SET-listed WHA Utilities and Power (WHAUP), which provides utilities under Thailand's biggest industrial land developer and operator, is planning to acquire new wind and solar power generation facilities with a capacity of 50-100 megawatts in Vietnam to benefit from growing energy demand there.
Chief executive Somkiat Masunthasuwun did not elaborate on the asset acquisition plan, saying only that the deals are expected to be concluded by the end of this year.
He said the new assets would allow WHAUP to expand its business in Vietnam under the country's eighth national power development plan, or PDP 8, which gives investors an opportunity to develop fossil- and renewable fuel-based power plants, with more than 150 gigawatts in capacity.
"Most of the new capacity in PDP 8 will come from wind power. We will not lose this business opportunity," said Mr Somkiat.
He said the company expects its total revenue to increase by 150% to 7 billion baht in 2027, up from an estimated 2.8 billion this year, because of authorities' efforts to combat climate change.
WHAUP's businesses in Vietnam and Thailand should play a key role in racking up revenue, said Mr Somkiat.
The company is allocating 18.5 billion baht to support its power and water businesses between 2023 and 2027.
Last year, WHAUP's power generation capacity from gas and coal-fired power plants, hydropower generation and rooftop solar power was 699MW.
The company expects capacity to increase to 740MW this year, driven by the rooftop solar panel and solar farm businesses.
WHAUP is preparing to develop solar farms with a combined capacity of 125MW under the 5.2GW renewables scheme overseen by the Energy Regulatory Commission.
In terms of its water business, the company expects total water sales to increase by 15% to 168 million cubic metres this year, up from 145 million cu m in 2022.
Sales in Thailand are expected to reach 135 million cu m, while sales in Vietnam will hit 33 million cu m, according to the firm.