Floating solar markets in asean

Markets in
WHITE PAPER
ASEAN
Floating
Solar
Philippines
Vietnam
Thailand

Content
Generation from the Sunshine on Water Surface
Floating Solar in ASEAN
2
Background
Concept
Market Opportunities
Overview
The Philippines
Vietnam
Thailand
P3
P4-P5
P6
P6-P7
P8-P12
P13-P14
P15-P16
P17
P17-P19
P20-P23
P24-P27
P28-P30
P31-P33
Contact details - Leader Associates team
1. Introduction
2. Floating Solar System
2.1
2.2
2.3
3. Current Global Floating Solar Status
4. Floating Solar in ASEAN
4.1
4.2
4.3
4.4
5. Sources

3
Contact details - Leader Associates team
research@leader-associates.com
Jane Li
Research Analyst
jay@leader-associates.cn
Jay Hsu
Project Producer
+ 86 136 8185 8356
+ 86 186 0171 2917

Floating solar refers to an emerging technology where solar panels are mounted
on floating structures and placed on natural or man-made water bodies [2]. The
electricity generated from this particular system will be transmitted to electrical
equipment on shore through cables.
Compared to the traditional ground PV station, floating solar system owns the
features like scaling up generation capacity especially in some countries with high
population density and land constraints, improvement in energy yield due to the
cooling effects of water and the decreased impact of dust, reduced evaporation
from water bodies, decreased algae growth, elimination of the shade influence
from surroundings and so on.
4
1. Introduction

5
Since the first floating solar plant was built in 2007 in Aichi, Japan, this young
technology has experienced rapid development throughout the world such as
China, Japan, Korea, the U.S., Europe, ASEAN, etc., from tested small scale to
large scale of even hundreds of megawatts. The largest one till now is the 150MW
floating PV plant on a flooded mining site in Anhui Province, China, which is par-
tially connected into grid and expected to be the largest online project once com-
missioned [4][5]. Furthermore, countries in Southeast Asia, like Philippines and
Thailand, are a planning up to 1GW floating solar projects which are going to be
placed in lakes, dams, reservoirs and the sea [1].
In this report, the general concept of floating solar photovoltaic system is dis-
cussed first, as well as its advantages compared to land-based PV systems, and
its market opportunities. Then, a global status of this technology is given com-
bined with the cases separately from China, Japan and the U.S. A further empha-
sis is put on the particular floating solar market in ASEAN, especially in Philip-
pines, Vietnam and Thailand, showing relevant policies and existing or planned
projects.

6
2. Floating Solar System
Figure 1. Floating System at Winery
via Far Niente [7]
Floating solar system is an emerging technology which first occurred in 2007 with
PV panels mounted on floating equipment on water bodies. Generally, this very
technology provides new opportunities of the utilization of water surface area
instead of the occupation of land, especially for countries with high population
density and limited available land.
Floating solar PV has experienced a rapid development since the first floating PV
system was built in 2007 in Aichi, Japan. During the period from 2007 to 2013,
several tested small-scaled systems was constructed in Japan, France, Italy, the
Republic of Korea, Spain and the United States for research and demonstration
purposes [3]. The first commercial installation was a 175kWp system at the Far
Niente Winery in California to avoid occupying the land better used for growing
grapes (as Figure 1 shown). In addition, in 2011 in the United Kingdom, a designer
named Phil Pauley pioneered a floating solar system which was quite different
from how the floating PV looks today, with floating dome-shaped solar cells
linked together in web-like patterns (as Figure 2 shown) [6].
2.1. Background

7
Figure 2. Phil Pauley’ dome-shaped
floating solar system in 2011 [6]
Medium-to-large scale floating installation began to emerge in 2013, as World
Bank saying in its report [3]. After an initial wave of deployment concentrated in
Japan, Korea, and the United States, the very technology application spread to
China, Australia, Brazil, Canada, France, India, Southeast Asia, Israel, islands like
Maldives and Sri lanka, the United Kingdom and so on. In June 2013 in Japan, a
1.18MW floating solar project was commissioned on a reservoir with undrinkable
water (as Figure 3 shown), which was developed by a French company, Ciel &
Terre, who has been developing several PV and floating PV systems around the
world [7]. This project is discussed in details in Section 3.
Recently, plants with capacity of tens and hundreds of megawatts have been de-
veloped and constructed alongside with many countries pursuing the largest
floating PV status. According to World Bank, China currently accounts for most
of the more than 1.1GW of floating solar capacity now installed, and India an-
nounced a 10GW floating solar plan recently [1] [3]. In ASEAN, Philippines issued
a 1GW floating solar plan on Laguna de Bay by LLDA [8], and Thailand will also
submit a proposal of 1GW capacity of floating solar in its eight hydropower plants
nationwide, according to Reuters [1] [2].
As saying from World Bank, the global potential of floating solar is assumed to be
400GW, which is basically the total capacity of all PV installation worldwide by
2017. Floating solar technologies are paving the way to significantly scale up the
use of solar energy around the world, especially in countries with high population
density and where land is a constraint [3].

