SET-listed WHA Utilities and Power (WHAUP), an arm of Thailand's biggest industrial land developer and operator WHA Corp, is conducting a feasibility study on a green hydrogen project to serve growing demand for clean power, especially in the digital technology sector.
The findings and a subsequent decision on the project are expected by 2025.
Green hydrogen, which can be used to fuel power generation and manufacturing processes, is produced by using electricity made from renewable energy to split water molecules into oxygen and hydrogen.
This fuel can serve the logistics industry and entrepreneurs, especially tech firms that want to use renewable power to run their businesses, said Somkiat Masunthasuwun, chief executive of WHAUP.
"We want to develop green hydrogen to serve tech companies' investment in cloud databases and digital technology," he said.
In September last year, WHA was in talks with companies such as Google and Microsoft that expressed interest in expanding their businesses into Thailand.
The tech companies asked WHA about renewable power supplies in Thailand to support their businesses, which are striving to achieve carbon neutrality targets.
WHAUP also plans to develop renewable energy in Vietnam, where WHA has industrial estates. WHA operates 13 industrial estates in Thailand and Vietnam, with a total area of 71,300 rai.
In Vietnam, the company is accelerating the construction of WHA Industrial Zone Nghe An Phase 2, covering an area of 2,215 rai, to meet rising demand for industrial land in the country. It is also seeking investment licences for two additional industrial estate projects.
Krailuck Asawachatroj, chief strategic officer at WHA, said the company is interested in expanding its industrial estates into Laos and Cambodia.
"We are conducting a feasibility study on investment in both countries as we see new business opportunities there," he said.
If WHA decides to develop new industrial estate projects, it may need to invest in the power business as many areas face a shortage of power supply, said Mr Krailuck.
WHA expects industrial land sales in Thailand and Vietnam to reach 2,750 rai in 2030, up from 1,750 rai projected earlier, as foreign investment increases.