KPN Group in renewable energy business
KPN Group has made the first foray into the renewable energy business, through a deal to buy a stake in Renewable Energy Corp from its founding shareholder, Nopporn Suppipat.
Nopporn sold his entire stake to KPN and the management team of Wind Energy Holding Co Ltd (WEH). Renewable Energy was set up as an holding company to invest in WEH and now holds 59.5 per cent in the latter company. WEH is Thailand's largest wind energy company with two wind farms in Nakhon Ratchasima, with a total capacity of 207 megawatts. The company is currently developing six projects.
“The acquisition of Renewable Energy marks an exciting milestone for KPN as we make our first foray into the renewable energy business," said Nop Narongdej, president of the KPN Group.
"WEH is the only company to have successfully built and operated two commercial scale wind farms in the country, which makes it an attractive choice for us. It also has the largest domestic wind power pipeline which presents KPN with a rare opportunity to shape the future of renewable energy industry and positively contribute to Thailand’s economic development. Going forward, we will work alongside the WEH management team to deliver sustainable growth that benefits all stakeholders.”
Renewable Energy will be renamed KPN Energy.
Emma Collins, chief executive officer of WEH, noted that the deal paves the way for WEH to speed up the development of pipeline projects.
