Thailand’s largest wind power producer, Wind Energy Holding, plans to invest USD 2.6 billion to nearly triple its domestic generation capacity by 2037. The company aims to increase its installed capacity from 700 megawatts to 2,000 megawatts over the next 12 years, according to CEO Nuttpasint Chet-Udomlap. It is also exploring expansion opportunities in the Philippines.
To support this growth, the company plans to launch an initial public offering (IPO) on the Thai stock exchange. However, the IPO is currently on hold due to an unresolved legal matter. In 2024, Wind Energy experienced a decline in financial performance, with both revenue and net income falling by more than 20%.
This expansion aligns with the Thai government’s national energy strategy, which targets an additional 16,000 megawatts of renewable energy capacity, including nuclear power, between 2026 and 2037. The goal is to increase the share of clean energy in Thailand’s power mix from 23% in 2024 to over one-third by 2037.
Nuttpasint said the company has acquired land and secured key vendors to prepare for upcoming government auctions. He believes Wind Energy’s expertise in wind generation positions it well for future project bids.
The company was founded in 2006 by Nopporn Suppipat. In 2023, a UK court awarded him over USD 800 million after ruling that he was forced to sell his shares under political pressure. A related legal dispute over dividend payouts is ongoing in Thailand’s court system.
(Source: The Business Times)
