Solar

Energy Minister Eknat Prompan has unveiled a major energy restructuring plan, under which the government will reserve 10,000 megawatts of rooftop solar generating capacity specifically for the public, set at roughly 5 kilowatts per household, to spread the right across households nationwide. Under the new approach, the state will buy back surplus power and apply it as a discount on the same billing cycle's electricity bill. A 5-kilowatt system can generate about 600 to 700 units per month, worth roughly 2,000 baht or more, and the state will provide a subsidy of 50,000 baht, with the income from the generated power used to pay it off. The equipment is expected to be fully paid off in about 7 to 10 years. On cutting permitting steps, coordination will be handled solely through the distribution utilities, with a target of about 1 week for inspection and acceptance in self-consumption installations, and no more than 1 month in cases of selling power back. For the new Power Development Plan, or PDP, three goals are set: cleanest, most stable, and fairest. It targets raising the share of clean energy from the current level of just over 20% to close to 50% within 10 years, and no less than 65% in the long term, while reducing reliance on spot-market LNG in favor of long-term contracts, and opening the door to future technologies including hydrogen, geothermal, solid oxide fuel cells, and small modular nuclear reactors, or SMRs. Meanwhile, the public electricity cost that has been embedded in the power tariff structure for 30 to 40 years amounts to a burden of about 18 billion baht per year. The government has removed this burden from the structure and has already implemented a measure capping the first 200 units of household electricity at 3 baht per unit.

The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.

The National Energy Policy Committee has approved a measure to support rooftop solar installation for households at 50,000 baht per household and to expand the target for purchasing electricity from solar power from 5,000 megawatts to 10,000 megawatts. The proposal will be submitted to the Cabinet meeting on September 22, 2026. Deputy Interior Minister Polpree Suwanchavi revealed that Prime Minister Anutin Charnvirakul will sign the Interior Ministry's letter under the project and plans to present it to the subcommittee screening loan spending under the 400-billion-baht emergency decree for consideration and approval within 15 days, or as soon as 3 to 5 days from now, before submitting it to the main screening committee chaired by Lavaron Sangsnit, Permanent Secretary of the Finance Ministry. The matter will then be forwarded to Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas to present to the Cabinet within the next two weeks. If the Cabinet approves, the registration system will open for the public to claim their entitlements within two days afterward. As for progress on setting electricity rate criteria for data center businesses, the Energy Regulatory Commission is finalizing the categorization of electricity rates, with Ekniti instructing that the details be completed by the end of September 2026.

The Ministry of Interior is preparing to push forward a project to ease the burden on the public in installing rooftop solar, under which the government will provide a grant of 50,000 baht per household. Pol. Col. Pholpee Suwanchavi, Deputy Minister of Interior, disclosed that on September 18, Prime Minister and Interior Minister Anutin Charnvirakul will sign the project document before submitting it to the loan-spending screening subcommittee for consideration within no more than 15 days. It will then be proposed to the loan-spending screening committee under the emergency decree authorizing the Ministry of Finance to borrow money to address the impacts of the energy crisis and drive the country's energy transition, with a credit line of 400 billion baht, chaired by Lavaron Sangsnit, Permanent Secretary of the Ministry of Finance. After that, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas will finalize and present it for Cabinet consideration within about two weeks, and once the Cabinet passes a resolution, registration for the public to join the project will open within two days. Pol. Col. Pholpee also discussed progress on the state welfare card project, saying that initially the remaining funds from the previous round, where registrations fell short of the budget framework, will be used to top up this round, with the Ministry of Finance to determine the amount and finalize the details of those eligible for the 2026 state welfare card project for submission to the Cabinet. Meanwhile, Ekniti instructed the Energy Regulatory Commission to expedite the finalization of electricity rate criteria for data centers within this September. Data centers are classified as type 9 electricity users and must also factor in public electricity charges and common-area electricity charges, with revenue from data center electricity charges helping to reduce the burden on the Metropolitan Electricity Authority and the Provincial Electricity Authority.

