WHA Utilities and Power Public Company Limited (WHAUP) has unveiled its 2024 plan to advance investments in line with WHA Group's policies both in Thailand and abroad, leveraging digital technology to create new business opportunities for sustainable growth. The company announced an expansion of its cumulative electricity generation capacity to reach 1,000 megawatts, with a planned investment budget of 21.2 billion baht over the next five years. It aims for total revenue and normal profit share over the next five years (2024-2028) to reach 30 billion baht, supporting an EBITDA margin of no less than 50%.

Mr. Somkiat Mesanthasuwan, CEO of WHA Utilities and Power Public Company Limited (WHAUP), revealed the company's business expansion plan for 2024, stating that the company will continue to drive investment through new innovations towards sustainable growth by leveraging business opportunities both within and outside WHA Group's industrial estates in Thailand and abroad. The company is also looking for new investment projects to meet customer demands, targeting total revenue and normal profit share over the next five years (2024-2028) at 30 billion baht, with a planned investment budget of 21.2 billion baht and maintaining an EBITDA margin of no less than 50% through the following strategic business plans:

Utility Business (Water): In 2023, the company managed and sold a total of 121 million cubic meters of water in Thailand, reflecting a growth of 4%, which includes 32 million cubic meters of raw water sales and 6 million cubic meters of value-added water products. In Vietnam, the company managed and sold 34 million cubic meters of water, an 18% increase from the previous year. For 2024, the company aims to expand its services and increase its product offerings, especially in value-added water products, targeting total water management and sales of 178 million cubic meters, comprising 142 million cubic meters domestically and 36 million cubic meters in Vietnam, representing a growth rate of over 14%. The company will also continue to develop a Smart Water Platform by integrating Artificial Intelligence (AI) and exploring new business opportunities, such as various environmental solutions.

Additionally, the company has several water production and wastewater treatment projects that will begin commercial operations (COD) this year, including projects in the WHA Industrial Estate Rayong (WHA IER), expected to commence COD in Q2 2024, and the expansion project in WHA Rayong 36, anticipated to achieve COD in Q4 2024, with a total production capacity of over 8.8 million cubic meters per year. The company is also seeking alternative raw water sources to enhance water supply security and meet the increasing water demand from customers in WHA's industrial estates.

Energy Business: The company continues to expand its investments in energy, particularly renewable energy. In 2023, WHAUP signed 42 new contracts for rooftop solar projects (Private PPA) with industrial customers, totaling 50 megawatts. It was also selected by the Energy Regulatory Commission (ERC) to develop five solar power projects under the Feed-in Tariff (FiT) phase 1, with a total electricity generation capacity of 125.4 megawatts based on shareholding. As of the end of 2023, the company had a total power purchase agreement capacity of 858 megawatts from all types of power plants. For 2024, WHAUP aims to increase its cumulative signed electricity generation capacity from all types of power plants to 1,000 megawatts, representing a growth rate of over 17% from the previous year, which will include 453 megawatts from renewable energy sources, with 283 megawatts from Private PPA solar projects.

Furthermore, the company plans to aggressively develop innovations and energy solutions, such as electric vehicle charging stations, a peer-to-peer energy trading platform, and trading renewable energy production credits (I-REC), as well as exploring the feasibility of investing in new S-Curve businesses like Battery Energy Storage Systems (BESS) and pursuing M&A deals, which are expected to become clearer within this year.

“WHAUP continues to seek investment opportunities in utility and energy businesses in various forms both domestically and internationally to drive growth and strengthen the business, focusing on the use of innovative solutions alongside sustainable growth. In 2023, the company received a SET ESG Ratings of AAA, the highest rating, and was awarded the Commended Sustainability Awards at the SET Awards 2023, reflecting the company's commitment to sustainable business practices,” Mr. Somkiat concluded.