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CapSolar Signs 100MW Thailand Partnership With Skyworth Group as Hormuz Crisis Reshapes Industrial Energy

BANGKOK, 30 April 2026 — CapSolar Co., Ltd. today announced it has signed a 100-megawatt MOU with Skyworth Group (HKEX: 0751), positioning the Bangkok-based EPC and PPA specialist as a Thailand execution partner for the Chinese conglomerate's industrial rooftop solar buildout.

THE HORMUZ CONTEXT

The partnership lands as Thailand enters its third month of energy-procurement disruption following the closure of the Strait of Hormuz on 28 February 2026. The International Energy Agency has characterised the resulting supply shock as the largest in modern oil-market history. Thailand — which imports nearly all of its crude oil and the majority of the LNG that fuels MEA grid generation through that chokepoint — has been named directly by analysts as among the Asian economies most exposed to sustained disruption.

For Thai factory operators, the practical consequence has arrived in LNG-indexed peak-tariff escalation and tightening diesel-backup logistics. Self-consumption rooftop solar, deployable in 8 to 14 weeks under the December 2024 Ror.Ngor.4 reform, is the only capex hedge a CFO can lock in inside the 2026 fiscal year.

WHY SKYWORTH

Skyworth Group Co., Ltd., listed on the Hong Kong Stock Exchange under stock code 0751 and on Shenzhen Stock Exchange under 000810, operated a global photovoltaic portfolio of 29.3 gigawatts of installed capacity at the end of 2025, according to public filings reported by Yicai Global. Its photovoltaic arm has been expanding across Southeast Asia, including partnerships with 16 local enterprises in Malaysia and over 30 local agents and financial institutions in Vietnam, as reported by SolarQuarter in April 2026.

The 100MW Thailand engagement extends that ASEAN footprint into the country with the largest industrial-rooftop addressable market in the region.

WHAT CAPSOLAR DOES

CapSolar is a Bangkok-based commercial rooftop solar EPC and PPA specialist focused on Thailand's industrial market. Headquartered at 429/44 Sukhonthasawat Road, Lat Phrao, Bangkok 10230, the company delivers turnkey EPC, third-party-financed PPA structures, and BOI Section 30/8-aligned project execution for manufacturers, logistics operators, food and beverage processors, and automotive suppliers.

The Skyworth partnership materially upgrades CapSolar's deployment capacity for the post-Hormuz industrial energy-security pivot now underway across Thai manufacturing.

THE TIMING

The 100MW programme is timed to a structural shift in Thai industrial energy procurement. The Board of Investment's Section 30/8 promotion remains active, granting up to eight years of corporate-income-tax exemption and duty-free import of qualifying equipment. PEA and MEA tariff structures continue to expose time-of-use peak periods to LNG-indexed escalation. Self-consumption rooftop solar at industrial scale converts an operating expense indexed to imported fuel into a fixed-cost domestic asset insulated from Hormuz-class geopolitical shocks.

FROM THE FOUNDER

"Two months into the Hormuz disruption, Thai factory operators are no longer asking whether to electrify their roofs — they are asking how fast a credible local team can do it," said Frank Lee, Founder of CapSolar. "Partnering with Skyworth gives our customers the supply security of a 29.3-gigawatt global photovoltaic platform, paired with a Thai EPC team that owns the permit, install, and PPA-financing path end-to-end. That combination is what the moment requires."

ABOUT CAPSOLAR

CapSolar Co., Ltd. is a Bangkok-based commercial rooftop solar EPC and PPA specialist focused on Thailand's industrial market. The company delivers turnkey engineering, procurement, and construction together with third-party-financed power-purchase-agreement structures aligned to Board of Investment Section 30/8 promotion. CapSolar is headquartered at 429/44 Sukhonthasawat Road, Lat Phrao, Bangkok 10230. Web: https://capsolar.co.th. Media contact: [email protected], +66 2 124 5414.

ABOUT SKYWORTH GROUP

Skyworth Group Co., Ltd. is listed on the Hong Kong Stock Exchange (HKEX: 0751) and the Shenzhen Stock Exchange (SZSE: 000810). Its photovoltaic arm operated a global installed portfolio of 29.3 gigawatts at the end of 2025 and is expanding across Southeast Asia, including announced partnerships in Malaysia and Vietnam.

