The Energy Regulatory Commission (ERC) is working on a "green tariff" that will determine the price of power bills for factory owners that need to use clean energy to achieve carbon neutrality.
Carbon neutrality means striking a balance between carbon dioxide emissions and absorption.
Details for tariff rates, which depend on types of renewable energy, are expected in April after the ERC announces the investors selected to join its 5,200-megawatt renewable scheme, said Khomgrich Tantravanich, secretary-general of the commission.
The announcement of the investors' names is scheduled for March.
The 5,200MW capacity is projected to come from four renewable sources: bio-gas (335MW), wind power (1,500MW), on-ground solar farms (2,368MW), and on-ground solar farms with energy storage systems (1,000MW).
The ERC already selected 318 prospective investors whose technical details for renewable power plant development projects passed the commission's criteria. Their projects have a combined generation capacity of 7,729MW.
Some 267 investors competed for on-ground solar farm projects, with capacity of 5,184MW.
Another 31 investors proposed on-ground solar farm projects with energy storage systems, with capacity of 1,253MW, while 20 investors proposed wind power projects, with capacity of 1,291MW.
No one submitted bio-gas projects because of problems related to state zoning plans and transmission systems.
Mr Khomgrich said the ERC will eventually screen some investors out to keep the total capacity within its 5,200MW goal.
He said many factories in Thailand are eager to adopt clean energy as they are committed to company goals to fight global warming, which is attributed for causing climate change.
Some companies want to avoid new non-tariff barriers, notably the Carbon Border Adjustment Mechanism (CBAM) slated for enforcement by the EU.
CBAM, which imposes charges on manufacturers that fail to adopt technology that benefits the climate, can affect businesses in certain industries if they fail to make their production more eco-friendly.
Prime Minister Prayut Chan-o-cha vowed in 2021 during the 26th UN Climate Change Conference in Glasgow that Thailand would be more serious in addressing climate change and strive to reach carbon neutrality by 2050.