8
2.2. Concept
In World Bank’s specific report “Where Sun Meets Water: Floating Solar Market
Report” published in 2018, a general floating solar system has been explained (as
Figure 3 shown). A general layout of a floating solar system is similar to that of a
typical land-based PV system other than the fact that PV arrays and often the
inverters are mounted on a floating body. The direct current (DC) generated by
PV arrays is gathered by combiner boxes and converted to alternating current
(AC) by inverters. For stations near the shore, inverters are able to be placed on
land while both central and string inverters on specially designed floats are typi-
cally used. The floating platform, together with an anchoring and mooring system,
is an integral part of any floating PV installation. [3]
Figure 3. Schematic diagram of a typical large-scale
floating PV system via World Bank [3]

9
Figure 4. Pure floats schematic via Dawson Machine [9]
As for the floating structure, there are two kinds currently in floating PV installa-
tion. On is pure floats (as Figure 4 shown), and the other is floats combined with
metal trusses (as Figure 5 shown). A pure float configuration uses specially de-
signed self-buoyant bodies to which PV panels can be directly affixed, which is
the most common. In contrast, floats combined with metal trusses require no
special design for floats, and the only function of these structures is to provide
buoyancy. Currently, there are three kinds of suppliers of floats of floating solar
system. One is transformed from the manufacturer of traditional dock products
and water surface facilities. One is speculative starters for floating opportunities.
Another is the traditional solar suppliers who are able to provide the overall PV
solution from modules to power station system and extend its business into float-
ing body market, such as SUNGROW.

10
The floating platform is held in place by an anchoring and mooring system, the
design of which depends on factors such as wind load, float type, water depth,
and variability in the water level. The floating platform can generally be anchored
to a bank, to the bottom, to piles, or to a combination of the three. The developer
selects a design suitable to the platform’s location, bathymetry (water profile and
depth), soil conditions, and variation in water level. Most floating installations are
anchored to the bottom (as Figure 6 shown). Regardless of the method, the
anchor needs to be designed so as to keep the installation in place for 25 years
or more. Mooring lines need to be properly selected to accommodate ambient
stresses and variations in water level. [3]
Figure 5. Floats combined with metal trusses via Axiom Market Research [10]

11
Figure 6. Anchoring and Mooring system model via SUNGROW [11]
Compared to the traditional land-based PV stations, floating solar PV stations
demonstrate the following advantages.
(1) Saving the utilization of land, which also enables the reduction of land renting
cost, and Use of otherwise redundant areas [12];
(2) Improvement in electricity yield thanks to the cooling effect of water which will
reduce the heat loss of modules. Combined the research data from SERIS (Solar
Energy Research Institute of Singapore), World Bank, Three Gorges New Energy
and Japanese floating solar polit plant, the efficiency can be increased by 10%
~16%.
(3) Evaporation control. A floating solar array naturally causes shading of the
water surface, and with it, a drop with water temperature so that the amount of
water lost through evaporation is reduced. [3][12]

12
(4) Restricting algae growth. Due to the shading influence of floating PV system,
the overall oxygen levels in the water decrease, which then endangers the aquatic
life present in the water body, reducing algae blooms on the water. In addition,
with less algae present, there is a reduction in the need for maintenance and
replacement of parts. [12]
(5) Less prone to external shading i.e. almost elimination of shading impact from
surrounding buildings and trees which increases the PV arrays’ exposure to sun-
light for higher energy yields.
(6) Less dust and dirt trapped by panels reducing the need for surface cleaning.
(7) Saving the installation time without the need to drill or carry out other ground-
work in a similarly-sized ground-mount installation. Thus, the construction period
will be shortened.
There are concerns that the panels could block sunlight, affecting marine life and
ecosystems, and that the electrical systems might not withstand the onslaught of
water, but backers say that the technology is proven, and that the panels cover
too small a surface area to create major problems. “it’s not a contest with ground
systems - it’s about context,” said by a senior analyst at SERIS. [1]
For a further development, more reliable floating materials and structural design,
optimized system solutions and more secure and firmer anchoring systems are
required. Moreover, environmental adaptability to extremely cold regions, gales
and big waves and coastal water, for example, is also the research direction. Rel-
evant industry standards and design codes are expected to emerge as well. [11]

