SET-listed Gunkul Engineering, an integrated clean energy developer, aims to expand its business by tapping into growing renewable power demand in Asia-Pacific and focusing on direct power purchase agreements (PPAs) in new markets.
The expansion will be mainly driven by renewable energy development, though construction work and electrical equipment trade are two other core businesses, said Naruechon Dhumrongpiyawut, the newly appointed chief executive of Gunkul.
The company is interested in signing direct PPAs with tech companies investing in Taiwan and the Philippines. These companies need clean energy to run their businesses as they are committed to reducing carbon dioxide emissions, she said.
Under direct PPAs, renewable power companies can directly sell electricity to customers without first supplying it to the government.
Ms Naruechon said Gunkul wants to use the direct PPA model in countries where it already has established businesses, including Thailand, Vietnam, Malaysia and Japan.
"These countries are keen on supplying renewable power to investors who demand clean energy as part of their operations," she said.
Ms Naruechon aims to apply her experience in renewable energy and financing to further develop Gunkul's businesses.
The Thai government is promoting direct PPAs following calls from investors, especially in the data centre and cloud service sectors, who want authorities to facilitate their use of clean power.
Peer-to-peer power trade in the renewables category is still not permitted in Thailand, but the National Energy Policy Council decided last year to approve a direct PPA pilot project to attract foreign investors.
Gunkul also wants to join the second-phase renewable energy scheme, overseen by the Energy Regulatory Commission. Officials are expected to call for bids for renewable projects under the scheme this year, with total electricity generation capacity of 3.6 gigawatts.
The company was awarded licences to develop renewable power plants, with a combined capacity of 319 megawatts, under the first phase.
Gunkul aims to win rights to develop power plants with a total capacity of at least 220MW in the second phase, she said.
Ms Naruechon, who has a background in both engineering and business administration, has played a key role in developing solar and wind farm projects in Thailand. She has also pushed for overseas solar farm development.
The company is allocating 12 billion baht to support mostly renewables projects between 2025 and 2027.
Ms Naruechon expects revenue to annually increase by 10-15% during this three-year period, up from 9.4 billion baht in 2024.