Absolute Clean Energy Public Company Limited
October 2019
Brief Company Information
2
This presentation is for information purposes only and does not constitute or form whole or part of any offer, invitation or solicitation by or on behalf of the Company for sale or
subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form the basis of or
be relied on in connection with any contract, commitment or investment decision in relation thereto (“Securities”) in Thailand, the United States or any other jurisdictions. Any
recipient considering a purchase of Securities is hereby reminded that any such purchase should be made solely on the basis of the information contained in a final offering
document (which may be different from the information contained in this presentation ) and subject to the selling restrictions set out therein. No public offering of the Securities will
be made in the United States or in any other jurisdiction outside of Thailand where such an offering is restricted or prohibi ted. This presentation should not be construed as legal,
tax, investment or other advice. The information contained herein does not take into consideration the investment objectives, financial situation or particular needs of any particular
investor, and should not be treated as giving investment advice.
In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of the
Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views with respect to future events and
financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and
contingencies as well as various risks which are in many cases beyond the control of the Company, and which may change over t ime and may cause actual events and the
Company's future results to be materially different than expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be
achieved, or that the Company's assumptions are correct. Such forward‐looking statements are not guarantees of future performance and accordingly, the actual results, financial
condition, performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned
not to place undue reliance on these forward looking statements.
In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to correct any inaccuracies herein which may
become apparent.
Disclaimer
3
Company Core Competitive Advantages
Financial Highlights
Company OverviewI
IV
III
Table of Contents
Industry Overview and Growth Potential II
Key TakeawaysV
Company Overview
5
Who is ACE?Company Overview
“To be the world practical model of Clean energy powerplant, which is responsible for
environment, society, and shareholders”
“เปนโรงไฟฟาพลงงานสะอาดตนแบบของโลกทมความรบผดชอบตอสงแวดลอม สงคม และผถอหน”
Thailand’s Current Largest “Professional-Run” Biomass Power Producer
40 Years Strong foundation in Integrated Agricultural Industry
Thailand’s Leading Renewable Power Producer
The Green & Clean Energy Leader
6
ACE at a Glance
Innovative
Private
Power
Producer
for
Absolute
Clean
Energy
Abundant biomass feedstock
support from community surrounding
the power plants
Strong foundation
of Major Shareholder in
Integrated Agricultural
Industry
Ongoing Improvement with
Innovative Technology
Innovative Technology and
Experienced R&D Team
Company Overview
7
Company Overview
ACE at a Glance
Innovative
Private
Power
Producer
for
Absolute
Clean
Energy
Co-generation (1+0)
114.35 MW
Solar (2+4)
5.02 MW
MSW (1+1)
11.0 MW
Biomass (9+14+1)/1
291.0 MW/132+1 Power Plants/1
(13 in Operations)
411.47+9.9 MW/1
Expected Installed Capacity
1 GW (Gross)
+36% MW CAGR/2
Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
/2 Compound Annual Growth Rate in term of MW from 2019-2024
8
Company Overview
ACE’s Biomass Powerplant (9+14+1, 291 MW)/1,/2
ACP1 Ban Bueng
ACP2 Ponthong
ACP3 Bo Ploy ABA1 Thern
ALCP1 Sri Chiang Mai
ALCP2 Sirinthorn
AAPP2 Chokchai
AAPP1 Tanee
AAP1 Nam Pong
Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
/2 Capacity MW
9
Company Overview
ACE’s MSW Powerplant (1+1, 11MW)/1
MSW Khon Kaen
Remark: /1 Capacity MW
10
Company Overview
ACE’s Co-generation Powerplant (1+0, 114.35 MW)/1
AAA ChachoengsaoRemark: /1 Capacity MW
11
Company Overview
ACE’s Solar Powerplant (2+4, 5.02 MW)/1
Remark: /1 Capacity MW
12 Strictly Private & Confidential
Company Overview
Source: ERC, company website/annual report
Remark: /1 Average capacity of all powerplant type of ACE
/2 Feedstock burn capacity for biomass powerplant
Innovative
Private
Power
Producer
for
Absolute
Clean
Energy
ACE at a Glance
Feedstock Burn CapabilityACE: Up to 65% moisture
content/2 of mixed
fuel
Others: Up to 40%
Largest Portion Bidding Winner in
the SPP Hybrid Firm Bidding
Unit : MW
>90% Capacity Factor/1
Biomass: 97% > Listed Peer : 96%
MSW: 95% > Listed Peer : 72%
Cogeneration: 82% > Listed Peers: 81%
196
76
13
85.2
209.5 210.5 212.2214.47
421.37 421.37
1,000
2016 2017 2018 2019 2020 2021 2022 2024
421.37
“To be the world practical model of Clean energy powerplant, which is responsible for environment, society, and shareholders”
1979/1 (40 years
ago): Shaiyo Triple
A Group
Board of directors
have experienced to
lead rice, corns,
cassavas and
woodchips producer
and exporter, has
expertise in
agriculture industry
and R&D in the fast
growing tree and
intrigued in exploring
the energy sector.
