Solar EPC Company Power Master to Be Traded in Emerging Stock Market on Oct. 25 at NT$55

published: 2021-10-21 9:30 | editor: | category: News

Power Master International Investment Holdings Co., Ltd. (hereinafter “PM Intl”), a Taiwanese company focusing on PV system engineering, procurement and construction (EPC), has applied for registration on the Emerging Stock Board (ESB). The company’s stock is expected to be available for trading in the Emerging Stock Market on October 25, with a reference price of NT$55 ($1.97).

Founded in 1999 by the Mr. Tsai Tsung-jung (currently chairman of the Solar PV Generation System Association) with a registered capital of NT$640 million ($23 million), Power Master Group mainly focuses on providing EPC services related to PV system projects as well as maintenance services for power plants. The projects comprise the development, design, equipment procurement, EPC and maintenance of PV solar plants, making the group one of the few one-stop solar EPC companies in Taiwan.

To provide more comprehensive renewable energy services while developing its solar business, Power Master Group established PM Intl in 2018. By integrating the existing resources, the company has expanded its business to power plant investment, storage system development and green energy trading. 

Power Master has accomplished power plant projects for various big names in Taiwan and abroad, including TSMC, China Steel Corporation, Formosa Plastic Group, Cathay Financial Holdings, Innolux and PRG Corporation (Thailand). It has also constructed roof PV systems in 600+ schools and more than 1,000 ground-mounted systems across public buildings, factories, farmhouses and animal houses.

Tsai said that Power Master has dedicated to building power plants with a life of at least 30 years, much higher than the industry average (20 years). A well-designed power plant can retain 80% of efficiency after being used for 20 years. As the capacity has been enhanced from 200W to more than 350W per PV module, Tsai looks forward to the capacity improvement of PV modules in the coming decade.  

To enter the capital market, Power Master has developed comprehensive strategies regarding EPC projects, power plant maintenance, storage system design and green energy trading. Since 2018, the company has witnessed growth in revenue; its consolidated revenue soared from NT$1.2 billion ($43 million) in 2018 to NT$2.2 billion ($79 million) in 2020, with the revenue this year being likely to exceed NT$3 billion ($107 million).

Power Master aims to retain a 10% market share, the capacity of which (including projects under construction and those in operation) will be 146MW in 2021 and reach 147MW in 2022 and 177MW in 2023. Between 4Q21 and 2022, the company’s EPC projects will have a total  capacity of 422MW.

As order visibility in each business has been satisfactory so far, Power Master aims to establish a capacity of 140MW for its own power plants and that of 218MW for facilities involved in equity method investments by 2024. Meanwhile, the solar energy company is striving for the establishment of storage systems and green energy deals. Expecting a 1MW storage system to be commercialized in 2021, Power Master considers energy storage the next profitable business. 

Being optimistic about growth in storage systems, Tsai indicated that renewable energy sources will account for 20% of electricity generation in Taiwan following the decommission of nuclear facilities by 2025. Such a change will pose great challenges on Taipower regarding its grid power supply, where installing storage systems is the only solution for stable grid operations. (Source of first image: TechNews)

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