Energy Absolute is considering to invest approximately THB46bn ($1.4bn) over the next three years in order to boost renewable energy generation capacity.
Energy Absolute Chief Financial Officer Amorn Sapthaweekul was quoted by Bloomberg as saying that renewable energy generation capacity is expected to increase from approximately 100MW to 570MW by 2017 in Thailand.
Around TBH17bn ($530.3m) of investment is also planned by the company to develop two solar projects, with a combined capacity of 180MW.
Currently, the company operates Thailand's biggest solar power project in Nakhon Sawan province.
Energy Absolute will also invest TBH29bn ($623.8m) to construct wind farms, with a combined capacity of 390MW.
Amorn said in an interview with the publication: "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."
Commercial bank loans will account for approximately 75% of the investment funds for the projects, while the remaining funds will come from the company's cash flow.
The company will begin commercial operations of a 90MW solar plant and a similar-sized facility by the end of the 2014 and by December 2015, respectively.
Additionally, Energy Absolute will complete 126MW of wind farms in the southern Thai province of Nakhon Si Thammarat in September 2015 and wind projects in Chaiyaphum province by 2017.
AEC Securities analyst Kriengkrai Tumnutud was quoted by the publication as saying: "Investment in solar farms will further strengthen Energy Absolute's lead among Thailand's operators of solar power plants.
"Wind power plants will be much riskier because of unpredictable wind and harder financing."