FULL CONTEXT

Reference: Bangkok commercial rooftop solar guide for factory and warehouse owners — full BOI Section 30/8 walkthrough, MEA peak tariff math, and PPA versus self-investment economics:

Bangkok Factory Rooftop Solar in 2026: Real ROI Numbers from 8 Industrial Sites

If you run a factory or warehouse in Bangkok and you have not modeled rooftop solar against your 2026 electricity bill, you are leaving money on the roof. The MEA peak tariff sits at 4.18 THB/kWh and keeps creeping up. The BOI Section 30/8 solar window is still open, but every quarter more applications stack into the queue. Here are the actual numbers we are seeing across 8 industrial sites in 2026.

THE TARIFF WINDOW IS OPEN, BUT NOT FOREVER

MEA's commercial Time-of-Use rate prices peak energy at 4.18 THB/kWh and off-peak at 2.20-2.50 THB/kWh, plus FT adjustment that has only moved up over the last six adjustment cycles. Almost all rooftop solar generation lands inside the daytime peak window — meaning every kWh you self-consume is worth 4.18 THB in avoided cost, not the blended rate. That is why factory ROI math is so much friendlier than residential ROI math.

Layered on top: BOI Section 30/8 still grants 8-year corporate income tax exemption plus duty-free import of solar cells, inverters, and mounting structures. For a manufacturer already on BOI promotion, stacking solar capex into the existing privilege package can cut post-tax payback by 18-24 months. Application is non-trivial (60-90 days from filing), but the value is real.

QUICK MATH: 600 KWP WAREHOUSE

Take a typical 4,000 m² Bang Pli warehouse. After deducting skylights, fire-code clearances, and HVAC zones, you get about 3,400 m² installable. At 175 W/m² that is roughly a 600 kWp system — which sits comfortably within MEA's medium-VSPP grid-connection envelope.

Capex at the 28 THB/Wp midpoint: 16.8M THB. Annual generation at 1,450 kWh/kWp specific yield: 870,000 kWh. With 90% self-consumption (daytime warehouse op), avoided cost is 783,000 kWh × 4.18 THB = 3.27M THB/year. The 10% exported under net-metering at 2.40 THB adds another 209k THB. Total annual saving: about 3.48M THB.

Simple payback: 4.8 years. With BOI 30/8 layered in, post-tax payback compresses to 4.0-4.2 years. Across our 8 industrial sites the band runs 4.2 to 5.8 years self-funded — or zero capex with a PPA.

PPA VS SELF-INVESTMENT IN ONE PARAGRAPH

Self-funded EPC: you pay 15-20M THB up front, capture 100% of savings, and ride a 17-22% net IRR over 25 years. PPA: a third-party developer finances and operates on your roof, you sign a 15-year offtake at 3.20-3.60 THB/kWh (10-15% below your peak tariff), zero capex, immediate bill reduction from month one. The honest CFO heuristic — if you can deploy 15-20M THB at less than 22% IRR elsewhere, take the PPA. If not, self-fund. If your tax profile lets you stack BOI 30/8, self-fund and run the numbers again.

We are also structuring more hybrid PPA-EPC contracts with a year-7 buyout option — operator captures the financing benefit early, then converts to ownership when the production outlook clarifies and the asset is largely de-risked.

BANGKOK-SPECIFIC GOTCHAS

Two trip-wires generic solar guides ignore. First, monsoon overproduction-period system protection — June through October sees Bangkok generation drop 25-35% versus dry season, and storms bring intense lightning activity plus humidity above 90%. Specify Class I+II surge protection on BOTH the DC and AC sides (not just AC, which is the lazy default). We have replaced too many Chonburi-area inverters bid on the cheaper Class II-only spec.

Second, structural assessment for older industrial roofs. Bangkok industrial estates from the 1980s have insulated metal-deck roofs that were specified for wind load only, not for an additional 12-18 kg/m² of ballast or tilt structures. Roughly one in seven older roofs we survey requires reinforcement — typically 200k to 600k THB extra, recoverable within payback but a real budget item. Get the licensed structural engineer's cert early, not late.

BOTTOM LINE

Bangkok commercial rooftop solar in 2026 is no longer an emerging-market story. It is a CFO-grade capex decision with 4-to-6-year paybacks, BOI-stackable tax exemption, and well-understood execution risk. The roof above your factory is generating exactly nothing today; with the right structure (self-funded, PPA, or hybrid), it should be generating 1.4-1.5 million kWh per MWp per year and saving roughly 4 million baht per MWp per year against your MEA peak rate.

Full guide with all the numbers, the FAQ on PEA vs MEA approval timelines, and the BOI Section 30/8 walkthrough:

4.2-5.8 yr ROI · BOI 30/8 8-yr tax exemption · MEA 30-45 day approval · 150+ CapSolar installations

CapSolar — 16.5 MWp installed across 8 factory sites, Bangkok-based, trilingual (EN / TH / ZH) service.