13
2.3. Market Opportunities
As World Bank and SERIS saying [3], there are more than 400 thousand km2 of
man-made reservoirs in the world, which suggests the floating solar has a theo-
retical potential on a terawatt scale with the most conservative estimate of more
than 400GW, which is equal to the 2017 cumulative installed PV capacity world-
wide. Figure 7 shows a summary of the man-made freshwater bodies supporting
this very estimation.
Apart from the inland or man-made water bodies, marine installations also attract
strong interest of populous coastal cities. This may also be the only viable way for
small island states to generate clean solar power at scale [3]. Given the harsh
marine environment, like larger waves and higher winds, much more stringent
requirements are put on floats, anchors, moorings and components. Mooring and
anchoring become even more critical amid large tidal movements and currents.
The durability of components is tested by salinity. And also, the accumulation of
organism on equipment can interfere with functionality. The biggest uncertainties
are long-term reliability and cost. Marine-grade materials and components are
critical for these installations, which must withstand rough weather. Operation
and maintenance costs for nearshore PV are also expected to be higher than for
inland installations.
Figure 7. Energy generation potential of floating PV on
freshwater man-made reservoirs by continent [3]

14
Figure 8. A 96kW near-shore floating PV system in Maldives [13]Figure 8. A 96kW near-shore floating PV system in Maldives [13]Figure 8. A 96kW near-shore floating PV system in Maldives [13]

15
3. Current Global Floating Solar Status
Figure 9. Global installed floating PV capacity by 2018 via World Bank [3]
As discussed above, the global potential of floating solar is assumed to be
400GW, which is basically the total capacity of all PV installation worldwide by
2017. With the emergence of new markets like China, India and Southeast Asia,
the global floating solar market is expected to grow at a CAGR (Compound
Annual Growth Rate) of 35% to 40% from 2019 to 2024 [10]. Figure 9 illustrates
the total installation capacity of floating solar globally by 2018.
According to Axiom research, the global floating solar panels market is concen-
trated with leading manufacturers such as Kyocera Corporation and Yingli Solar
having strong hold on the global market. Some of the key manufacturers of float-
ing solar panels in the global market include Trina Solar, Wuxi Suntech Power Co.,
Ltd., Solaris Synergy, Sunengy Pty, Vikram Solar, Ciel & Terre, Novaton AG, Pris-
tine Sun, and SPI Energy, among others. [10]

16

17
4. Floating Solar in ASEAN
In Southeast Asia, solar power companies are competing for land with agriculture,
industry and expanding populations. Floating Solar provides an innovative alter-
native for where land-use become more and more intense, and particularly, float-
ing panels can be easily installed in many hydropower dams where existing trans-
mission systems are available [1]. The very technology is making inroads in
land-starved Singapore and archipelagos like Indonesia and the Philippines,
which have vast coastlines and numerous inland bodies of water. Thailand, Viet-
nam and other countries which have invested heavily in hydropower are also
interested on extending the application of water surface with floating solar
panels.
4.1. Overview
Figure 10. A floating solar photovoltaic cell testbed in Tengeh
Reservoir in Tuas in 2016 via STRAITS TIMES [19]

18
As for electricity markets across Southeast Asia, the single-buyer model with
independent power producers (IPPs) is the most prevalent (as Figure 11 shown).
In several countries, national and state utility companies monopolize their respec-
tive jurisdictions and act as sole oﬀ-takers for IPPs, instead that Singapore and
the Philippines operate liberalized retail electricity markets. In 2006, the Vietnam-
ese government approved a roadmap for the establishment of a competitive
electricity market to improve the power industry competitiveness and indepen-
dence, and at the end of 2016, power generators were allowed to enter the
market and sell electricity to the only buyer, Vietnam Electricity. [27]
Figure 11. Structure of electricity markets in Southeast Asia via IRENA and KPMG [27]

