Gunkul Engineering, an SET-listed supplier of electrical equipment, is taking a major step towards making renewable energy its core business, aiming for the segment to contribute revenue of 4-5 billion baht by 2018.
The company's power-generating capacity will rise from 220 megawatts next year to 300 MW by 2018, when revenue from electricity generation is expected to surpass sales from equipment supply, said managing director Somboon Aueatchasai.
Gunkul hopes to begin realising revenue from the 60-MW Huay Bong 1 wind power project late next year.
The facility is intended to generate 950 million baht annually.
The company is seeking licences to operate a 60-MW Huay Bong 2 wind power plant and a 30-MW solar power plant in Thailand, plus the second and third phases of a solar power project in Myanmar with 25 MW each.
A joint venture with East Coast Furnitech (ECF) in solar photovoltaic rooftops is also meant to help Gunkul achieve its transformation.
The project anticipates feeding 20 MW to the grid.
Gunkul holds 74.99% in the venture and ECF the remaining 25.01%.
"We will bid for additional licences for renewable energy and change the company's name to Gunkul Energy after our first full year of wind power revenue is realised in 2016," Mr Somboon said.
Gunkul expects revenue of close to 3 billion baht this year and aims to grow by at least 10% in 2015 and 20% the following year once Huay Bong 1's wind power plant is fully operational.
The company will clinch project refinancing from banks worth 4.8 billion baht to begin building Huay Bong 1's wind power plant in November.
Shares of GUNKUL closed yesterday on the Stock Exchange of Thailand at 24 baht, down 40 satang, in trade worth 596.22 million baht.