Reuters cited Bangchak Petroleum president Vichien Usanachote as saying to reporters that the refiner, with an annual budget of about TBH5bn ($151.7m), plans to branch out into new areas such as biodiesel, biomass and ethanol.
"We aim to spend 5 billion baht a year every year for new business to achieve EBITDA target."
Usanachote said that the solar farm business would generate TBH2.8bn of earnings before interest, taxes, depreciation, and amortization (EBITDA) next year, up from TBH1.8bn in the first nine months of 2014.
The company is also planning to acquire renewable power plants and is considering to invest in solar farms in Japan with annual capacity of 30-50MW, reports Reuters.
Additionally, the company aims to boost its refining output to more than 100,000 barrels per day (bpd) in 2015.