19
The Philippines, Thailand and Vietnam have established the following key policy
measures: set medium- to long-term and technology-specific renewable energy
targets, offered guaranteed purchase of renewable power at set tariffs, intro-
duced additional incentives for project developers and investors, provided financ-
ing schemes to support projects and developed permitting and licensing mecha-
nisms and technical standards to facilitate grid interconnection. To date, this
combination of policy instruments appears to be the critical mix of legal, regula-
tory and financial support necessary for increasing renewables investment and
deployment in Southeast Asia. [27]
As for international financing in ASEAN, around US$6 billion was invested cumu-
latively by development banks in renewable energy between 2009 and 2016 (as
Figure 12 shown). The World Bank, Asian Development Bank (ADB) and Japan
Bank for International Cooperation (JBIC) were the largest investors, with over
US$1 billion invested by each.
In this section, emphasis is put on the floating solar market in the Philippines,
Vietnam and Thailand through their floating PV projects and policies via renew-
ables and solar energy.
Figure 12. Cumulative investment in Southeast Asia, 2009–16 (USD billion) via IRENA [27]

20
4.2. The Philippines
With data from World Energy Council, renewables excluding hydroelectric power
accounted for 24.2% in the national electricity generation in 2016 [40]. With ac-
cordance with the National Renewable Energy Program Roadmap 2010-30 [31],
there is a target of 15.3GW renewable energy installed capacity in 2030 with ad-
ditional solar capacity of 284MW. In addition, in Energy Efficiency Roadmap
2017-20 [30], the Philippines plans to reduce total fuel energy consumption
(TFEC) by 1% annually as compared with business as usual until 2040, and reduce
energy intensity by 40% in 2040 as compared to 2005 level.
RE Target
As an archipelago with inland and offshore water bodies, the Philippines has a
huge potential for floating solar. According to the Laguna Lake Development Au-
thority (LLDA), there will be 1GW floating solar PV deployment on the Laguna
Lake in the next 3 years. In December 2018, NorteSol Energy, the subsidiary of
Filipino renewable energy developer SunAsia Energy, signed an agreement with
LLDA to pilot floating PV solar in this lake. The Philippines’ biggest floating solar
testbed is thus under construction in the lake, and the first segment with a ca-
pacity of 20.5kW has been recently completed, which uses modules from Trina
Solar (as Figure 13 shown). More modules from other manufactures will also be
tested in a second phase. French floating solar
Projects

21
pioneer Ciel et Terre also offered its expertise in the installation processes for the
Laguna Lake-based project. [37]
In addition, WINNERGY Holdings Corp. commissioned a 10kWp floating solar farm
on the Laguna Lake in September 2018, which is the first floating solar farm in
the Philippines. The pilot project will provide free renewable energy to the munici-
pality of Baras. Furthermore, ahead of the solar farm’s commissioning, Winnergy
signed a tripartite memorandum of agreement with the town and LLDA for the
project in August 2018. [38]
Figure 13. 20.5kW floating PV testbed on the Laguna Lake via SunAsia Energy [37]
In the Philippines, the FiT scheme drove solar PV development into high gear,
regardless of the size of the system or technology used [45]. With an initial FiT
of UScents 23/kWh (20-year term and 0.6% degression rate), solar capacity
jumped to 62MW in 2014. Tariffs were then revised to UScents 19.58 /kWh, and
installed capacity reached 108 MW by 2015. By the end of 2016, with a FiT of US-
cents 17/kWh, another 17 projects brought 2016 to a close with 903MW grid
Policy and Investment

22
-connected installed solar PV capacity and 3.2 MW installed for self-consump-
tion [27]. The FiT scheme then expired after 2016. There is a unique mechanism
in the Philippines which stipulated that a project will only learn of its Energy Reg-
ulatory Commission (REC) award when the project reach commissioning stage.
There is a Renewable Portfolio Standard (RPS) which is a fixed percentage of
electricity required from renewable energies. Also, a Green Energy Option Pro-
gram (GEOP) mechanism provides end-users the option to choose renewable
resources [39]. All electric power industry participants from transmission to dis-
tribution are mandated to provide physical and commercial arrangements to
enable end-users to exercise the GEOP.
Investors with a combined portfolio of $800 million, Php9.4 billion of which has
been earmarked for solar power projects in the next three years, have been wait-
ing for the release of the FiT rates to start rolling out RE projects and provide
added capacity to the entire country [43]. Landbank of the Philippines allows a
partial loan fund for RE developers to assist the cost of preliminary activities such
as market assessment, technical data gathering, site assessment, engineering
design and feasibility study with the loanable amount up to 50% of the total cost
of project preparation activities but not exceed Php5 million [44]. The domestic
commercial bank, BDO Unibank, has exposure of over US$500 million to the
renewable energy sector, and San Carlos Sun Power Incorporated partnered with
BDO Unibank for US$78.25 million to finance its solar power project in Negros
Occidental. Another native commercial bank, the Bank of the Philippine Islands
(BPI), works in close partnership with the International Finance Corporation (IFC)
in renewables investment, and ever financed the Raslag solar power project to
expand the existing 10MW to 23.14MW in the Pampanga area. In addition, inter-
national financial institutes like STEAG Energy Services GmbH and Macquarie
have found a joint development and investment platform, which is planned to
design, construct and operate energy projects in Southeast Asia, especially in
Philippines, Indonesia, Malaysia and Thailand.

