A subsidiary of Thailand’s Provincial Electricity Authority (PEA), PEA Encom International, announced it will be establishing LED lighting products and solar panels manufacturing facilities, reported The Nation.

"We are considering the possibility of setting up our own manufacturing facilities, especially for LED lamps and bulbs, as well as solar-panel products in the next year or two. They will require a combined investment of between THB 300 million and THB 500 million (US $8.63 million to US$ 14.4 million)," Punlop Pinyowiwat, acting managing director of PEA ENCOM International.

The new plants will be providing for both domestic and international demands.

The renewable-energy business contributes to more than 50% of PEA ENCOM’s international revenue, while 30% is from energy-saving products and services, and the remaining is from maintenance services for power systems.

The company’s energy saving business provides products and services including LED lamps, bulbs, energy services, and solar rooftops that will be launched later in the year.

Racer Electric (Thailand) is the OEM for PEA’s LED bulbs through a subcontract agreement.

PEA Energy International projected revenues will surge from THB 480 million for 2016 to between THB 2 billion and 3 billion in the next five years, as the result from its renewable energy and energy-saving businesses.

The company estimated growth will be driven by expanding its energy saving products and services in the domestic market, as well as overseas for its renewable energy business following the construction of power plants in Asia.