Thailand-based Energy Absolute is planning to invest around $1.4bn in the next three years to increase its renewable energy generation capacity.

The company plans to develop new solar and wind power projects in Thailand and increase its generation capacity from the existing 100MW to 570MW by 2017, reports Bloomberg.

As part of the plans, Energy Absolute will construct two solar power projects, which will have 180MW of combined capacity, with an investment of $530m.

The plans also include the development of 390MW of new wind power projects with an investment of $900m.

Energy Absolute chief financial officer Amorn Sapthaweekul was quoted by Bloomberg as saying, "The company has a strong ambition to become the leading operator of renewable energy in Thailand and the region.

"Revenue from solar and wind power plants will outstrip the company’s traditional biodiesel business after the completion of those new plants in the next few years."

In December 2013, Energy Absolute commenced operations of a 90MW solar facility in Nakhon Sawan province, about 250km north of Bangkok.

A second 90MW solar facility is expected to go live by the end of 2014 and a similar plant will begin operations in December 2015.

The company aims to complete 126MW of wind farms in the southern Thai province of Nakhon Si Thammarat in September 2015.

Energy Absolute is also building wind farms in the northeast Thai province of Chaiyaphum, which are expected to be completed by 2017.

Sapthaweekul said around three-fourths of the investment funds will come from loans and the rest from the company’s existing cash resource.