23
In general, to support RE projects, the Philippine government provides a 50% ex-
emption on electricity duty on power used during the construction period by the
investors alongside, a 100% tax exemption to the project developer and VAT ex-
emption on equipment used [45]. For details, upon certification by the DOE under
the Renewable Energy Act of 2008, developers of Renewable Energy facilities
may enjoy the following incentives:
Income tax holiday (ITH) for 7 years;
duty-free importation of RE machinery, equipment, and materials within the
first 10 years;
Special realty tax rates on equipment and machinery not exceeding 1.5% of
their original cost less accumulated normal depreciation or net book value;
Net operating loss during the first 3 years of commercial operation which had
not been previously deducted from gross income shall be carried over as de-
duction from gross income for the next 7 consecutive taxable years immediate-
ly following the year of such loss (NOLCO);
10% Corporate tax rate on its net taxable income after 7 years of ITH;
Accelerated depreciation of plant, machinery and equipment may be applied if
the project fails to receive an ITH before full operation;
0% VAT on the sale of fuel or power generated from RE sources. Zero rated
VAT on purchases of local supply of goods, properties and services needed by
RE developers in the development, construction and installation of its plant
facility as well as the exploration and development of RE resources and its
conversion into power;
Tax exemption on carbon credits;
Tax exemption on carbon credits;
Exemption from universal charge;
Option to pay transmission and wheeling charges of on a per kWh basis at a
cost equivalent to the average per kWh rate of all other electricity transmitted
through the grid.
Cash incentive of Renewable Energy developers for Missionary Electrification. A
cash generation-based incentive per kWh equivalent to 50% of the universal
charge for the power needed to service missionary areas chargeable against
the universal charge for missionary electrification;

24
In 2018, Da Mi Ham Thuan Da Nhim Hydro Power (DHD) announced to install a
47.5MWp floating PV system on a man-made reservoir of its existing 175MW Da
Mi hydro power plant. The project is expected to run at the end of 2019. Addition-
al facilities include a floating central inverter,a grounded substation and a new
Projects
4.3. Vietnam
According to the National Target Program for Energy Efficiency and Conservation
in 2015 [28], Vietnam plans to reduce its TFEC by 8% in 2020 as compared with
business as usual and reduce energy intensity of energy-intensive industries by
10% by 2020. In the Decision 428/QD-TTg [29], a 21% renewable energy target
of 60GW installed capacity in 2020 is set, as well as 13% of 96GW in 2025 and
21% of 130GW in 2030 involving 3.3% solar power with a capacity of 12GW. Cur-
rently, Vietnam has a total installed solar capacity of 8MW with a commercial po-
tential of 1,740MW [32]. In 2019, 40 projects totaling 2GW of capacity are due to
come online (as Figure 14 shown), involving two large-scale solar projects, the
49MW Krong Pa and 35MW Duc Hue solar farms [33].
RE Target
Figure 14. Vietnam solar projects to be commissioned in 2019 [33]

