The share price of Absolute Clean Energy Public Company Limited (ACE) rose ฿0.14/share or 3.93% to ฿3.70/share with a trading value of 121 million baht.
ACE announced that on 28 th December 2020 Alliance Clean Power Company Limited (ALCP), a subsidiary in which the Company indirectly holds 100% shares successfully achieved Commercial Operation Date (COD) of its Municipal Solid Waste (MSW) Power Plant in Krabi Municipality, Krabi Province with installed capacity of 6 MW and 4.4 MW Power Purchase Agreement (PPA) under Feed-in Tariff (FiT) scheme which will be valid until 31st December 2039 with the Provincial Electricity Authority (PEA). Aforementioned COD is ahead of the original schedule which expected to achieve COD within the first quarter of 2021.
Currently, the Company has 36 power plant projects inclusive of Krabi MSW Power Plant with total installed capacity of 449.57 MW which are comprising 19 already COD projects with total installed capacity of 245.91 MW and 17 under development projects with total installed capacity of 203.66 MW.
Trinity Securities has given a “BUY” recommendation on ACE with a target price of ฿5.20/share, expecting a new high profit between 4Q20 and 2Q21. Trinity projects 4Q20’s earnings of 440 million baht, driven by an improving production capacity and the contribution of biomass power plants that have been acquired from UWC.
Trinity believes ACE will achieve its target of 1,000MW because the Company’s financial position still remains solid.