SET-listed Gunkul Engineering, a renewable energy developer and construction firm, expects its revenue to double, reaching 20 billion baht by 2030, thanks to the new power development plan (PDP) that promotes greater use of clean power.
The company estimates it will earn around 10 billion baht this year.
Chief financial officer Thitipong Techaratanayuenyong said the PDP offers a new opportunity for Gunkul after it was awarded the rights to develop 832 megawatts of solar and wind farms with energy storage systems in an auction held by the Energy Regulatory Commission (ERC) under its renewable energy plan.
The PDP, slated for implementation from 2024 to 2037, passed a public hearing and is awaiting approval from the new government for enforcement, expected in October.
The plan set a target to increase the proportion of renewable power to 51% of total power supply, up from 20% last year.
Krungthai Compass, the research unit of Krungthai Bank, said earlier power companies are expected to rack up an additional 190 billion baht from electricity sales to the government as Thailand shifts towards greater use of renewable power between 2024 and 2037.
Greater use of renewable energy is expected to increase total revenue in the renewable energy sector from 100 billion baht in 2023 to 290 billion baht in 2037, with an average growth rate of 7.9% a year, said the think tank.
The ERC is planning to organise a new auction under the second-phase renewable energy scheme, with electricity generation capacity of 3.6 gigawatts, within the end of this year.
Power companies that did not secure the rights to construct renewable power generation facilities in the first phase have the opportunity to participate in this auction.
Somboon Aueatchasai, chief executive of Gunkul, said the company is keen to acquire more rights to develop renewable energy projects.
In the first phase, Gunkul submitted project proposals with 1,245MW in total capacity, but only some projects were selected.
According to Mr Thitipong, the company also aims to boost revenue from other state electricity-related projects, including power plant upgrades, as well as growing demand for rooftop solar power in Thailand.