25
3.5km 110kV transmission line to connect with the national grid. ÅF is selected
for the EPC negotiation, design review, construction supervision and capacity
building of the project [36]. DHD will signed a 20-year PPA with the national utili-
ty, Vietnam Electricity (EVN), to sell electricity generated by the solar facility to
the grid using the solar FiT regime. This project will be one of first, utility-scale
floating solar power projects in Vietnam. The project entails the Asian Develop-
ment Bank (ADB) providing financing to DHD with a proposed loan of US$20 mil-
lion. [34]
In addition, the California-based clean energy firm, Vasari Energy, announced to
build 2 floating solar projects in Vietnam by 2020 [2] [35], each having a capacity
of 40-50MW with a total capacity of 180-200MW. These projects are awaiting
the approval of the government.
FiT in Vietnam is one of the lowest in the world. Electricity of Vietnam (EVN) pur-
chases all power from renewable projects [32]. According to IRENA [27], in
mid-2017, Vietnam’s first solar PV FiT program and PPA template were launched,
gaining considerable attention from regional project developers and investors.
Currently, on-grid solar power projects that achieve commercial operation date
(COD) before 30th June 2019 excluding projects in Ninh Thuan province are
offered UScents 9.35/kW. For projects from 1st July 2019 to 30th June 2021, new
tariffs will range from UScents 6.59/kWh to UScents 9.85/kWh [33] depending
on the type and location of the project [32] (as Figure 15 shown). Overall, the
southern region will get 25% less FiT, the central region 15% less while the FiT
for northern region remains almost the same. Also, tariffs will differ based on the
solar technology used, whether floating solar PV, ground-mounted PV, solar proj-
ects with storage or rooftop solar [33]. For floating solar projects, the FiT
remains the previous level basically.

26
At present, foreign investors in the energy sector can choose among permitted
investment forms, i.e. 100% foreign-invested company, joint venture or pub-
lic-private partnership (PPP) in the form of BOT contract. According to Vietnam
Brieﬁng releasing, major solar investors in Vietnam in the approval, construction,
or completion stage include German ASEAN Power, B.Grimm Power Public Co
Ltd, Trina Solar, Schletter Group, JA Solar, Sunseap International, Nippon Sheet
Glass, Ecoprogetti, Tata Power, Shapoorji Pallonji Infrastructure Capital, Gulf
Energy Development, InfraCo Asia Development, and ACWA Power. Although
there is no foreign ownership restriction in the energy industry, PPP projects in
the form of BOT contracts, which is 20 years from the commercial operation date
(COD), are usually preferred due to government guarantees and incentives. PPP
term [32].
Figure 15. Respective new FiTs for Vietnam solar projects post 2019 [33]

27
Renewable energy projects benefit from import duty exemption for imported
goods to establish fixed assets, materials and semi-finished products. Tax incen-
tives include preferential corporate income tax (CIT) rate of 10% for 15 years with
CIT exemption for four years first and a reduction of 50% for the following nine
years. Other incentives include preferential credit loans, land use tax exemption,
and land rental exemption. To ensure consistent returns for investors, the Viet-
namese government has also approved electricity prices (avoided-cost tariffs,
Feed-in Tariff) for on-grid renewable energy, including standardized power pur-
chase contracts (20 years) for each renewable power type. EVN has also been
mandated to prioritize renewable energy in grid connection, dispatch, and pur-
chasing electricity at approved tariffs. [32]

28
4.4. Thailand
In a 2017 report published by the International Renewable Energy Agency (IRENA)
and Ministry of Energy of Thailand, the renewable share in the country’s energy
mix is expected to reach 37%, surpassing the renewable energy target of 30% of
the total final energy consumption by 2036, and the target for solar installation
capacity is recommended to increase to 17GW, extremely higher than the initial
6GW aim [22]. On 24th January 2019, the updated Power Development Plan
2018-2037 was approved by the National Energy Policy Council, which sets a
goal of 20,766MW renewable energy projects [25]. Currently, Thailand’s solar
capacity accounts for more than 60% of the total installed capacity in the
ASEAN.
RE Target
According to ASEAN Post[2], the state-run utility Electricity Generating Authority
of Thailand (EGAT) announced five pilot projects in January 2019. The country’s
masterplan includes the installation of floating solar systems in 8 hydropower
plants nationwide with a total capacity of 1GW over the next two decades. How-
ever, with accordance with another piece of news form Reuters [1], STRAINTS
TIMES [19] and Bloomberg [23], EGAT plans to invest in about 16 floating proj-
ects with a combined capacity of more than 2.7GW across 9 dams in the country
by 2037, said by deputy governor with the utility Thepparat Theppitak. The de-
tailed 16 planned floating solar projects are shown in Table 1.
Sirindhorn Dam (2020)
Ubol Ratana Dam (2023)
Bhumibol Dam Phase 1 (2026)
45
24
158
Projects
Location (Year of completion) Capacity (MW)

29
Table 1. Planned ﬂoating solar projects in Thailand via Bloomberg [23]
Srinagarind Dam Phase 1 (2026)
Vajiralongkorn Dam Phase 1 (2027)
140
50
280
Vajiralongkorn Dam Phase 2 (2031)
300
250
300
Chulabhorn Dam (2033)
Bang Lang Dam (2033)
40
78
320
Rajjaprabha Dam Phase 1 (2034)
Sirikit Dam Phase 1 (2035)
Rajjaprabha Dam Phase 2 (2036)
140
325
100
Sirikit Dam Phase 2 (2037) 175

