Prime Road Power Public Company Limited or PRIME by Mr. Somprasong Panjalak, Chairman of the Board of Directors. and Chief Executive Officer and Mr. Piroon Shinawatra, Chief Financial Officer jointly reported the results of the first quarter of 2023 and business plans for the rest of this year. along with the progress report of solar power plant projects in Taiwan and private PPA in Indonesia at the SET Opportunity Day event on June 19, 2023.
The company's total revenues at the end of the 1st quarter of 2023 compared to the 4th quarter of 2022 increased by 162.3% due to better performance across all businesses. As a result, the gross profit margin increased and the company's EBITDA improved both YoY and QoQ from revenue from electricity sales of the 77 MW power plant project in Cambodia.
For the progress of 2 large-scale Power Plant Projects in Taiwan, namely a ground-mounted Solar Power Plant Project in Miaoli County, the northern of Taiwan with the capacity of 200 MW. Now it is in the 1st phase that PRIME has leased 86 hectares of land. Currently it is in the process of applying for an establishment permit (establishment license). The project will be completed within the 4th quarter of 2025.
Another large-scale Power Plant Project is the Budai Outdoor Fishfarm Solar Power Plant Project in Chiayi City in the southwestern part of Taiwan, with the capacity of 99 megawatts. PRIME has received land use rights for more than 100 hectares. The construction will be completed by the 2nd quarter of 2026
For other Taiwan project, after PRIME has completed the development and construction of the Indoor Fishfarm Xitong 1 and 2 projects and can sell electricity to the electricity system (COD) in December, 2022. PRIME has developed and built 3 more projects of Indoor Fishfarm Xitong 3 and 4 projects and Xitong 8 and 9 projects are under construction. The construction is expected to be completed by 2023.
Apart from the power plant projects in Taiwan, PRIME has set a goal and a business plan for Indonesia as the target area. PRIME has started the development and construction of a private PPA solar rooftop project with a giant private company from Korea as the first project with an installed capacity of 900 kW and construction has started since May 2023. There is an opportunity to develop Phase 2 and 3, including the opportunity to expand to other islands since Indonesia's electricity in many areas is still inaccessible or unstable. Thus, it is an opportunity for a solar power generation system that does not require the construction of very large transmission lines, but use the energy storage system. PRIME expects that the construction of the 1st project will be completed and start to COD by the end of 2023.
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