Thailand's Dec 2024 Rooftop Solar Regulation: What Factory Owners Need to Know

Thailand quietly changed the rooftop solar rules in December 2024, and most factory owners still don't know it happened. If you've been sitting on a rooftop solar decision because you heard Thai permitting is "too complicated," the rules have changed. Here's what's different, what still applies, and why 2026 is the strategic window.

THE REGULATION IN ONE SENTENCE

Rooftop solar installations outside industrial estates no longer require a factory license (Ror. Ngor. 4) — regardless of system size. The legal instrument is the Ministerial Regulation Re: Designation of Type, Kind, and Size of Factories (No. 3), B.E. 2567 (2024), effective December 28, 2024.

Before this regulation, any rooftop solar system exceeding 1 MW was classified as a "factory." That triggered a Ror. Ngor. 4 license, an Environmental Safety Assessment, a site inspection, and four to eight months of waiting at the Department of Industrial Works. After December 28, 2024, none of that applies to rooftop systems outside industrial estates. Not for 1.2 MW. Not for 5 MW. Not for 20 MW.

WHAT IT UNLOCKS

Across Thai factory portfolios, the most common rooftop sizing is between 500 kW and 2 MW — right at the old threshold. A typical 1 MW factory rooftop saves around THB 450,000–550,000 per month at industrial TOU rates. Every month that system was stuck in Ror. Ngor. 4 review was another half million baht the owner never recovered. Across the industry, that's billions of baht in foregone savings in 2023–2024 alone.

What still applies: ERC notification for grid-connected systems (30–60 days, notification not approval), PEA or MEA interconnection agreement, Building Control Act structural sign-off, and — important asterisk — IEAT rules still apply if you're inside an Industrial Estate Authority of Thailand estate. Amata, Hemaraj, Laem Chabang, Rojana — check with your estate's utilities office before assuming the new rules apply.

DEPLOYMENT TIMELINE COMPRESSION

Three things converge in 2026 that make the timing unusually favorable. First, the regulatory simplification is fully bedded in — the first wave of installers cleared projects through Q1–Q2 2025, so there's a proven playbook now. In 2024 you'd have been a guinea pig. In 2026 you follow a clear path.

Second, BOI incentives remain stackable. Category 7.1 renewable-energy incentives still offer eight-year corporate income tax exemption, zero import duty on machinery, and potential 50% depreciation. Factories in Eastern Economic Corridor provinces can additionally layer EEC Section 3 benefits. The practical effect: BOI cuts effective capex by roughly 15% net of tax, moving typical payback from around 5 years to 4.0–4.5 years.

Third, tariff pressure is not going away. Thailand's industrial Ft (fuel-adjustment) component has stayed elevated since the 2022 gas-price shock, and credible projections keep it above pre-2022 levels through the next two tariff cycles. Every delayed solar project is another year of paying elevated tariff on the same consumption.

One second-order effect: PPA models are now easier to underwrite. Permit uncertainty is gone for non-IEAT sites, so developer risk premiums come down. If you preferred zero-capex PPA to a self-funded EPC build, the math is cleaner now.

RESOURCES

Full analysis on Medium: https://medium.com/@frankopenclaw999/thailands-december-2024-rooftop-solar-regulation-what-factory-owners-need-to-know-in-2026-92649afbe2b1

Deeper guides on capsolar.co.th:

Factory Solar ROI Analysis for Thailand — capacity-tier financial breakdown with real tariff numbers: https://capsolar.co.th/en/knowledge/solar-roi-factory-thailand

BOI Solar Incentives 2026 Guide — how to stack Category 7.1 with EEC Section 3: https://capsolar.co.th/en/knowledge/boi-solar-incentives-2026

Solar ROI Calculator — five-minute self-serve for your site's numbers: https://capsolar.co.th/en/tools/solar-calculator

BOTTOM LINE

The December 2024 regulation didn't make factory solar suddenly profitable — it was already profitable for most daytime-load industrial users. What it did was remove a 6-to-12-month friction layer that kept many factory owners from starting. The owners who move in 2026 will be running 4- to 5-year paybacks on systems that, under the old rules, might still be sitting in the ESA queue.

Questions about factory rooftop solar in Thailand? CapSolar (capsolar.co.th) — 16.5 MWp installed across 8 factory sites. Bangkok-based, trilingual (EN / TH / ZH) service. Drop a message.