The Revenue Department has announced five tax measures to support economic and social development in line with government policy. Director-General Somsak Anantawathana said the five measures cover enhancing entrepreneurs' capabilities, human resource development, addressing social problems, addressing environmental problems, and promoting religion, art and culture. On the environment, the Revenue Department allows a deduction for the purchase and installation of rooftop solar cells at actual cost, up to a maximum of 200,000 baht. The purchase of visual artworks is deductible at actual cost, up to a maximum of 100,000 baht per tax year. Donations to national and provincial sports organizations through the e-Donation system will have the period extended for double deductions and expense deductions. The Revenue Department also signed the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports, or GIR MCAA, for use in collecting top-up tax, and signed a memorandum of understanding with the National Tax Service of the Republic of Korea to promote cooperation, personnel development and knowledge exchange.

The National Energy Policy Council, or NEPC, at its meeting on 18 September 2026 approved key energy measures covering both relief for the public's electricity bills and the expansion of solar power generation projects for the public. Energy Minister Ekkanat Promphan said after the meeting that the council acknowledged guidelines for managing electricity costs for the September to December 2026 billing period, after the Energy Regulatory Commission, or ERC, approved a retail Ft tariff of 16.23 satang per unit, using 16.127 billion baht in clawed-back excess benefits to help reduce the burden of electricity bills, while the Electricity Generating Authority of Thailand, or EGAT, continues to carry part of the outstanding costs on behalf of the public. On the public solar scheme, the meeting approved expanding promotion to cover rooftop, ground-mounted and floating installations under a Net Billing model, setting a combined target for purchasing electricity of 10,000 megawatts, up from the previous target of 500 megawatts, with electricity offered for sale limited to no more than 5 kilowatts per meter, and an excess power purchase rate of 2.20 baht per unit for a period of 20 years, compared with the previous 10-year purchase contracts under earlier projects. Participants in the existing public solar scheme, from the project under the Energy Policy Administration Committee resolution of 24 December 2018 and the NEPC resolution of 24 January 2019, as well as participants under the NEPC resolution of 29 April 2026 under the 500-megawatt target, will also have their power purchase period extended from 10 years to 20 years. The NEPC assigned the ERC to issue and amend related regulations, announcements and criteria, while the Metropolitan Electricity Authority and the Provincial Electricity Authority must send real-time data on electricity sales and purchases from renewable energy producers to EGAT for use in managing power system stability. Relevant agencies will proceed with reducing the steps for applying for installation permits and grid connection through a One Stop Service so that the public can join the project more conveniently and quickly.

The Industrial Estate Authority of Thailand, or IEAT, Gulf 1 Company Limited under the GULF group, and Global Power Synergy Public Company Limited, or GPSC, have signed an agreement to establish a joint venture named Renenergy Company Limited to develop a solar farm on a 92-rai silt pond area within the Map Ta Phut Industrial Port Development Project Phase 3. The solar power plant has a total installed capacity of 17.50 megawatts. The shareholding structure consists of Gulf 1 holding 37.5 percent, GPSC holding 37.5 percent, and IEAT holding 25.0 percent. Sumet Tangprasert, Governor of IEAT, said this collaboration will help drive the industrial sector toward its Carbon Neutrality goal by 2050 and Net Zero by 2065. Chansak Chuenchom, Chief Executive Officer of GPSC, stated that this project will supply clean energy electricity to the industrial sector and support the company's Net Zero goal by 2050. Meanwhile, Amnuayporn Prakobnopkaew, Managing Director of Gulf 1, said that GULF1 will bring its clean energy experience to oversee the project from design, development, and construction through to long-term operations. The project will also help operators in the Map Ta Phut Industrial Estate access green energy to reduce greenhouse gas emissions in line with ESG criteria and generate sustainable income for IEAT through dividends, compensation for the use of water surface rights, and utility service fees throughout the project period.