30
EGAT will start with the installation of a 45 MW system at the Sirindhorn dam in
Ubon Ratchathani province at a cost of US$1 million/MW, with commercial oper-
ations beginning in 2020. This project has already been approved by Thailand’s
National Energy Policy Council. Currently, EGAT is working with cement and
building material company Siam Cement Group to conduct R&D of the materials
needed to build floating solar panels [20]. The bidding for the 45MW Sirindhorn
floating solar project will begin by May 2019 and will be open to international
companies with the budget of 2 billion baht (US$63 million) [23]. The hydro and
solar power will be working in synergy to help improve water management when
the water level is low at the dams.
According to IFLR [24], Thai regulators adopted an adder tariff policy, and subse-
quently a Feed-in-Tariff (FiT) policy, which provided incentives for renewable
projects. As of April 2018, the number of solar projects which had achieved a
Figure 16. The Ubolratana Dam for a 24MW floating solar project [20]

31
5. Sources
[1] https://www.weforum.org/agenda/2019/02/in-land-scarce-south-
east-asia-solar-panels-float-on-water/
[2] https://theaseanpost.com/article/potential-floating-solar-power
[3] World Bank Group; ESMAP; SERIS. 2018. Where Sun Meets Water : Floating Solar Market Report
- Executive Summary (English). Washington, D.C. : World Bank Group.
https://www.worldbank.org/en/topic/energy/publication/where-sun-meets-water
[4] PVTECH _ World’s largest floating solar plant connected in China
https://www.pv-tech.org/news/worlds-largest-floating-solar-plant-connected-in-china
[5] PVTECH _ World’s largest floating solar plant comes partially online in China
https://www.pv-tech.org/news/worlds-largest-floating-solar-plant-comes-partially-online-in-china
[6] http://www.nbcnews.com/id/45343693/ns/technology_and_-
science-innovation/t/heres-idea-floating-webs-capture-sun-wave-power/#.XKq3_5gzY2w
[7] https://www.renewableenergyworld.com/articles/2013/11/run-
ning-out-of-precious-land-floating-solar-pv-systems-may-be-a-solution.html
[8] Energy Voice20190322
https://www.energytrend.cn/news/20190322-66434.html
[9] DAWSON MACHINE
http://www.blowmolding-machine.com/info/how-s-floating-so-
lar-panel-system-work-flo-24782744.html
[10] Axiom Market Research _ Floating Solar Panels Market Trends, Size, Share, Growth and Fore-
cast 2024
https://axiom502497853.wordpress.com/2018/09/07/floating-so-
lar-panels-market-trends-size-share-growth-and-forecast-2024/
[11] SUNGROW _ Report _ New Challenges and Technologies of Floating PV Power Station
[12] REC _ Report _ Riding the wave of solar energy: Why floating solar installations are a positive
step for energy generation
[13] Swimsol Website _ 96kWp – SolarSea®, Baa Atoll, Maldives
https://swimsol.com/solar-projects/floating-photovoltaic-off-
shore-solar-sea-power-pv-modular-96kwp/
[14] PVTECH _ Sungrow building another record 150MW floating solar project in China
https://www.pv-tech.org/news/sungrow-building-another-re-
cord-150mw-floating-solar-project-in-china
[15] Renewable Energy World _ Running Out of Precious Land? Floating Solar PV Systems May Be a
Solution 20131107
https://www.renewableenergyworld.com/articles/2013/11/run-
ning-out-of-precious-land-floating-solar-pv-systems-may-be-a-solution.html

