Board of Investment is bullish on turning Thailand an alternative energy hub, as 22 projects with combined investment of Bt8 billion have applied for tax incentives in the first nine months of this year, mostly dealing with ethanol and biodiesel.

Acharin Pattanapanchai, deputy secretary-general, believed that the projects would be executed as planned despite recent weakness in oil prices. Given shrinking oil reserves, alternative energy would remain essential in the future, she said. The BoI is working with the Excise Department to facilitate ethanol exports to promote such investment in Thailand. It would also promote other alternative sources such as cellulose power and other fuel cells.

She is confident that all these projects would regain popularity once oil prices pick up.

In 2008, the number of applications totalled 88, with combined investment of Bt70 billion.