Constant Energy Signs Landmark 12 MWp Solar Power Purchase Agreement with Midea Refrigeration Equipment (Thailand) to Advance Midea Group’s Sustainability Goals

CHONBURI, THAILAND, July 4th, 2024: Constant Energy signs one of its largest corporate Power Purchase Agreements (PPA), a substantial 12-megawatt peak (MWp) solar rooftop project deal, with Midea Refrigeration Equipment (Thailand), a subsidiary of the widely recognized Fortune 500 company, Midea Group. This agreement was made in collaboration with Anhui Midea Hekang Electric Power Engineering.

Midea Group is a global leader in home appliance manufacturing. Headquartered in Southern China, the company employs over 166,000 people across more than 200 countries, including Thailand.

Through this partnership, solar installations at Midea’s factory in Chonburi Province, Thailand, will be completed across three buildings and one car park, adhering to Constant Energy’s international health and safety standards. Midea will enjoy significant economic benefits from reduced electricity costs while also lowering their carbon footprint, with an estimated reduction in carbon emissions of 130,000 tons over the project’s lifespan. With this cooperative effort, Constant Energy is taking an essential step toward supporting Midea Group accomplish their ESG goals.

Cai Yaowu, General Manager of Midea Refrigeration Thailand, commented:

“We are pleased to collaborate on this important project with Constant Energy. Our organization is committed to sustainable practices, and this partnership demonstrates our recognition of the vital relevance of green energy. We are fully confident that this project will succeed, and that the solar installation will positively impact the environment.”

Hu Hongbin, Business Development Manager of Anhui Midea Hekang Electric Power Engineering, commented:

“This project holds great significance for us, marking a very important step forward. We are very happy to have developed and supported this collaboration. We look forward to a long and fruitful partnership.”

Franck Constant, Chief Executive Officer at Constant Energy, commented:

“Midea Group’s household air-conditioning factory in Nansha, Guangzhou, China, has already garnered acclaim as a ‘Lighthouse’ in manufacturing by the World Economic Forum’s Global Lighthouse Network. We are certain that this collaboration will allow the factory in Thailand to follow in these influential footsteps, setting new standards for outstanding achievement and efficiency.”

One of the standout achievements of this agreement is Constant Energy’s successful alignment of the PPA to ensure equivalent advantages for both parties. Recognizing the differences in industrial practices between China and Thailand, Constant Energy has meticulously developed a fair and beneficial agreement, resulting in a win-win situation guaranteeing that all involved parties benefit significantly.

This occasion marks an important milestone for Constant Energy as they celebrate one of the biggest corporate Power Purchase Agreements with a commercial and industrial off taker client. This result also highlights their expanding number of Chinese clients demonstrating that cultural and linguistic differences are not impediments to cooperation within Constant Energy. Looking forward, Constant Energy aims to create a positive impact throughout Midea’s supply chain.

Constant Energy and Midea Refrigeration Equipment (Thailand) representatives at the PPA signing ceremony held at the Midea Refrigeration Equipment (Thailand) Head Office.

[About Midea Refrigeration Equipment (Thailand)]

Midea RAC Factory in Thailand is a fully owned intelligent HVAC manufacturing base. It is located in Chonburi Province, which is part of the Eastern Economic Corridor (EEC) in Thailand. This factory is situated 36 km away from Laem Chabang Port, the largest deep-water port in Thailand, and 80 km away from Bangkok. It covers an area of 208,000 ㎡ and has an investment of over 1 B RMB. The overall plan for this factory is to achieve an annual production capacity of 4 million units, which will be implemented in three phases. The first phase, consisting of 1.5 million units, has already been completed. Once the total 4 million unit capacity is achieved, this factory will become the largest HVAC production base in Thailand and Southeast Asia. This factory is positioned in the ASEAN market while radiating globally, aiming to create an overseas leading intelligent manufacturing benchmark factory and contribute to Midea Global Impact Strategy.

[About Midea Group]

Midea is one of over 10 brands within the home appliance business of Midea Group – a leading global high-technology company ranked #278 at 2023’s Global Fortune 500. Over the past five years, nearly 60 billion yuan has been invested in R&D, with 33 R&D centers and 40 major production bases in the world. As of 2023, Midea’s total revenue reached 373.7 billion yuan, a 8.10% increase over the last year; the net profit was 29.6 billion yuan, a 14.10% increase over the last year. Over the past 6 years, the accumulated tax payment has reached 105.9 billion yuan, showing continuous positive growth.

 [About Anhui Midea Hekang Electric Power Engineering]

Hekang was founded in 2003 and listed on the Shenzhen Stock Exchange in 2010 with the stock code “300048”. Focusing on the three main businesses of household energy storage and photovoltaic inverters, distributed photovoltaic EPCs, and medium and low voltage VFDs, Hekang has continued to promote independent innovation for many years and is committed to becoming the world’s leading product provider in the field of new energy and energy-saving industrial control.

[About Constant Energy]

Constant Energy is a solar project developer and renewable electricity generation and storage investment platform which invests and manages high-quality power assets in selected countries. Since 1995, Constant Energy management has specialized in the development, non-recourse financing, design, construction, and asset management of private power projects. In 2009, the management co-founded Sonnedix in France, which has become one of the largest solar IPP operating in nine countries. In 2017, the company was successfully sold with 350 MW of operating assets to a fund advised by JP Morgan Asset Management. On ESG performance, Constant Energy is rated with 5 stars by the GRESB Sector Leader Awards Program and rated Gold by Ecovadis.   

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