase use of data analysis," said Mr Smittipon. “Amp Co is a strategic partner who will help accelerate our business growth and diversify our portfolio across various renewable energy assets."
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