Thailand Hybrid Solar-Biomass Renewable Power Plant Development Feasibility Study with Energy Market Outlook

Executive Viability Abstract

This feasibility study evaluates the development of a hybrid Solar-Biomass renewable power plant in Thailand, targeting the energy transition goals outlined in the Thailand Power Development Plan (PDP 2024). The hybrid model addresses the intermittency of solar energy by utilizing biomass as a firming agent, ensuring a stable 24/7 power supply to the grid. The analysis confirms high technical viability and strong financial returns driven by favorable government Feed-in Tariffs (FiT) and Board of Investment (BOI) tax incentives.

## Market Analysis Thailand's energy market is shifting rapidly toward renewables, with a goal of achieving carbon neutrality by 2050. The Energy Regulatory Commission (ERC) has introduced generous Feed-in Tariffs for hybrid projects. Current market demand is driven by the industrial sector's need for RE100 compliance and the national grid's requirement for 'firm' renewable energy sources. The supply of agricultural waste (rice husk, bagasse, and corn cobs) in Central and Northern Thailand provides a stable feedstock for biomass operations. ## Technical Feasibility The project utilizes a 40MWp Solar PV array integrated with a 10MW high-pressure biomass boiler system. A shared Power Conversion System (PCS) and Energy Management System (EMS) will optimize the dispatch of power. This configuration maximizes land use efficiency and reduces the Levelized Cost of Energy (LCOE) compared to standalone biomass plants. ## Capex Summary The total estimated CAPEX is USD 62.5 million. This includes: - Solar PV System (Modules, Inverters, Racking): USD 24M - Biomass Plant (Boiler, Turbine, Fuel Handling): USD 28M - Grid Connection and Substation: USD 5M - Engineering, Procurement, and Construction (EPC) Fees: USD 3.5M - Soft Costs and Permitting: USD 2M ## Revenue Model Revenue is primarily derived from a 20-year Power Purchase Agreement (PPA) with the Provincial Electricity Authority (PEA). Supplemental revenue streams include the sale of International Renewable Energy Certificates (I-RECs) and potential carbon credits under the T-VER scheme. Operation and Maintenance (O&M) costs are estimated at 3% of CAPEX annually. ## Risk Assessment Key risks include feedstock price volatility and seasonal solar variance. Mitigation involves long-term supply contracts with local agricultural cooperatives and the implementation of high-efficiency mono-PERC solar panels to maximize yield during low-irradiance months.