A securities analysis recommends "buying" GULF shares, expecting operating results in the second half of 2026 to continue growing, and maintains guidance for 2026 revenue and EBITDA growth of around 12-15%. This is supported by roughly 700 MW of new capacity in the second half, including 623 MW of renewable power plants expected to generate additional profit of about 600 million baht per year, and the 10 MW Chiang Mai community waste-to-energy plant expected to generate profit of about 120 million baht per year. Meanwhile, the LNG Import and Optimization business is expected to generate profit of about 1.5 billion baht this year. On the US side, the Jackson power plant has already benefited from a Capacity Payment increase from 270 to 329 dollars per MW-day, driven by demand from data centers in the PJM market. As for GSA01, with a capacity of 25 MW, customers have used full capacity since June, allowing full profit recognition in the second half of 2026. The first roughly 200 MW of data centers that have already been committed are expected to be fully operational in 2027, before capacity expands to approximately 1,000 MW by late 2028. The company continues to expand its Digital Infrastructure to be fully integrated, with plans for equity investment of approximately 130-140 billion baht over five years, allocating about 10% to GULF Edge, which could rise to 15% depending on data center growth. On sentiment, the view is that the price decline over the Singtel share overhang issue is nearing resolution, after Singtel sold 416 million GULF shares, or 2.8% of total shares, in June 2026, reducing its stake from 7.73% to 4.95%, with a lock-up condition barring further sales of the remaining shares for 90 days, which will expire around September 21-22. On technical factors, the stock tested and held its psychological support at 60.00 and reversed upward with a positive signal candlestick, with resistance at 61.25 and 63-63.25. For those holding the stock, the recommendation is to hold or buy more; for those without the stock, the recommendation is a short-term buy, focusing on holding support at 60/59 and it should not fall below that.

The government is considering expanding the One Million Solar Roofs programme from 1 million households to 1.5 million households, while keeping the subsidy at 50,000 baht per household and the quota at 500MW as before, under a 200 billion baht envelope set by the Emergency Decree on Promoting the Energy Transition. If expanded to 1.5 million households, the total budget required would be about 75 billion baht, which remains within the 200 billion baht ceiling, and the proposal is currently under review by the Ministry of Interior. The Research team at Bualuang Securities said the expansion is a positive factor for the power plant sector, especially the EPC business and equipment sales, as well as investment in upgrading the power grid system, which is likely to increase. GUNKUL benefits directly from construction work and equipment sales, with a backlog of such work of roughly 4.2 to 4.5 billion baht. Meanwhile, funding through On-bill Financing from GSB, GHB and BAAC helps reduce the constraint of upfront investment, and loan approval times have fallen from as long as one year to about 7 to 30 days. GPSC and BGRIM benefit more indirectly, through investments related to the grid system and energy storage systems. GULF is expected not to be significantly affected, because the subsidy comes from the emergency decree and is not passed through costs via electricity bills or the Ft tariff, so it does not pressure margins on existing PPAs.

Elon Musk doubled down on his solar thesis on Tuesday, predicting on social media platform X that "the solar power exponential will continue until all other energy sources are <<0.1%," and adding in a separate post that "Solar is so obviously the future." Texas is offering a real-world example of the shift, though ERCOT data does not project anything close to Musk's 99.9%-plus scenario: solar supplied 10.4% of ERCOT electricity in 2024, overtaking nuclear at 8.4%, while wind supplied another 24.2%, and installed solar capacity rose from 698 MW in 2016 to 37,443 MW in 2025. The Energy Information Administration said solar's share of ERCOT generation climbed from 4% in 2021 to 12% in 2025, with utility-scale solar generating 45 TWh in the first nine months of 2025, up 50% year over year, and wind and solar together meeting 36% of grid demand; a May EIA forecast projected ERCOT utility-scale solar generation would reach 78 billion kWh in 2026, topping coal's 60 billion kWh for the first time annually. Musk is putting corporate money behind the thesis: Tesla Inc. is considering a $10.1 billion vertically integrated solar-cell plant in Fort Bend County, Texas, and Musk recently said Tesla and Space Exploration Technologies Corp. are each building toward 100 GW per year of solar-production capacity, while acknowledging that "natural gas will still be needed to supplement and bootstrap solar for several years." Solar also sits at the center of SpaceX's broader plans, with the company envisioning large solar arrays powering orbital AI infrastructure.

