Prime Road Power
Prime Road Power is a Thailand-listed solar developer and operator with ~300 MW contracted across 87 plants in Thailand, Japan, Taiwan, and Cambodia, selling electricity under long-term government FiT PPAs and expanding into BESS and industrial-estate supply.
- Company typePublic
- Founded2012
- HeadquartersBangkok, Thailand
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Prime Road Power does
Prime Road Power Public Company Limited (SET: PRIME) is a Bangkok-headquartered developer, owner, and operator of distributed solar power assets, founded in 2012 and listed on the Stock Exchange of Thailand. The company builds, finances, and operates ground-mounted and rooftop solar farms, then sells the generated electricity under long-tenor Power Purchase Agreements (PPAs) — predominantly 25-year contracts under government FiT/Adder schemes in Thailand, plus newly secured auctions and PPAs in Japan and Taiwan, and a 77 MW project in Cambodia that reached commercial operation in December 2022. Its operating portfolio comprises roughly 87 plants aggregating approximately 300.7 MW of contracted capacity across four Asian markets, supported by 101–250 employees and a stated 1,800 MW capacity target by 2027.
Revenue is generated primarily through PPA-based electricity sales to regulated off-takers, government utilities, industrial estate operators (notably via the Prime Industrial Energy JV with the Industrial Estate Authority of Thailand), and a diversified base of named commercial end-customers such as The Nine Center, S. Khonkaen Foods, Walailak University, and multiple Taiwanese schools. The company is extending its offering beyond pure PV into Battery Energy Storage Systems (BESS) through a partnership with BETA Energy, and is exploring adjacent verticals such as aquacultural solar and carbon credit trading. Reported financial performance shows a peak in 2023 followed by declining revenue and sustained net losses through 2025, prompting a debenture restructuring with bondholders, divestment of an 18 MW subsidiary to GreenYellow for 686 million THB, and subsequent lifting of the SET's Caution-Begin (CB) trading sign.
Prime Road Power firmographics
Firmographics- Name
- Prime Road Power
- Legal name
- Prime Road Power Public Company Limited
- Website
- https://primeroadpower.com
- Company type
- Public
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Prime Road Power is a Thailand-listed solar developer and operator with ~300 MW contracted across 87 plants in Thailand, Japan, Taiwan, and Cambodia, selling electricity under long-term government FiT PPAs and expanding into BESS and industrial-estate supply.
- Ownership category
- akta.pro rank
Prime Road Power industry classification
Industry- Product category
- Solar Power Generation and Renewable Energy Development
- NAICS
- Solar Electric Power Generation (221114)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)
- akta.pro secondary industries
- Utility-Scale Generator PPAs (Project Offtake) (EUAGADAB), Retail & Community PPAs (Community Solar/Shared Renewables) (EUAGADAC), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD)
Keywords
Where Prime Road Power is headquartered
LocationHeadquarters
- HQ city
- Bangkok
- HQ country
- Thailand
- HQ region
- Asia
Offices1 record
Markets served
Prime Road Power business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Solar Power Generation: Revenue from electricity generation through solar power plants operating under long-term PPAs with government agencies, utilities, and agricultural cooperatives. Income is contracted and predictable over 25-year PPA terms.
- Solar Rooftop Installation: Revenue from installation and sale of solar rooftop systems including PAV, ESCO, PRIMEX, and PRR models for commercial and industrial customers under Private PPA arrangements.
- Energy Trading: Trading of energy-related materials, equipment, and technology solutions for energy and environmental sustainability.
- I-REC (International REC): Sale and trading of International Renewable Energy Certificates generated from renewable energy production. In 2023, revenue from I-REC was approximately 2.89 million THB.
- Carbon Credits: Carbon credit registration and trading through Verra certification for Cambodia solar projects, expected revenue of 6-8 million THB annually.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Solar Farm FiT Rate |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels4 records
Prime Road Power product offering
Product offeringCore offering
Prime Road Power is a renewable energy project developer and solar power producer that develops, builds, owns and operates solar power plants across Thailand, Japan, Taiwan and Cambodia. The company sells electricity through long-term Power Purchase Agreements (PPAs) under government Feed-in Tariff (FiT) schemes with provincial electricity authorities and agricultural cooperatives, and through direct Private PPAs with commercial and industrial customers via subsidiary brands (PAV, ESCO, PRIMEX, PRR). Additional offerings include solar rooftop EPC installation, BESS research and development, energy materials and equipment trading, and I-REC and carbon credit registration and trading.