Understanding TOU Electricity Rates in Thailand: Why Solar Makes Financial Sense

Understanding TOU Electricity Rates in Thailand: Why Solar Makes Financial Sense If you operate a factory or commercial facility in Thailand, electricity is likely one of your top three operating costs. Yet many business owners pay their electricity bills each month without fully understanding how they are being charged—or how much they could save by shifting to solar energy under the Time of Use (TOU) tariff structure. What Is the TOU Tariff System? Thailand's electricity authorities—PEA (Provincial Electricity Authority) and MEA (Metropolitan Electricity Authority)—offer two main billing structures for commercial and industrial customers: Flat rate (TOD): A single rate per kWh regardless of when you use electricity Time of Use (TOU): Different rates depending on peak vs. off-peak hours Under the TOU structure, electricity consumed during peak hours (9:00–22:00, Monday–Friday) is charged at approximately ฿5.8 per kWh, while off-peak hours drop to around ฿2.6 per kWh. That is more than a 2x price difference. For a deeper breakdown of Thailand's commercial electricity pricing, see our detailed guide on Thailand Electricity Tariff Structures. Why This Matters for Solar Energy Here is the key insight that makes solar energy particularly compelling under TOU pricing: solar panels generate electricity primarily during peak-rate hours. A typical rooftop solar system produces power from roughly 6:00 AM to 6:00 PM, with peak generation between 9:00 AM and 3:00 PM. This window overlaps almost perfectly with TOU peak pricing hours. Every kilowatt-hour your solar system generates during these hours displaces electricity that would have cost you ฿5.8/kWh—not the lower off-peak rate. Real Numbers: A 500 kW Factory Example Consider a mid-sized manufacturing facility in Samut Prakan consuming 80,000 kWh per month, with 60% of usage during peak hours: Monthly peak electricity cost: 48,000 kWh × ฿5.8 = ฿278,400 A 500 kW solar system generates: ~60,000 kWh/month in Thailand's climate Peak-hour solar generation: ~45,000 kWh (75% falls within peak hours) Monthly savings at peak rate: 45,000 × ฿5.8 = ฿261,000 Additional off-peak savings: 15,000 × ฿2.6 = ฿39,000 Total monthly savings: ฿300,000 Want to calculate savings for your own facility? Try our free Solar ROI Calculator or upload your latest bill to our Electricity Bill Analyzer. TOU Optimization Strategies with Solar 1. Maximize self-consumption during peak hours. Schedule energy-intensive processes (compressors, chillers, production lines) during daylight hours when your solar system is generating at full capacity. 2. Consider battery storage for peak shaving. While not yet cost-effective for all facilities, battery systems can store excess solar generation and discharge during late afternoon peak hours (4:00–6:00 PM) when solar output begins to decline. 3. Switch from flat rate to TOU billing. If you are still on a flat rate and planning to install solar, switching to TOU can increase your effective savings by 15–25%, since your solar generation displaces the higher peak rate rather than a blended average. 4. Evaluate PPA vs. EPC options. Under a Solar Power Purchase Agreement (PPA), a provider installs and maintains the system at no upfront cost. You simply buy solar electricity at a fixed rate lower than grid peak pricing. Learn more in our guide: What Is Solar PPA? The Bottom Line Thailand's TOU electricity pricing creates a natural advantage for solar energy adopters. When your solar panels produce the most power exactly when electricity costs the most, the financial case becomes compelling. For a typical Thai factory, solar can reduce peak-hour electricity costs by 60–80%, with full payback in 3–5 years under the EPC model. Ready to see what solar can do for your facility? Explore our free tools at capsolar.co.th/tools or read our comprehensive Thailand Commercial Solar Guide to get started. CapSolar Co., Ltd. — Powering Thailand's businesses with clean, affordable solar energy.

#solar energy #Thailand #TOU electricity #factory solar #solar savings #renewable energy #capsolar #electricity rates #commercial solar #Thailand electricity

Thailand's Rainy Season and Solar Panels: Do They Still Work?

Every year from May to October, Thailand enters its rainy season — months of afternoon downpours, overcast skies, and humidity. If you're considering solar panels for your factory or commercial building, you've probably wondered: is solar still worth it when it rains half the year?

The short answer is yes, absolutely. Here's why Thailand remains one of the best countries in the world for solar energy, rain or shine.

HOW MUCH DOES THE RAINY SEASON ACTUALLY AFFECT SOLAR OUTPUT?

During Thailand's rainy season, solar energy production typically drops by 10-20% compared to the dry months. That sounds significant, but context matters.

Thailand receives an average of 1,400-1,600 kWh/m2 of solar irradiation per year — one of the highest levels in Southeast Asia. Even during the rainiest months, Thailand's daily solar irradiation is higher than the annual average in countries like Germany, Japan, and the UK — all of which have thriving solar industries.

