Dhanarak dips its toe in solar cells

Dhanarak Asset Development (DAD), a state-owned enterprise under the Treasury Department, is preparing to expand into the solar cell installation business, aligning with the government’s policy direction. 

According to DAD president Titus Suksaard, the company’s statutory mission is to maximise the utilisation of government agency assets. DAD was previously responsible for constructing the Chaeng Watthana Government Complex and buildings for various government agencies. 

More recently, the firm has been considering offering consultancy services to government agencies seeking to transition to renewable energy, including solar cell installation and investment, with installation firms paid through rental payments to DAD.

Consultancy would also cover green buildings, building engineering systems and infrastructure services, while DAD explores opportunities arising from the silver economy, said Mr Titus.

For the first nine months of this year, DAD reported total revenue of 3.67 billion baht and net profit of 1.27 billion baht. Some 98% of revenue came from managing Chaeng Watthana Government Complex, with the remainder generated from commercial space rentals within the complex.

DAD’s revenue is expected to reach 4 billion baht by year-end and 4-5 billion next year, he noted.

All available space in zones A, B and C of the Chaeng Watthana Complex is fully occupied. Zone C, the most recent development, was designed as a “green smart city”.

For the next phase, the company plans to upgrade zones A and B into smart cities, enabling the complex’s various systems, such as parking, electricity, water supply and air conditioning, to be controlled electronically.

The Pod Duang Building in Zone C is regarded as a model of energy-efficient design as its curved structure helps reflect more UV radiation, said Mr Titus. The building also features a floor cooling system, which delivers cool air upward from floor level to a height of no more than 2.5 metres, reducing excess energy loss and saving 30% of energy consumption.

The complex also installed a 4-megawatt solar cell system to replace energy generated from fossil fuels.

Regarding financial cost management, he said the company plans to refinance its 18-billion-baht loan through securitisation by 2027, using the company’s assets as backing to reduce its interest costs below the current rate of 3%.

DAD has several projects under construction, including a building for the Treasury Department on Phahon Yothin Road and another for the Revenue Department on Sukhumvit Road.

The company is also preparing to sign a contract with the Playing Card Factory to construct a plant in Samut Prakan province, with a project value of more than 300 million baht.