SET-listed WHA Utilities & Power Plc (WHAUP), which provides utilities under WHA Corp, Thailand's biggest industrial land developer and operator, expects its rooftop solar panel installation service to grow by 24% to 300 megawatts this year, thanks to greater adoption of clean energy in the industrial sector.
Last year, solar panels installed by WHAUP under private power purchase agreements stood at 133MW.
Rooftop solar panels with an electricity generation capacity of 1MW can lead to a reduction of 700 tonnes of carbon dioxide a year, so with a combined capacity of 300MW, up to 210,000 tonnes of carbon dioxide would be cut annually, said Somkiat Masunthasuwun, chief executive of WHAUP.
More factories are interested in renewable energy as it is in line with a global carbon neutrality campaign, which refers to efforts to strike a balance between carbon dioxide emissions and absorption.
Using more clean energy also helps entrepreneurs reduce their dependence on expensive electricity supplied by the state grid.
In its power generation business, WHAUP expects total power generation capacity, including electricity generated by gas and coal, to increase to 847MW this year, up from 683MW last year.
Water-related businesses will also grow in 2023, with total water sales and water management services to increase to 168 million cubic metres, up from 145 million cu m last year.
To support its business expansion, the company will allocate capital spending of 18.5 billion baht for use between 2023 and 2027.
It will seek new markets, notably Taiwan and the Philippines, with growing demand for clean energy and water management services, in addition to Thailand and Vietnam.
According to WHAUP, its revenue rose by 12% to 2.48 billion baht last year, up from 2.21 billion baht in 2021.
However, net profit plunged by 38% to 454.1 million baht, down from 735.5 million baht in 2021, mainly because the cost of coal and gas increased, but the company could not sell electricity at much higher prices due to the state's policy of capping the power tariff.
WHAUP also faced unplanned maintenance of its electricity generation facilities last year.