What CapSolar Co., Ltd. does

CapSolar Co., Ltd. is a Bangkok-headquartered solar energy company that provides engineering, procurement, and construction (EPC) services and private Power Purchase Agreement (PPA) structures to factories, commercial buildings, and government entities across Thailand. The company designs and deploys rooftop, ground-mount, and floating (floatovoltaic) photovoltaic systems, with cumulative installed capacity exceeding 80 MWp across 150+ projects for 100+ customers and reported emissions reductions of more than 85,000 tons of CO2. Its operations span Thai automotive parts manufacturing, electronics assembly, industrial estate tenants, and public-sector facilities, with named customers including Skyworth, Aisin, UD Trucks, and Toyota suppliers operating in Bangkok Industrial Park and Chonburi Factory Complex.

The company's technical stack is anchored on Tier-1 solar hardware and integrates Huawei FusionSolar inverters and a platform layer that delivers AI-enabled predictive analytics, anomaly detection, and thermal imaging for monitoring installed assets. CapSolar layers its own operations and maintenance (O&M) service on top of this platform, generating recurring monitoring revenue in addition to one-time EPC project revenue. Pricing is structured by system size, ranging from approximately THB 2–2.5 million for 100 kW rooftop systems to THB 70 million or more for 5 MW ground-mount deployments, with PPA pricing providing a per-kWh electricity tariff structure for zero-capex customers.

Commercially, CapSolar monetizes through two parallel channels: capital-funded EPC contracts where the customer owns the asset, and CapSolar- or third-party-owned PPAs where the company finances, owns, and operates the array and sells electricity back to the customer under long-term agreement. This dual model expands the addressable buyer pool across credit profiles and aligns the company with Thailand's Very Small Power Producer (VSPP) and Small Power Producer (SPP) regulatory regimes, BOI promotion schemes, and the PEA/MEA grid interconnection frameworks. Go-to-market is direct enterprise sales into industrial estates, supplemented by the recently launched Solar for Factories Hub lead-generation platform.

Name

CapSolar Co., Ltd.

Legal name

CapSolar Co., Ltd.

Website

https://capsolar.co.th

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

CapSolar is a Thailand-based solar EPC and private PPA provider serving factories, commercial buildings, and government entities with rooftop, ground-mount, and floating solar systems, having deployed 80+ MWp across 150+ projects for 100+ customers.

Ownership category

akta.pro rank

Product category

Commercial & Industrial Solar Installation Services

NAICS

Solar Electric Power Generation (221114)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

akta.pro secondary industries

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), Overhead & Underground Collection System Construction (MV/HV Lines, Duct Banks) (EUAEADAG)

Keywords

• Solar EPC services
• Solar PPA solutions
• Floating solar systems
• Solar O&M services
• Factory solar installation

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. EPC (Engineering, Procurement, Construction): Full-service solar installation where customers own the system. CapSolar designs, procures equipment, constructs, and commissions the system. Customer owns assets and benefits from electricity savings post payback period (4-6 years for 100 kWp systems). Revenue from upfront system installation fees. Pricing THB 14-25 per watt depending on system size (1MWp ranges THB 16-35M).
2. Private PPA (Power Purchase Agreement): CapSolar owns and maintains the solar system. Customer pays for electricity generated at a discounted rate (10-30% below PEA/MEA tariffs) without upfront investment. Contract terms typically 15-25 years. Customer gets immediate electricity savings with zero capital expenditure.
3. O&M (Operations & Maintenance) Services: Ongoing maintenance contracts for solar systems. Pricing THB 300-800 per kWp per year depending on service level (Basic/Standard/Comprehensive/Full-wrap). Includes panel cleaning, monitoring, preventive maintenance, and performance guarantees.
4. Carbon Credit Revenue (T-VER): T-VER (Thailand Voluntary Emission Reduction) carbon credits generated from solar installations. 1 MWp produces approximately 650-750 tCO2/year. Current market prices THB 150-300 per tCO2e. Additional revenue stream stacking with BOI incentives and CBAM cost avoidance.
5. I-REC (International Renewable Energy Certificate): International RECs issued through EGAT for renewable energy generation. Pricing approximately THB 17.5-28 per MWh ($0.50-0.80 USD/MWh). Used for RE100 compliance and Scope 2 market-based reporting by multinational customers.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

CapSolar designs, procures, installs and commissions rooftop and floating solar PV systems for factories, commercial buildings and government facilities in Thailand under two models: turnkey EPC (customer owns the system, THB 14-25/W pricing, 4-6 year payback) and zero-capex Private PPA (CapSolar owns and operates the system, customer buys electricity at 10-30% discount over 15-25 year contracts). The company also delivers ongoing O&M (THB 300-800/kWp/year) plus BOI incentive consulting, I-REC/T-VER carbon credit registration, and CBAM compliance documentation.

Product overview

CapSolar Co., Ltd. is a Thai solar energy company providing two primary service models — Private PPA (no upfront investment, CapSolar owns and maintains the system) and EPC (customer-owned full turnkey installation). The portfolio spans rooftop solar for factories (80+ MWp installed across 150+ projects), floating solar for factory ponds, and solar carport systems. Add-on services include monitoring and O&M, BOI incentive consultation, and I-REC registration. All offerings are designed for industrial and commercial customers in Thailand, targeting 20-40% electricity bill reduction through self-consumption optimization and TOU/Demand Charge management.

