• On track to finalize the Wind-Solar Phase 2 project of 319 MW
  • Ready to support the unlocking of Direct PPA to drive economic growth

Gunkul Engineering Public Company Limited (GUNKUL) has signed a Power Purchase Agreement (PPA) for a 180 MW Wind Farm project and is preparing to sign a PPA for the Wind-Solar Phase 2 project of 319 MW, increasing its total green energy capacity in the portfolio to 1,579 MW. The company is ready to showcase its potential and plans to bid for new PPA projects as soon as the government makes announcements, reinforcing its readiness to drive the transition to green energy and support the Direct PPA policy for the industrial sector to create sustainable business opportunities.

Mr. Naruchol Damrongpiyawut, CEO of Gunkul Engineering Public Company Limited (“the Company”) stated, “As our subsidiary, in which we hold 100% shares, has been selected in the first phase, we have successfully signed a Power Purchase Agreement (PPA) for a 180 MW Wind Farm project with the Electricity Generating Authority of Thailand (EGAT). The green energy phase 1 of our company will gradually commence commercial operation (COD) starting in 2026, and we expect to sign the PPA for the extension of renewable energy projects, which includes a 284 MW wind power plant and a 35 MW solar power plant, totaling 319 MW this year. We have set an investment budget of approximately 35 billion baht over the next 5 years for the expansion of clean energy projects. The company is currently in negotiations for projects in the Philippines to add international power plant projects in the Asia region while also preparing to bid for green power plants domestically. We are confident in our personnel's capabilities and cost management to achieve our goal of expanding our clean energy power plant portfolio both in Thailand and abroad to a total of 2,000 MW within 3 years as targeted.

Recently, a study by the Thailand Development Research Institute (TDRI) indicated that the EEC industry is heavily impacted by insufficient clean electricity and risks losing opportunities to attract foreign investment. It also suggested that the government consider expanding direct electricity trading between producers and large users (Direct PPA) to other industrial sectors, not limited to Data Centers. The company is ready to be part of the push and move forward as a partner in Direct PPA, emphasizing its vision to become a partner in green energy and comprehensive infrastructure, as well as to enhance competitiveness and economic opportunities for partners in the industrial sector, aiming for net-zero greenhouse gas emissions.

In terms of the electrical contracting (EPC) business and the manufacturing and distribution of electrical equipment business, there is still good growth in line with operational plans. The EPC business is preparing to bid for several large construction projects (EPC) worth over 11 billion baht, with good news expected to be announced soon. The manufacturing and distribution of electrical equipment business is anticipated to generate significant profit growth, especially in the inverter and battery solution segments, which are in high demand due to the growth of rooftop solar. The company is confident that it will achieve its revenue growth target of 10-15% with total revenue exceeding 35 billion baht within 3 years.