A well-designed 100 kWp rooftop system in Thailand might generate:

Dry season (Nov-Apr): 420-480 kWh/kWp per month

- Rainy season (May-Oct): 340-400 kWh/kWp per month

- Annual average: ~380-440 kWh/kWp per month

MODERN SOLAR PANELS WORK IN CLOUDY CONDITIONS

Modern monocrystalline silicon panels are remarkably effective at converting diffuse (scattered) light into electricity. On an overcast day, they still operate at 25-40% of their rated capacity.

Thailand's rainy season doesn't mean constant rain. Mornings are typically clear, with rain arriving in the afternoon — so you still get strong solar production during morning peak hours.

RAIN ACTUALLY HELPS YOUR SOLAR PANELS

Rain is free maintenance. Dust, pollen, and industrial residue reduce panel efficiency by 3-8%. During the rainy season, natural rainfall washes panels clean regularly, keeping them at peak efficiency with zero maintenance cost.

ROI SHOULD BE CALCULATED ON ANNUAL AVERAGES

A solar energy system is a 25-30 year investment. Commercial rooftop systems in Thailand typically achieve:

Payback period: 3.5-6 years

- 25-year savings: 5-15x the initial investment

- Electricity cost reduction: 30-60%

The rainy season is already factored into these calculations.

CALCULATE YOUR FACTORY'S SOLAR SAVINGS

Use CapSolar's free Solar ROI Calculator to see how much your factory could save: https://capsolar.co.th/th/tools/solar-calculator

Learn more at https://capsolar.co.th

Understanding Thailand's BOI Solar Incentives: A Guide for Business Owners

Thailand's Board of Investment (BOI) offers significant incentives for businesses investing in solar energy. Understanding these incentives can dramatically improve your solar project's ROI and make the transition to clean energy more financially attractive. What is Thailand's BOI? The Board of Investment of Thailand (BOI) is a government agency that promotes and facilitates investment in the country. For solar energy projects, BOI offers some of the most generous incentives in Southeast Asia, making Thailand a prime location for commercial solar installations. Key BOI Solar Incentives Corporate Income Tax Exemption: BOI-promoted solar projects can receive a corporate income tax (CIT) exemption for up to 8 years. All profits generated from your solar investment are tax-free during this period. Import Duty Exemption: Equipment and machinery imported for BOI-promoted solar projects are exempt from import duties, representing savings of 5-20% on equipment costs. Foreign Ownership: Foreign investors can own 100% of a BOI-promoted business, removing the typical requirement for Thai majority ownership. Additional Benefits: Permit to bring in foreign skilled workers, permission to own land for promoted activities, and reduced bureaucratic requirements. Who Qualifies? Most commercial and industrial solar installations qualify, including rooftop solar for factories, ground-mounted solar farms, solar-powered manufacturing facilities, and hybrid solar energy systems. The application process typically takes 2-4 months. Check Your Eligibility Use CapSolar's free BOI Subsidy Checker: capsolar.co.th/th/tools/subsidy-checker Calculate your solar savings: capsolar.co.th/th/tools/solar-calculator Compare PPA vs direct purchase: capsolar.co.th/th/tools/ppa-comparator Contact CapSolar at 02-124-5414 or visit capsolar.co.th for a free consultation.

#solar energy

Understanding Solar PPA: Why Thai Businesses Choose Power Purchase Agreements

Solar PPA (Power Purchase Agreement) is revolutionizing how Thai businesses adopt solar energy. Instead of buying solar panels outright, companies can have solar systems installed at zero upfront cost and simply pay for the electricity generated — typically at rates 20-40% lower than grid electricity.

Key benefits of Solar PPA:

• Zero upfront investment

• Immediate electricity cost reduction

• No maintenance responsibility

• Fixed energy pricing for 15-25 years

• Improved ESG credentials

Is PPA right for your business? Use our free PPA vs Direct Purchase comparison tool: https://capsolar.co.th/en/tools/ppa-comparator

Learn more about PPA: https://capsolar.co.th/en/knowledge/what-is-ppa

#solar energy #Solar PPA #Thailand #renewable energy #CapSolar

Free Solar Energy Tools for Thai Businesses

🔧 Calculate your solar savings in minutes!

CapSolar Thailand offers free online tools:

✅ Solar ROI Calculator

✅ PPA vs Self-Investment Comparator

✅ BOI Subsidy Checker

✅ Carbon Emission Calculator

Try them free → https://capsolar.co.th/en/tools

#SolarEnergy #Thailand #RenewableEnergy #SolarPPA #ESG #CleanEnergy #CapSolar

#solar energy #Thailand #renewable energy #solar panels #sustainability

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