Differentiator

Problem solved

Functional benefit

Products and services

• Private PPA (Solar Rooftop) Power Purchase Agreement model where CapSolar finances, owns, installs and maintains the rooftop solar system on the customer's facility; the customer purchases electricity at a 10-30% discount from PEA/MEA tariffs under a 15-25 year contract with zero upfront investment. Designed for Thai factories, commercial buildings and government facilities that want immediate electricity savings without capex.
• EPC (Engineering, Procurement, Construction) Full turnkey EPC service in which the customer owns the solar PV system outright; CapSolar delivers site survey, system design, equipment procurement, installation and grid interconnection. EPC pricing ranges THB 14-25/W across system sizes from <1 MWp to 5 MWp+, with 4-6 year payback on 100 kWp systems and BOI tax-incentive stacking eligibility.
• Solar Rooftop Installation (Factory) Rooftop solar PV installation service for industrial and commercial buildings. 80+ MWp installed across 150+ projects nationwide, supporting BOI Category 7.1 incentives, 70-95% self-consumption optimization, and TOU/demand charge reduction.
• Floating Solar (Floatovoltaic) Floating photovoltaic systems installed on factory cooling ponds, fire water reservoirs, wastewater treatment ponds and retention basins, sized from 50 kWp to 5 MWp. HDPE pontoon-based with mooring systems; produces 8-10% higher yield than rooftop due to water-cooling effect and reduces water evaporation by 50-70%. Priced THB 23-30M/MWp with 6-8 year payback.
• Solar Monitoring & O&M (Operations & Maintenance) Comprehensive monitoring and maintenance service for installed solar systems including IEC 61724-compliant remote monitoring, performance ratio (PR) tracking, PID and hotspot detection, thermal imaging, panel cleaning, preventive and corrective maintenance. Priced THB 300-800/kWp/year across Basic, Standard, Comprehensive and Full-wrap tiers for 100 kW to 5 MW+ systems.
• I-REC (International Renewable Energy Certificate) International REC registration and management service through EGAT for renewable energy generated by installed solar systems, enabling RE100 compliance and Scope 2 market-based reporting. I-RECs are priced approximately USD 0.50-0.80/MWh (THB 17.5-28/MWh); 347+ devices registered with EGAT as of end 2024.
• BOI Solar Incentive Consultation Consulting service for Thailand Board of Investment (BOI) Category 7.1 applications for solar installations, covering 8-year corporate income tax exemption, import duty exemption on machinery, and EEC zone additional 50% corporate tax exemption on exempted income.

Quantifiable outcome

• 20-40% electricity bill reduction for factories
• +11 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature4 records

Partnerships

One partnership is on record.

• Skyworth GroupmajorStrategic or Co-development PartnerMOU signed for 100 MW of solar projects across Skyworth Group's manufacturing facilities in Thailand. Skyworth is a major electronics and appliance manufacturer with production facilities in Thailand requiring solar solutions for energy cost reduction and ESG compliance.

Scale indicators9 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Energy Absolute Public Company: Large Thai renewable energy developer with utility-scale solar farms and battery storage. Comparable as a domestic Thai solar IPP/PPA competitor, though operating at significantly larger scale and broader scope than CapSolar.
• First Solar: US-based thin-film PV manufacturer and large-scale solar project developer with global EPC operations. Comparable as a utility-scale and C&I solar EPC provider, but with proprietary thin-film technology and much larger scale than CapSolar.
• TotalEnergies ENEOS (Thailand): Global energy major operating commercial and industrial solar PPA businesses across Southeast Asia including Thailand. Comparable as an institutional competitor offering zero-CapEx solar PPA solutions to Thai factories, with deeper balance sheet and project finance access than CapSolar.
• SunPower Corporation: US-headquartered solar company offering rooftop and C&I solar EPC plus PPA financing models. Comparable business model architecture (EPC + lease/PPA) for commercial and industrial customers, though operating primarily in North America.
• Gulf Energy Development: One of Thailand's largest independent power producers with growing renewable energy portfolio including solar. Overlaps with CapSolar in the industrial PPA space but at utility-scale, serving as a benchmark for large-scale Thai energy competition.

Emerging players

• Adani Solar: Indian solar EPC and module manufacturer serving emerging-market industrial and utility customers. Comparable in providing integrated solar EPC for industrial facilities in price-sensitive emerging markets, with similar reliance on cost-competitive third-party Tier-1 components.

Others

• Sungrow Power Supply: China-based inverter and solar-plus-storage solutions provider with Thailand operations. Listed as OTHERS because Sungrow is a key component supplier to CapSolar and to competing Thai EPCs, providing a useful reference point for inverter-led competitive pressure on CapSolar's installed base.

Direct peers

• BCPG Public Company: Thai renewable energy developer (Bangchak Petroleum affiliate) operating solar, wind and biomass assets with PPA-style revenue models. Comparable as a Thai-based solar power producer and PPA operator serving industrial and utility offtakers.
• SCG Cleanergy: Renewable energy arm of Thailand's SCG Group providing rooftop and utility-scale solar EPC plus PPA solutions to Thai industrial customers. Closest direct competitor to CapSolar in the Thai factory solar segment, with overlapping customer base and dual EPC/PPA model.

Regional players

• Mitr Phol Solar: Solar arm of Thailand's largest sugar miller operating captive and third-party industrial solar projects including floating PV on mill ponds. Highly comparable in industrial-segment focus and floating solar capability, though historically captive.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/61558768115489
• LinkedInlinkedin.com/in/capsolar-thailand

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CapSolar Co., Ltd.