Aisin Group and Constant Energy Execute a Corporate PPA to Expand Its Current Solar Rooftop Operations to 3.7mw

On November 11th, 2021, Constant Energy and Shizen Energy Inc. (“Shizen Energy”) executed a long-term Solar Power Purchase Agreement with Aisin Thai Automotive Casting Co., Ltd, (“ATAC”) to expand its existing 1MW solar rooftop to a total of 3.7MW. ATAC is a joint venture between AISIN CORPORATION (Japan) and Toyota Tsusho (Thailand) Co., Ltd. This solar rooftop project is located in Kabinburi’s Industrial Zone, in Prachinburi province.

Since the contract signing one year ago, the first 1MW plant has provided clean, cost-competitive renewable energy and enabled ATAC to both reduce their average electricity cost and lower their carbon emissions and carbon footprint. This new expansion will build on this success and multiply its benefits.

Both the initial project and the current expansion have been financed with debt from a THB 1.5 billion (approx. US$50 million) project finance green loan facility, one of the largest in Thailand to date for commercial and industrial (C&I) solar power plants, provided by TMB Thanachart Bank PCL.

Franck Constant, CEO & Founder of Constant Energy commented: “We have been pleased and honored to have established a long-term partnership with a premier industrial house such as Aisin Thai Automotive Casting and to have developed their first solar panel rooftop project in Thailand. Today’s expansion of the project shows the success of the first stage and underlines ATAC’s commitment to a cleaner future. “We look forward to supporting a combined reduction in electricity costs and CO2 emissions from greenhouse gases through this solar power plant.”

Michiaki Okuda, Managing Director at Aisin Thai Automotive Casting commented: “We are delighted to expand our existing solar rooftop operations from 1 to 3.7 MW and continue our successful partnership with Constant Energy/ Shizen Energy.  This development supports our goals of accelerating the installation of renewable energy globally. We are looking forward to build on this platform and expand the use of solar energy to other factories within Aisin Group in the future.”

Rei Ushikubo, Country Manager at Shizen Energy added: “We are very pleased to execute a contract with Aisin Thai Automotive Casting. Despite Covid restrictions, we have worked very closely together as a team over the last year to successful construct the first 1MW project and plan the current expansion. We are committed to our long-term relationship with ATAC and delighted that it has led to this second project. We hope to contribute to the Aisin Group’s “Low-Carbon society” by reaching common environmental targets stated within the Policy Framework Phase from the RE-TRANSITION reports.”