2016:
First COD of VSPP
“ALCP” MSW Power
Plant
2015:
Established
Absolute Clean
Energy (ACE) as a
Holding Company
with initial paid-up
capital of THB 0.5
mm.
2017:
First COD of SPP
“AAA” Cogeneration
Power Plant
2017:
Won and secured 4
SPP Hybrid Bidding
of total 93 capacity
MW
2018:
First COD of VSPP
Solar Rooftop
2012:
First COD of VSPP
“ACP1” Biomass
Power Plant
2024:
Expected to secure
an installed capacity
of 1,000 PPA MW
and becomes
Thailand’s largest
biomass power
producer
2022:
Estimated to
COD all
projects/2
(421.37 MW)/3
Unit: MW
ACE’s Key Development MilestonesCompany Overview
Remark : /1 http://www.saaa.co.th/SAA_ENG/home.php
/2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s
construction period is approx. 2 years
/3 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
ACE’s Total Capacity MW/3 over time
Strictly Private & Confidential14
ACE Business Portfolio in Thailand
Power Type
Biomass Co-generation MSW Solar
ACE’s Holding
Stake in Projects100.0% 100.0% 100.0% 100.0% 100.0%
Existing + Pipeline
Projects9+14+1/1 1+0 1+1 2+4
Capacity MW
(Total Capacity
MW)
PPA MW to
Government & IU
(Total PPA MW)
89.1
201.9
114.351.73
3.296.0
5.0
Remark: /1 Including APP’s capacity MW of 9.9. Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
/2 Electricity Sale Agreement (ESA) with IU
Total: 291.0/1 Total: 114.35 Total: 11.0
Total: 5.02/2
72
164.3190 4.54.4
Total: 236.31/1 Total: 90 Total: 8.9
Total: 5.02
Existing Under Development + Pending for Development
Overview of ACE’s PortfolioCompany Overview
/1
/1
1.73
3.29
COD: 211.18
Pipeline: 210.19
Total: 421.37
COD: 13
Pipeline: 20/1
Total: 33/1
COD: 168.23
Pipeline: 172.00
Total: 340.23
15
Assets OverviewType
Installed/ Equity
MWPPA MW Location
COD / SCOD
DateStatus
Existing
Projects
(13 Projects)
1 VSPP - Biomass 9.9 8.0 Chonburi 24/04/2012
COD
2 VSPP - Biomass 9.9 8.0 Khonkaen 02/05/2012
3 VSPP – Biomass 9.9 8.0 Surin 30/10/2012
4 VSPP – Biomass 9.9 8.0 Nakhon Ratchasima 16/01/2013
5 VSPP – Biomass 9.9 8.0 Roi-et 04/06/2013
6 VSPP – Biomass 9.9 8.0 Nongkhai 26/12/2013
7 VSPP – Biomass 9.9 8.0 Lampang 09/07/2014
8 VSPP – Biomass 9.9 8.0 Ubonratchathani 14/08/2015
9 VSPP – MSW 6.0 4.5 Khonkaen 29/11/2016
10 SPP - Cogen 114.35 90.0 Chachoengsao 10/02/2017
11 VSPP – Biomass 9.9 8.0 Kanchanaburi 16/08/2017
12 VSPP – Solar Rooftop 1.0 Chonburi 20/11/2018
13 VSPP – Solar Rooftop 0.73 Nakhon Ratchasima 22/02/2019
Under
Development
and
pending for
development
(20 projects)
4 SPP – Hybrids 93.0 76.31 2021 EIA process
15 VSPP – MSW 5.0 4.4 Krabi 2021 Under Construction
16 1 Solar Rooftop 1.0 Chonburi 2019
Quality
assessment /under
construction
17 VSPP – Biomass 9.9 8.0 Kampangphet Within 2022
Under negotiation
SCOD/2
18 VSPP – Biomass 9.9 8.0 Kampangphet Within 2022
19 VSPP – Biomass 9.9 8.0 Supanburi Within 2022
20 VSPP - Biomass 9.9 8.0 Nakornpathom Within 2022
