Wind Energy Holding Co., Ltd. (WEH) has announced a major step into a new era of growth after securing four new power purchase agreements with the Thai government. As a result, the company’s licensed electricity generation capacity has increased by 42%, reaching a total of 1,016 megawatts—meeting its target. WEH is also preparing over 2,000 megawatts of new projects, with plans to participate in upcoming domestic and international bidding rounds. The company noted that Thailand still has more than 5,000 megawatts of wind power capacity awaiting allocation. For the fiscal year 2024, WEH reported another year of strong financial performance, with revenue surpassing THB 10 billion for the fifth consecutive year.
Mr. Nuttpasint Chet-udomlap, Chief Executive Officer of Wind Energy Holding, Thailand’s leading wind energy producer, stated that the company achieved total revenue of THB 11.313 billion and a net profit of THB 5.388 billion in 2024. This marks the fifth consecutive year of revenue exceeding THB 10 billion, and the fourth consecutive year of net profit above THB 5 billion.
“Our strong performance in 2024 was driven by favorable wind conditions and excellent operational readiness of our wind turbines, resulting in highly efficient power generation,” Mr. Nuttpasint said. “Our debt-to-equity (D/E) ratio also improved significantly, dropping to 0.74 from 1.01 the previous year, repayments of financial loans. Moreover, cash flow from operations remained high at THB 9.57 billion, supported by a strong business foundation. This strong position enables the company to consistently deliver dividends and returns to shareholders and bondholders.”
Bright Outlook for Renewable Energy – Ready to Participate in All Upcoming Bidding Rounds
Mr. Nuttpasint stated that the domestic renewable energy landscape remains promising, with at least 5,745 megawatts of wind energy capacity available for competitive bidding. This includes approximately 400 megawatts under Thailand’s current Power Development Plan (PDP), which has yet to be opened for bids, and an additional 5,345 megawatts under the draft PDP 2024 (covering 2024–2037), which is currently undergoing public consultation. As Thailand’s pioneering wind energy producer and industry leader, WEH is confident in its capability to support the country’s renewable energy ambitions.
“WEH has prepared a pipeline of renewable energy projects with a combined capacity of over 2,000 megawatts, ready to be submitted for government auctions. These projects span both domestic and international markets, with a focus on high-potential wind and solar power initiatives,” he added.
Secures Four New Power Projects – Achieves Target and Continues Strong Growth
WEH was recently awarded four new renewable energy projects through Phases 1 and 2 of Thailand’s Feed-in Tariff (FiT) scheme for renewable energy procurement. The total contracted capacity amounts to 299.1 megawatts. This includes one 30-megawatt ground-mounted solar power plant with energy storage, and three wind power projects, each with a capacity of 89.7 megawatts, totaling 269.1 megawatts. The total investment for these four projects is approximately THB 15.7 billion, and the company has already secured the necessary financing. Revenue recognition from these projects is expected to begin in 2027 and will be fully realized by 2030.
With these new projects, WEH’s licensed capacity has increased by 42%, rising from 717 megawatts to 1,016 megawatts. This marks a significant growth milestone, especially since the company’s last commercial operation date (COD) for a power plant was in 2018. The expansion also fulfills the company’s 2021 target to reach 1,000 megawatts of government-approved capacity.
“According to our business development roadmap, which aligns with Thailand’s PDP, we aim to reach 2,000 megawatts of licensed capacity by the end of the PDP 2024 plan in 2037, with projected annual revenues of approximately THB 20 billion,” Mr. Nuttpasint concluded.
Robust Power – Expanding into Real Estate, Healthcare, and Financial Services
Mr. Nuttpasint highlighted that WEH currently operates under two primary business groups:
Energy Business – This segment is comprised entirely of renewable energy projects with a total licensed capacity of 1,016 megawatts across 12 power plants. Of this, 717 megawatts are already in commercial operation across eight wind farms. The remaining 299 megawatts are under development, consisting of four projects with signed power purchase agreements and scheduled commercial operation dates (SCOD). These include one ground-mounted solar project with energy storage and three wind power projects.
Real Estate, Healthcare, and Financial Services – WEH is also actively investing in these sectors through stakes in publicly listed companies on the Stock Exchange of Thailand.
“From this year onward, Wind Energy Holding is entering a new era of expansion,” Mr. Nuttpasint stated. “We will continue to grow our renewable energy portfolio—especially in wind power—to maintain our leadership in the industry. At the same time, as a holding company, we are also seeking strategic opportunities in high-potential sectors to further enhance our long-term business strength.”
Continuing the Mission to Reduce CO₂ Emissions and Expand Carbon Credit Initiatives
Mr. Nuttpasint emphasized WEH’s ongoing commitment to environmental sustainability. In 2024, the company’s wind power generation contributed to a reduction of approximately 938,943 tons of carbon dioxide equivalent (tCO₂e)—the environmental benefit equivalent to the annual CO₂ absorption of approximately 41 million fully grown trees (based on an average carbon absorption rate of 2 kg per tree per year). As WEH expands its power generation capacity in line with its strategic plan, this positive environmental impact is expected to grow proportionately.
WEH adheres to global standards for carbon credit verification, including Gold Standard and VERRA. In the past year, the company sold approximately 810,000 tCO₂e in carbon credits. From 2021 to 2024, WEH has cumulatively sold 3.48 million tCO₂e to buyers in the United States and the European Union, primarily within the automotive and aviation sectors.
“In addition, between 2019 and 2024, WEH issued a total of 506,455 megawatt-hours (MWh) under the International Renewable Energy Certificate (IREC) Standard,” Mr. Nuttpasint noted. “IRECs are gaining importance in the global market as more companies—particularly members of the RE100 initiative, such as Apple, Google, Microsoft, and Ikea—seek to verify their use of 100% renewable electricity. This reflects a growing global awareness and corporate commitment to clean energy.”
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