Thachang Green Energy Pcl. (TGE) will commence trading of its shares in the SET with an eye toward becoming a leader in renewable energy that is community- and environment-friendly. Its plans include developing three community waste-to-energy projects to boost installed capacity to 51.7 MW along with seeking investment opportunities both domestically and overseas to pave way toward expanding capacity to 200 MW by 2032.
Pongnarin Wansuwankul, executive chairman and director of Thachang Green Energy Public Company Limited (TGE), a leading developer of community- and environment-friendly renewable energy, reports that TGE will debut trading of its shares on August 19, 2022, in the Stock Exchange of Thailand (SET) under the Resources Group and the "TGE" symbol. This follows its successful initial public offering (IPO) of 600 million shares, which have received overwhelming public responses.
Mr. Pongnarin expresses confidence that the company will continue to gain investors' trust in its potential as an expert developer of high-efficiency renewable energy power plants. Following its listing in the SET, he says, TGE will spend the proceeds from its share sales to develop new community waste-to-energy plants, pay loans, and maintain working capital in order to strengthen future growth.
In the longer term, the company plans to increase the total installed capacity of all power plants, including those that have achieved Commercial Operation Date (COD) as well as those under development, to over 100 MW by the year 2027 and to over 200 MW by 2032. Investment will focus on renewable energy power plants compatible with government policies to increase the share of solar energy, wind power, hydropower, biomass energy, biogas energy and energy from waste. The company will also be on the lookout for new alternative energy projects within the country and abroad by forming business alliances aiming at building sustainable growth and profits. Energy technologies will be deployed to help reduce costs, boost production efficiency and enhance the environment.
Dr. Sakda Siriphatsophon, TGE's chief executive officer, says that three biomass energy projects launched by the company have achieved COD with a total installed capacity of 29.7 MW. Three waste-to-energy projects with a total installed capacity of 22 MW are under development. They are 8MW TES SKW project in Sa Kaew, 8MW TES RBR project in Ratchaburi, and 6MW TES CPN project in Chumphon. All have passed local administrations' selection processes, and the Energy Regulatory Commission (ERC) has issued a power purchase announcement. The COD of these projects are expected to be achieved by 2024, boosting the company's total installed capacity to 51.7 MW.
TGE also is prepared to enter into a bidding competition for four more community waste-to-energy projects, including TES PRI in Prachin Buri, TES CNT in Chainat, TES UBN in Ubon Ratchathani, and TES TCN in Samut Songkhram. If successful, COD is expected to be achieved in 2025. If things go according to plan, the company will have increased its total installed capacity to 90 MW within three years. In the meantime, TGE will keep an eye out for opportunities to invest in renewable energy projects with great potential both within the country and abroad in order to achieve its objective of having an installed capacity of 200 MW.
Mrs. Ratchada Kleawpatinon, managing director for investment banking at KGI Securities (Thailand) Pcl., as financial advisor, points out that Thachang Green Energy is a leading renewable energy operator with great long-term growth potential. The company has clear growth-oriented strategies with an aim to continuously develop power generation projects both locally and abroad. It also has an eye on new business opportunities in the alternative energy industry to achieve sustainable growth.
With its strong fundamentals, expertise in high-efficiency power generation technologies and ready and stable access to raw materials for power generation, TGE has been able to operate a successful business from the beginning, Mrs. Ratchada says, adding that the company's total revenue from 2019 to 2021 increased from THB347.5 million to THB807.5 million, an average growth rate of 50% annually. Likewise, its profits during the same period grew from THB94.3 million to THB202.1 million, and the company has been able to sustain high profitability.
Mrs. Yodrudee Santatikul, executive director, Asia Plus Securities Co., Ltd., as lead underwriter, reiterates that TGE is a leading producer and distributor of electricity from renewable energy that is highly successful in raising fund in the stock market. Its IPO of 600 million shares at THB2 a share has brought in THB1,200 million. It's a demonstration of investors' confidence in the company's business strengths and future potentials as a leader in the renewable energy industry with a friendly attitude toward the community and environment. The company is also prepared to grow in step with the global green energy megatrend and become a part to build energy sustainability for the country.
