SAK and TC Renewable set up ‘Saksiam TC Energy’ to enter the residential solar rooftop business and provide financing, creating energy sustainability and driving the local economy.
‘Saksiam Leasing Public Company Limited’, or SAK, a provider of personal loans, jointly invests with ‘TC Renewable Energy’, a company that runs a or solar rooftop systems installation business, to establish Saksiam TC Energy Company Limited to enter the solar rooftop system installation business and provide financing while creating energy sustainability and driving the local economy.
Mr. Siwaphong Boonsalee Managing Director of Saksiam Leasing Public Company Limite, or SAK a provider of personal loans under the ‘Saksiam Credit’ brand, revealed that the company is determined to run a socially responsible lending business, providing a source of capital for livelihoods as part of the company’s policy. Recently, SAK has taken the initiative to promote the use of solar energy in households in order to lay the foundation for a sustainable economy within households. As such, SAK has signed a Memorandum of Understanding (MOU) to jointly invest with TC Renewable Energy Company Limited, a company specializing in the installation of solar rooftop systems, to establish Saksiam TC Energy Company Limited using 50 million baht of registered capital with SAK and TC Renewable Energy Company Limited holding a 35% and 65% share respectively. This joint venture is expected to be established within January 2023.
This collaboration is a significant step in expanding the service of providing loans for the installation of solar rooftop systems for residential properties, supporting the public’s access to solar power as a clean and widely available source of energy. This involves a joint venture with a partner with over 10 years of experience and expertise of solar rooftop installations serving business, industrial, and educational sectors in over 230 projects, or more than 14 megawatts, creating synergy between both parties’ strengths in order to provide the public with an option to install high quality and standardized solar rooftops at an accessible price, resulting in long-term savings on household electricity expenses and reducing reliance on oil imports to help drive Thailand’s economy and renewable energy for the world.
As such, Saksiam TC Energy Company Limited will conduct business installing solar rooftop systems for residential properties, with SAK responsible for marketing activities and providing solar rooftop loan services to interested parties through more than 1,029 branches covering the North, Central, and Northeastern regions within the first quarter of 2023. Therefore, promoting diversity and responsiveness to the needs of the public in Saksiam Leasing’s loan portfolio.
“Throughout the time that has passed, SAK has been committed in providing loan services for society by offering products that addresses the needs of Thai society, helping the public access capital and offering other quality products and services. In a time when utility prices, particularly electricity are increasing, we are confident that loans for the installation of home solar rooftop will help reduce costs for the public, strengthening household economies.” Said Mr. Siwaphong
Mr. Phurit Laocharoen Chief Operating Officer of TC Renewable Company Limited stated that this partnership is an important step for the company in bringing knowledge of solar rooftop system design and installation from the business sector to the residential sector, in order to help reduce monthly electricity bills by 2,000 – 7,000 baht. In addition, the company will also provide maintenance and performance monitoring services throughout the system’s service life. Engineers will check the system’s performance to ensure that solar energy production is efficient and cost-effective in the long run.
“There are two different systems of solar rooftop available, but the more popular option for installation is the On Grid system, which must be connected to a local Electricity Authority’s power grid. On average, installation of solar panels helps customers save on electricity costs by at least 70% per billing cycle. Additionally, if the electricity produced by the solar panels exceeds needs during the day, the meter owner can also sell the excess electricity back to the government.” Mr. Phurit Laocharoen said.
Furthermore, the market for solar rooftop system installation is a high potential and growing business due to the government’s policy to promote the use of clean energy within the business sector and households. It is estimated that the solar rooftop market in the country is growing at an average of 22% per year or reaching 6.7 billionbaht in 2025 (according to ttb analytics). Therefore, the goal in partnering with Saksiam Leasing, a provider of loans for society, is to install solar rooftops for at least 100,000 households within the next 3 years, and the ability to produce approximately 500 megawatts of electricity from solar power.