Singha Estate Public Company Limited (S), a leading real estate development and investment company in Thailand, has announced that it has secured exclusive rights to purchase a 30% stake in three large co-generation power plants, with a total electricity generation capacity of 400 megawatts. The investment is valued at 1.392 billion baht based on the par value of the shares.

The acquisition of shares in the three power plants will commence upon approval from the shareholders of Singha Estate Public Company Limited, which is scheduled to hold its annual general meeting on April 23, 2021.
- The first plant is the co-generation power plant of Ang Thong Power Co., Ltd., located in World Food Valley Industrial Estate, Ang Thong Province, which is already operational with a capacity of 123 megawatts.
- The second and third plants are new power plants currently under construction, owned by B.Grimm Power (Ratchaburi) 1 Co., Ltd. and B.Grimm Power (Ratchaburi) 2 Co., Ltd., located in World Food Valley Industrial Estate, expected to commence operations in 2023, each with a capacity of 140 megawatts.

Mr. Chutinan Phromphakdee, Chairman of Singha Estate Public Company Limited, stated that the company has secured the rights to purchase shares in the power plants under highly attractive conditions, marking a significant piece of the puzzle that will propel Singha Estate towards becoming one of Thailand's leading real estate developers, power producers, and engineering service providers. This is part of our strategy to triple our business size to achieve annual revenues of 20 billion baht within three years.
Previously, Singha Estate announced that 2021 would be a pivotal year for advancing its business development into related sectors aligned with its three core business groups, which include:
- Commercial real estate
- Residential project development
- Resort and hotel business.

Ms. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate Public Company Limited, remarked that obtaining licenses for power plants of this capacity is not easily achievable. Therefore, the company is particularly pleased to have secured a significant stake in three important power plants, which will provide us with a solid business foundation in the power generation industry immediately, without starting from scratch.


Ms. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate Public Company Limited

One of the factors that makes our acquisition rights highly attractive is that 270 megawatts, or nearly 70% of the total electricity that these three power plants will produce, has already been sold in advance at agreed prices, ensuring a continuous and sustainable revenue stream, enhancing Singha Estate's potential to operate effectively in all circumstances (Resilient Business),” Ms. Thitima stated.

Ang Thong Power is the only power plant in Thailand that can generate profits without needing to sell electricity to the general public, with 75% of its total output contracted for purchase by the Electricity Generating Authority of Thailand for a period of 25 years. The use of advanced technology has helped reduce costs and increase profits beyond initial estimates.

It is projected that the three power plants will generate approximately 7.5 billion baht in revenue by 2024.

The acquisition of shares in these three power plants will provide significant returns for Singha Estate and will also benefit the entire business by promoting synergy with Singha Estate's various operations. The bank will initially provide loans for this project, after which we will invest ourselves in smaller amounts. Singha Estate has a low debt-to-equity ratio of 0.96 and can access an additional 25 billion baht in funding.