21 VSPP - Biomass 9.9 8.0 Nakhon Ratchasima Within 2022
22 VSPP - Biomass 9.9 8.0 Chonburi Within 2022
23 VSPP - Biomass 9.9 8.0 Amnatcharoen Within 2022
24 VSPP - Biomass 9.9 8.0 Lopburi Within 2022
25 VSPP - Biomass 9.9 8.0 Pracheenburi Within 2022
26 VSPP – Biomass 9.9 8.0 Srisaket Within 2022
Under
consideration of
Administrative
Court
27 VSPP – Biomass/1 9.9 8.0 Chonburi Within 2022Under negotiation
SCOD/2
28 1 Solar Rooftop 0.83 Samut Sakhon 2020 Under construction
29 1 Solar farm 0.77 Nakhon Ratchasima 2020 Under construction
30 1 Solar farm 0.69 Nakhon Ratchasima 2020 Under construction
Total Projects 421.37 335.21
Surin:
• No. 3
Khonkaen:
• No. 2 and 9
Roi-et:
• No. 5
Nongkhai:
• No. 6
Lampang:
• No. 7
Ubonratchathani:
• No. 8
Chachoengsao:
• No. 10
Kanchanaburi:
• No. 11
Kampangphet:
• No. 17, 18
• SPP – Hybrid
Srisaket:
• No. 26
Supanburi:
• No. 19
Nakornpathom:
• No. 20
Amnatcharoen:
• No. 23
Lopburi:
• No. 24
Krabi:
• No. 15
Pracheenburi:
• No. 25
Ranong:
• SPP - Biomass
Operating projects
Under development projects and
Pending for development projects
Nakhon Si Thammarat:
• 2 SPP - Biomass
1
2
COD Biomass
SCOD Biomass
COD Cogeneration
COD MSW
SCOD MSW
SCOD 4 SPP-Hybrid
Solar
Well-Balanced Portfolio with Diversified Locations
Source: Company information as of 28 August 2019
Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE /2 Estimated timeline: Currently, Arbitration result states that PEA has to return PPA to ACE and with the assumption that normally power project’s construction period is approx. 2 years
Company Overview
Chonburi:
• No. 1, 12, 16,22, 27
Samut Sakhon:
• No.28
Nakhon Ratchasima:
• No. 4, 13 ,21,29 and 30
16
COD
Under Development +Pending for Development
Asia Clean Energy (“ASCE”)
(Holding Company)
100%
(Holding Company)
ACE’s Group Structure
Remark: /1 Including APP’s capacity MW of 9.9, Currently, APP’s shareholders sent LOI for APP share purchase proposal to ACE
Company Overview
100%100% 100% 100% 100% 100%
Advance
Farm Tree
(“AFT”)
1 VSPP
(9.9 MW)
AFT 1
Advance Asia
Power Plant
(“AAP”)
1 VSPP
(9.9 MW)
AAP 1
(May 12)
Advance Bio
Asia
(“ABA”)
1 VSPP
(9.9 MW)
ABA1
(Jul 14)
100%
Advance
Agro Asia
(“AAA”)
1 SPP
(114.35 MW)
AAA 1
(Feb 17)
Advance
Agro Power
Plant
(“AAPP”)
3 VSPP
(29.7 MW)
AAPP 1
(Oct 12)
AAPP 2
(Jan 13)
AAPP 3
Advance
Clean Power
(“ACP”)
7 VSPP
(69.3 MW)
ACP 1
(Apr 12)
ACP 2
(Jun 13)
ACP 3
(Aug 17)
ACP 4
ACP 5
ACP 6
ACP 7
Operating Company
Operating Assets
100% 100%
Alliance
Clean Power
(“ALCP”)
4 VSPP + 2 MSW
(50.6 MW)
ALCP 1
(Dec 13)
ALCP 2
(Aug 15)
ALCP 3
(Nov 16)
ALCP 4
ALCP 5
ALCP 6
ACE Solar
(“ACE Solar”)
2 SPP + 6 VSPP
(53.02 MW)
Rooftop 1
(Nov 18)
Rooftop 2
(Feb 19)
BPP 1
Bio
Powerplant
(“BPP”)
2 SPP +1 VSPP
(54.9 MW)
BPP 2
BPP 3
Prasatporn
Rungrueng
(“PSPR”)
PSPR 1
1 VSPP
(9.9 MW)
100% 100%
ACE
SOLAR 1
ACE
SOLAR 2
Rooftop 1 expansion
Power
Supply and
Maintenance
Service
(“PSMS”)
Advance
Power Plant
