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WHAUP Unveils Business Plan Focusing on Sustainable Growth. Aiming to Expand Energy Portfolio to 1,000 MW with an Investment budget of 21,200 million baht over 5 years

Bangkok – WHA Utilities and Power Public Company Limited (WHAUP) has revealed its 2024 investment plan, aligning with WHA Group’s policies domestically and globally. Leveraging digital technologies for innovation, the company aims to foster sustainable growth opportunities. It plans to expand its power production capacity to 1,000 MW and has allocated an investment budget of 21.2 billion baht over 5 years. WHAUP targets a normalized revenue and share of profits of 30 billion baht from 2024 to 2028, while maintaining a minimum EBITDA margin of 50%.

Mr. Somkiat Masunthasuwun, Chief Executive Officer of WHA Utilities and Power PLC (WHAUP), unveiled the company’s business expansion plan for 2024 that the company aims to drive sustainable growth through investments in innovations both within and outside WHA Group’s industrial estates, both in Thailand and abroad. It is actively seeking new investment projects to meet customers’ needs. The company aims to achieve normalized total revenue and share of profits of 30 billion baht over the five years (2024-2028). To support this growth, the company has allocated an investment budget of 21.2 billion baht over the next five years while aiming to maintain a minimum EBITDA margin of 50% through these strategies.

Utility Business (Water): In 2023, the company’s water sales and management in Thailand totaled 121 million cubic meters, reflecting a 4% growth. It was driven by raw water sales of 32 million cubic meters and value-added water product sales of 6 million cubic meters. Meanwhile, in Vietnam, water sales and management reached 34 million cubic meters, marking an 18% growth from the previous year. For 2024, the company will focus on expanding services and increasing products and solutions, particularly value-added water products. The target is to achieve a total volume of water sales and management of 178 million cubic meters, divided into 142 million cubic meters in Thailand and 36 million cubic meters in Vietnam, representing a growth of 14%. Moreover, the company is also developing the Smart Water Platform by utilizing Artificial Intelligence (AI) and seeking opportunities to expand into new businesses, such as various environmental solutions.

In addition, the company’s water production and wastewater treatment projects are set to begin commercial operations (COD) this year. Projects within WHA Industrial Estate Rayong (WHA IER) are expected to start COD in Q2/2024, while expansion projects in WHA Rayong 36 Industrial Estate (WHA Rayong 36) are slated for COD in Q4/2024. The projects will have a combined production capacity of over 8.8 million cubic meters annually. Furthermore, the company is also seeking alternative raw water sources to ensure water supply reliability and serve increased customer demand within the WHA Industrial Estate.

Power Business: WHAUP continues to expand investments, particularly in renewable energy. In 2023, it signed 42 Private Power Purchase Agreements (PPAs) for Solar Rooftop projects with industrial customers, adding 50 MW of capacity. Moreover, WHAUP was chosen by the Energy Regulatory Commission (ERC) to develop five Feed-in Tariff (FiT) solar power projects, Phase 1, totaling 125.4 MW in capacity based on shareholding equity. Consequently, by the end of 2023, the company had PPAs according to its equity stake across all types of power plants, totaling 858 MW. For 2024, WHAUP aims to increase its signed capacity to 1,000 MW, representing a growth of over 17% from the previous year. This includes 453 MW from renewable energy sources, with 283 MW from Private PPAs Solar Rooftop.

Furthermore, the company has outlined business directions to actively develop energy innovations and solutions, including electric vehicle charging stations, Peer-to-Peer Energy Trading platforms, and trading of Renewable Energy Certificates (I-REC). Additionally, it is exploring investment opportunities in New S-Curve businesses such as Battery Energy Storage Systems (BESS) and pursuing M&A deals, which are expected to be clarified within this year.

“WHAUP continues to seek investment opportunities in utilities and power businesses both locally and internationally to drive growth and resilience. It emphasizes innovations and solutions along with sustainable development. In 2023, the company attained an AAA rating in SET ESG Ratings and received the Commended Sustainability Awards at the SET Awards 2023, reflecting its commitment to sustainable business practices,” Mr. Somkiat concluded.

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