Energy Absolute is to invest over $1.4bn over the next three years to boost generation capacity from renewable energy.

The investment will mean the company’s renewables capacity increasing to 570 MW from 100 MW. Energy Absolute is building two solar projects with a combined capacity of 180 MW and will allocate the rest of the investment towards wind farms totalling 390 MW.
The company is diversifying into renewable energy from its traditional business of biodiesel production to take advantage of easy access to the national grid and financing to ramp up capacity, according to Bloomberg.

The move has been prompted by the Thai government’s provision of incentives aimed at reducing the country’s reliance on imports, which make up 50 per cent of the country’s total energy suppy.

Capacity from solar and wind will rise to 4800 MW by 2021 from 1046 megawatts in 2013, according to the Energy Ministry’s website.