32
[16] pv magazine _ Thai utility EGAT plans 69 MW of floating PV projects
https://www.pv-magazine.com/2019/01/31/thai-utility-egat-plans-69-mw-of-floating-pv-projects/
[17] pv magazine _ Europe’s largest floating PV project under development in the Netherlands
https://www.pv-magazine.com/2019/04/08/europes-largest-float-
ing-pv-project-under-development-in-the-netherlands/
[18] PAGERPOWER _ Europe’s Largest Floating Solar Farm Sets Sail 20170309
https://www.pagerpower.com/news/europes-largest-floating-solar-farm-sets-sail/
[19] STRAITS TIMES _ Bright future for floating solar panels in South-east Asia
https://www.straitstimes.com/business/bright-future-for-floating-solar-panels-in-s-e-asia
[20] pv magazine _ Thai utility EGAT plans 69 MW of floating PV projects
https://www.pv-magazine.com/2019/01/31/thai-utility-egat-plans-69-mw-of-floating-pv-projects/
[21] pv magazine _ Thailand’s bigger RE ambitions may lead to economic renaissance – IRENA
https://www.pv-magazine.com/2017/12/05/thailands-bigger-re-am-
bitions-may-lead-to-economic-renaissance-irena/
[22] Alternative Energy Development Plan: AEDP2015 _ Ministry of Energy _ Thailand
[23] Bloomberg _ World's Biggest Floating Solar Farm Seen Driving Thai Green Push
https://www.bloomberg.com/news/arti-
cles/2019-03-05/world-s-biggest-floating-solar-farm-seen-driving-thai-green-push
[24] IFLR _ Thailand: Energy policy developments_published 29May2018
https://www.iflr.com/Article/3810470/Thailand-Energy-policy-developments.html?ArticleId=3810470
[25] Thailand’s Renewable Energy Transitions: A Pathway to Realize Thailand 4.0
https://thediplomat.com/2019/03/thailands-renewable-ener-
gy-transitions-a-pathway-to-realize-thailand-4-0/
[26] ADB _ ADB Invests 5 Billion Thai Baht in B.Grimm Power’s Green Bond to Develop Clean Energy
in Thailand
https://www.adb.org/news/adb-invests-5-bil-
lion-thai-baht-bgrimm-power-s-green-bond-develop-clean-energy-thailand
[27] IRENA _ Renewable Energy Market Analysis _Southeast Asia_2018
[28] Vietnam _National Target Program for Energy Efficiency and Conservation_2015
[29] Vietnam _ Decision 428/QD-TTg dated March 18, 2016
[30] Philippines _ Energy Efficiency Roadmap for the Philippines, 2017-20 (2017)
[31] Philippines _ National Renewable Energy Program Roadmap 2010-30 (2010)
[32]Vietnam Briefing _ Renewables in Vietnam: Current Opportunities and Future Outlook _ 2019301
https://www.vietnam-briefing.com/news/vietnams-push-for-renewable-energy.html/
[33] pv magazine _ Vietnam mulls multi-layered FIT scheme as it kicks energy transition into gear_
20190213
https://www.pv-magazine.com/2019/02/13/viet-
nam-mulls-multi-layered-fit-scheme-as-it-kicks-energy-transition-into-gear/

33
[34] ADB _ Project 51327-001 _ Viet Nam: Floating Solar Energy Project
https://www.adb.org/projects/51327-001/main
[35] PVTECH _ Vasari plans 180MW of ground-mount and floating solar in Vietnam
https://www.pv-tech.org/news/vasari-plans-180mw-of-ground-mount-and-floating-solar-in-vietnam
[36] ÅF_ÅF implements floating solar power in Vietnam
http://www.afconsult.com/en/newsroom/news/news/2018/af-imple-
ments-floating-solar-power-in-vietnam/
[37] PVTECH _ Floating solar testbed to battle Filipino typhoons_2019319
https://www.pv-tech.org/news/floating-solar-testbed-to-battle-filipino-typhoons
[38] BusinessWorld _ Philippines’ 1st floating solar farm launched_20181003
https://www.bworldonline.com/philippines-1st-floating-solar-farm-launched/
[39] DOE _ INVESTMENT OPPORTUNITIES IN THE PHILIPPINE ENERGY SECTOR
https://www.doe.gov.ph/eipo/investment-opportunities-philippine-energy-sector
[40] World Energy Council _ Energy Trilemma Index _ Philippines
https://www.worldenergy.org/data/trilemma-index/country/philippines/
[41] DOE _ PHILIPPINE ENERGY PLAN 2012 - 2030
https://www.doe.gov.ph/pep/philippine-energy-plan-2012-2030
[42] DOE _ RENEWABLE ENERGY ROADMAP 2017-2040
https://www.doe.gov.ph/pep/renewable-energy-roadmap-2017-2040
[43] DOE _ it’s more sun in the philippines
https://www.doe.gov.ph/sites/default/files/pdf/netmeter/poli-
cy-brief-its-more-sun-in-the-philippines-V3.pdf
[44] DOE _ Energy Investor’s Guidebook
[45] PVTECH _ The Philippines Tariffs
https://www.pv-tech.org/tariffs/the_philippines

For more information, please contact jay@leader-associates.cn
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2019
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