(“APP”)/1
APP 1
1 VSPP
(9.9 MW)
100%
Rooftop 2 expansion
Farm 1 expansion
Farm 1 expansion
17
PRANAI SUWANRATH,
Independent DirectorChairman of the Board of Directors
• Current: The Thai Red Cross- Director
• Ex-Chairman of the BOD, MEA
• Ex-Permanent secretary of the Ministry of Interior
CHAROON INTACHAN,
Independent Director• Current: Office of the Council of State- Council
Committee
• Ex-President of the Constitutional Court
• Ex-Secretariat of the House of
Representatives- Constitution Drafting
Committee
• Ex-Justice of The Supreme Court
• Ex-Justice of The Supreme Administration
Court
NUEKRAK BAINGERN,
Independent DirectorAudit Committee, Nomination &
Remuneration Committee
• Current: Advance Life Assurance-
Chairman of the Audit Committee
• Experience: CIMBT- Executive Vice
President- Operation
TEERAWUT SONGMETTA,
Executive DirectorChief Technology & Innovation Officer
• Current: Songmetta Corporation-
Director
• Experience: Advance Agro Asia-
Director
CHONTICHA CHITRARPORN,
Independent DirectorChairman of Audit Committee
• Current: Advance Life Assurance-
Independent Director / Chairman of the Risk
Management Committee
• Current: Dhanarak Asset Development –
Risk Management Committee
JIRATHA SONGMETTA,
DirectorChairman of Executive Committee,
Nomination & Remuneration Committee
• Experience: Double A (1991) – Director• Experience: Thai Power Supply - Director
• Experience: 304 Industrial Park - Director
PORNMETT SONGMETTA,Executive DirectorChief Operation Officer
• Current: Songmetta Corporation-Director
• Experience: Asia Clean Industrial Park –
Director
PATCHANEE SUTHEEVITANUNT,
Independent DirectorAudit Committee, Chairman of Nomination &
Remuneration Committee
• Current: Advance Life Assurance – Audit
Committee
• Experience: Government Pension Fund- Assistant
Secretary General
TANAVIJIT ANKAPIPATCHAI,
DirectorCFO, Management Committee
• Current: Inter Care & Service- Director
• Experience: Shaiyo AA- Executive Director
• Experience: Advance Agro Asia- Co-CEO
TANACHAI BUNDITVORAPOOM,
DirectorCEO, Management Committee
• Current: Synergetic Auto Performance-
Director/the Nomination and Remuneration
Committee
• Experience: TISCO Securities- First Senior Vice
President- Head of Investment Banking
ACE’s Board of DirectorsCompany Overview
18
ACE’s Strategy, Core Value & CompetencyCompany Overview
ACE’s Core Competency
Research &
Development
Innovation for
production
Sustainable
growth
Efficiency
Improvement
ACE’s Strategy
Development for Stakeholders
Systemetic
Management
Managerial
Potential
Development
Production
Innovation
for Efficiency
Long Term
Feedstock
Development
Plan
Profitability
with CSR
Sustainability
ACE’s Corporate Culture
Wisdom
Empower
Synergy
Honest
Adaptability
Enterpreneur
Result
Oriented
Social
Responsibility
ACE’s
Sustainable
Growth
ACE’s Core Value Operation
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