Differentiator
Problem solved
Functional benefit
Brands
- PAV (Prime Alternative Visions): Solar rooftop installation services for private sector
- ESCO
- PRIMEX
- PRR (Prime Road Rooftop)
- PIE (Prime Industrial Energy)
Products and services
- Solar Farm Development (Thailand) Ground-mounted solar power plant development and electricity generation in Thailand under long-term Feed-in Tariff PPAs with government agencies and agricultural cooperatives.
- Solar Farm Development (Taiwan) Solar power generation projects in Taiwan including aquacultural dual-use solar installations under PPAs with Taiwan Power Company (Taipower) and commercial/educational customers.
- National Solar Park Cambodia (77 MW) Largest solar project in Cambodia developed by PRIME with Asian Development Bank advisory support, generating approximately USD 6 million in annual revenue under a long-term PPA structure.
- Solar Rooftop Installation (PAV, ESCO, PRIMEX, PRR) Comprehensive solar rooftop installation services for commercial and industrial customers delivered through subsidiary brands (PAV, ESCO, PRIMEX, PRR) under PPA, ESCO and direct installation business models.
- Battery Energy Storage Systems (BESS) Battery energy storage system research, development and integration pursued through partnership with BETA Energy Solution Co., Ltd. to promote efficient energy storage usage in Thailand.
- Energy Materials and Equipment Trading Trading of energy-related materials, equipment, and technology solutions for energy and environmental sustainability.
- I-REC (International Renewable Energy Certificate) Sales Sale and trading of International Renewable Energy Certificates (I-REC) generated from PRIME's renewable energy production.
- Carbon Credit Registration and Trading (Verra) Carbon credit registration and trading through Verra certification for Cambodia solar projects.
- Industrial Estate Energy Efficiency Services (PIE) Renewable energy and energy efficiency consulting and services for factories in Thai industrial estates through the PIE joint venture with IEAT, enabling factories to achieve green standards and Net Zero targets.
Quantifiable outcome
- 321.54 MW installed capacity as of Q2/2021
- +4 more outcomes
Companies that use Prime Road Power
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles4 records
Prime Road Power technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Prime Road Power partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered major, strategic, minor and core.
- GreenYellow CHSPP PTE. LTD.majorSale of three subsidiaries (Star Solar STS, Smart Solar SMS, Ideal Solar IDS) operating four ground-mounted solar projects totaling 18 MW (BSA-08 5MW, LBL-05 5MW, BSA-01 5MW, LAK-09 3MW) for THB 686 million cash consideration. Transaction proceeds used to repay 30% of debenture principal.
- BETA Energy Solution Co., Ltd.strategicMOU signed for battery energy storage systems (BESS) research and development, technology exchange on renewable energy and BESS applications to promote efficient energy storage usage in Thailand.
- EXIM ThailandminorAttended EXIM Bank 30th anniversary event and donated to Siriraj Foundation for healthcare access for underprivileged patients.
- SME D Bank (ธนาคารพัฒนาวิสาหกิจขนาดกลางและขนาดย่อม)strategicJoint seminar with SME D Bank and ISMED to support hospitals in achieving smart and green energy status with access to financing.
- ISMED (สถาบันพัฒนาวิสาหกิจขนาดกลางและขนาดย่อม)strategicPartnership with ISMED to promote SME adoption of renewable energy and energy efficiency solutions.
- Thailand Greenhouse Gas Management Organization (TGO/อบก.)strategicScience-Based Target initiative partnership to set greenhouse gas emission reduction targets aligned with Net Zero goals for Thailand's industrial sector.
- KWE CorporationcorePartnership for aquacultural solar project in Tainan, Taiwan. KWE supported production and equipment sourcing from Taiwan manufacturers.
- Taiyen Green EnergycorePartnership for aquacultural solar project in Tainan, Taiwan. Partner supported green energy production and aquaculture management.
- Prime Industrial Energy Co., Ltd. (PIE)coreJoint venture with Industrial Estate Authority of Thailand (IEAT) - PRIME 75%, IEAT 25%. PIE provides renewable energy and energy efficiency consulting and services for factories in industrial estates to achieve green standards and Net Zero targets. Registered capital 100 million THB.
- Industrial Estate Authority of Thailand (IEAT/กนอ.)core25% partner in Prime Industrial Energy joint venture to promote energy efficiency in Thai industrial estates.
Scale indicators22 records
Recent moves7 records
Expansion highlights5 records
Prime Road Power competitors and assessment
Company assessmentDirect peers
- SPCG: SPCG is a SET-listed solar power developer operating solar farms in Thailand under government PPA programs. It is directly comparable to PRIME in terms of ground-mounted solar FiT/PPA project development and Thai government offtake exposure.
