Investment/GPSC joint venture to Denmark Fund

Editorial team

GPSC joins hands with Copenhagen Infrastructure Partners (CIP) to set up a joint venture company, enter the wind energy business and aim to be the renewables leader in Thailand.

GPSC signed a joint venture agreement with Copenhagen Infrastructure New Markets Fund I (CI NMF I), a fund managed by Copenhagen Infrastructure Partners (CIP) to establish a joint venture company (the “JV”) which will develop wind energy projects in Thailand.

Mr Worawat Pitayasiri, president and chief executive officer of Global Power Synergy Public Company Limited or GPSC

Mr Worawat Pitayasiri, president and chief executive officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, signed the joint venture agreement with CI NMF I. CIP, manager of CI NMF I is a leading fund management company based in Denmark, and a global expert in the development of wind energy projects worldwide, including Germany, the United States of America, India and Taiwan.

The objective is to establish a joint venture company to develop the wind business in Thailand as GPSC and CIP seek further potential areas of cooperation both domestically and internationally. GPSC and CI NMF I will hold 51% and 49% in the joint venture respectively.

Mr. Worawat said that this joint venture combines the strengths of both companies – CIP’s world-class expertise in wind projects including the exploration of new potential wind sites and the construction and operation of the best-in-class technology. CIP’s industrial roots also bring long-lasting relationships with world-class wind turbine manufacturers to the joint venture. As a result, the joint venture expects to drive the development of wind energy in Thailand and enable significant improvements in the wind energy industry in Thailand.

The cooperation will enhance the potential in developing and operating wind energy to support investment opportunities under the Thailand's power development plan (PDP2022) as GPSC and CIP continue to deepen their relationship across more markets. This will enable GPSC to increase the proportion of electricity generation from renewable energy by more than 50% by 2030 and achieve net zero emissions by 2060 as set out in the Company’s sustainability strategy.

This partnership will work in concert with the JV to significantly increase its commercial impact by facilitating the origination of new renewable sites and, most importantly, increase the quality of life of the Thai farmer by maximizing agricultural land use as part of the JV’s ambitions to contribute towards achieving Thailand’s target of net zero emissions by 2065.

In addition, on November 15, 2022, CI NMF I has entered into a Share Purchase Agreement and acquired 49% of the issued share capital in Eurus Plus Company Limited and Boree Plus Company Limited (formerly wholly-owned subsidiaries of the Company) to participate in the application for electricity generation according to the Energy Regulatory Commission announced the notification for the purchase of electricity generated from renewable energy sources under the Feed-in Tariff (FiT) scheme 2022 – 2030 for power plants with no fuel costs B.E. 2565 (2022).

The existing strong working relationship between GPSC and CIP is expected to accelerate the energy transition in Thailand and enable GPSC’s net zero and sustainability goals over the foreseeable future.