- Gunkul Engineering: Gunkul Engineering is a Thai-listed renewable energy company developing solar farms and rooftop solar projects domestically and abroad. It is comparable to PRIME for its solar farm development, EPC services, and Thai/regional solar IPP model.
- BCPG: BCPG is a SET-listed renewable energy IPP focused on solar, wind, biomass, and battery storage across Thailand and the Asia Pacific. It is the closest direct peer to PRIME in terms of Thai-listed solar IPP business model, FiT-backed PPA revenue, and regional APAC expansion strategy.
- Energy Absolute (EA): Energy Absolute is a SET-listed Thai renewable energy company with leading solar, wind, biomass, and battery/EV businesses. It is directly comparable to PRIME as a Thai-listed solar developer and IPP pursuing regional Asia Pacific expansion and energy storage.
- B.Grimm Power: B.Grimm Power is a SET-listed Thai power producer with a portfolio that includes renewable energy generation alongside conventional gas-fired IPPs. It is directly comparable to PRIME in its Thai power generation business with growing renewables exposure and government/utility PPAs.
- Super Energy Corporation: Super Energy is a SET-listed Thai renewable energy developer operating solar and wind farms across Thailand, Vietnam, and other Asian markets. It is comparable to PRIME in terms of solar/wind IPP model, multi-country APAC footprint, and government FiT-backed revenue.
Broad incumbents
- Ratch Group: Ratch Group is a major SET-listed Thai power holding company with renewable energy and conventional generation across the region. It is a broad incumbent peer to PRIME in the Thai IPP space, with larger scale and more diversified generation mix but overlapping renewable project development.
- CGN New Energy Holdings: CGN New Energy is a Hong Kong-listed wind and solar IPP with operations across China and Asia. It is a broad incumbent peer to PRIME in regional APAC solar/wind generation under long-term PPAs, though at materially larger scale.
Others
- GreenYellow (acquirer): GreenYellow is a regional energy solutions provider and IPP that acquired PRIME's 18 MW solar portfolio in 2025 for THB 686M. It is an ecosystem/strategic counterparty comparable to PRIME in solar project acquisition and C&I energy efficiency services in Southeast Asia.
Emerging players
- TSE Corporation (TSE): TSE is a Thai-listed renewable energy IPP focused on solar and biomass power projects. It is an emerging player comparable to PRIME in Thai solar farm development under government PPA schemes, though smaller in scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights7 records
Customer concentration
Prime Road Power social profiles
Digital presencePrime Road Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
Prime Road Power leadership team
Management profileNumber of profiles
Profiles7 records
Prime Road Power subsidiaries and ownership
Company hierarchySubsidiaries11 records
Prime Road Power funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Prime Road Power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Prime Road Power
What does Prime Road Power do?
Prime Road Power is a renewable energy project developer and solar power producer that develops, builds, owns and operates solar power plants across Thailand, Japan, Taiwan and Cambodia. The company sells electricity through long-term Power Purchase Agreements (PPAs) under government Feed-in Tariff (FiT) schemes with provincial electricity authorities and agricultural cooperatives, and through direct Private PPAs with commercial and industrial customers via subsidiary brands (PAV, ESCO, PRIMEX, PRR). Additional offerings include solar rooftop EPC installation, BESS research and development, energy materials and equipment trading, and I-REC and carbon credit registration and trading.
Is Prime Road Power a public or private company?
Prime Road Power is a public company. It is classified as public and is currently operating.
When was Prime Road Power founded?
Prime Road Power was founded in 2012. It employs 101 to 250 people.
Where is Prime Road Power based?
Prime Road Power is headquartered in Bangkok, Thailand, in the Asia region.
How does Prime Road Power make money?
Five revenue lines are on record. Solar Power Generation is the primary driver. The others are solar Rooftop Installation, energy Trading, I-REC (International REC) and carbon Credits.
Who are Prime Road Power's main competitors?
Direct peers on record are SPCG, Gunkul Engineering, BCPG, Energy Absolute (EA), B.Grimm Power and Super Energy Corporation. Broad incumbents are Ratch Group and CGN New Energy Holdings. GreenYellow (acquirer) is listed as an others. TSE Corporation (TSE) is listed as an emerging player.
Does Prime Road Power have an API?
No public API is recorded for Prime Road Power.
What industry is Prime Road Power in?
Prime Road Power's product category is Solar Power Generation and Renewable Energy Development. Its primary akta.pro industry code is EUAMABAA, Solar Project Development & IPP (Utility-Scale & Rooftop), with a secondary code of EUAGADAB, Utility-Scale Generator PPAs (Project Offtake). Its NAICS code is 221114 and its SIC code is 4911.