Pacific Gas and Electric Company announced new grant agreements for community microgrid projects moving into development and the selection of six new projects in the second application window of its Microgrid Incentive Program. The second wave directs $30 million to projects serving more than 2,200 customers and supporting critical facilities including schools, fire stations and health centers, with individual awards ranging between $2-6 million each. That $30 million is the second tranche of the program's PG&E funding, following the $43 million PG&E announced in 2025 for nine initial projects, bringing the combined authorized community microgrid investments to more than $73 million. In the first round, three proposed projects in Lake County are advancing a first-of-its-kind approach known as Firemain Linked Auxiliary Supply/Hydraulic Energy Storage, pairing tens of megawatts of locally generated solar with pumped hydroelectric storage, and are moving into early development with geotechnical core boring and initial test well drilling planned. In the second round, the Pescadero project in San Mateo County will be led by WestLight Energy, formerly Peninsula Clean Energy, and will integrate a roughly 1.5 megawatt solar system and a 2 megawatt battery energy storage system to support at least 24 hours of standalone operation. The Microgrid Incentive Program is a statewide $200 million competitive grant program, with $79.2 million allocated to PG&E, $83.3 million to Southern California Edison and $17.5 million to San Diego Gas and Electric, and awards of up to $14 million each.

Global Power Synergy Public Company Limited, or GPSC, has been selected and has signed power purchase agreements, or PPAs, for six ground-mounted solar power projects with the Electricity Generating Authority of Thailand and the Provincial Electricity Authority, with contracted capacity and capacity based on its shareholding totaling 105 megawatts. The projects fall under the Energy Regulatory Commission's regulations on the procurement of electricity from renewable energy under the Feed-in Tariff scheme for 2022–2030 for the group without fuel costs. Mr. Manatchai Kongrakkawin, Senior Executive Vice President for Renewable Energy and Decarbonization Project Development at GPSC, disclosed that the six projects are divided into two groups. The first group has a scheduled commercial operation date, or SCOD, in 2028, comprising the Helios 1 project with a capacity of 24 megawatts, the Helios 2 project with a capacity of 31 megawatts, the Nathaap Solar Power Project, Project 1 of IRPC Clean Power Company Limited, with a capacity of 38 megawatts, which will sell electricity to the Provincial Electricity Authority, and the Helios 4.2 project with a capacity of 4 megawatts. The second group has an SCOD in 2030 and will sell electricity to the Provincial Electricity Authority, comprising the Helios 3 project with a capacity of 4 megawatts and the Helios 4.1 project with a capacity of 4 megawatts. This success is in line with GPSC's strategic plan to expand investment in clean energy, with the goal of increasing the proportion of generating capacity to more than 50% to support its Net Zero Emissions target by 2050.

Chow Energy Public Company Limited, or CHOW Energy, has announced a continued partnership with Central and Robinson department stores for a fifth consecutive year to expand its Solar Rooftop project. Cristobal Chin, Chief Executive Officer of CHOW Energy, and Nattheera Boonsri, Chief Executive Officer of Central Retail Department Store, posed for a photo to mark the collaboration in developing the Solar Rooftop project, which currently covers Central and Robinson department stores with total installed capacity of more than 7 megawatts. This partnership reflects a shared commitment to driving sustainable business and supporting the organizations' ESG goals.

Yuanta Securities (Thailand) has raised its 2027 price target for Global Power Synergy Public Company Limited, or GPSC, to 66.50 baht from 60.00 baht, while maintaining a buy rating and selecting GPSC as its top pick in the power plant sector for the fourth quarter of 2026, compared with the closing price of 48.25 baht on September 15, 2026, implying upside of about 37.8%. The brokerage views the company as a beneficiary of the draft of the country's new national power development plan, whose first 11 years, from 2027 to 2037, include plans to add roughly 50.6 gigawatts of new generating capacity. GPSC aims to capture about 5.2 gigawatts of that new capacity, or roughly 10% of the total, split between about 2.4 gigawatts of gas-fired plants and 2.7 gigawatts of renewable energy, comprising 2.2 gigawatts of solar and 0.5 gigawatts of wind. Meanwhile, existing gas-fired plants such as the 713-megawatt Glow IPP, in which GPSC holds 95%, and the 1,400-megawatt RPCL, in which it holds 24%, have a chance to extend contracts that expire in 2028 and 2033 respectively. In addition, selling electricity to data center operators is another option that could generate higher returns. On the financial front, as of the end of the second quarter of 2026, GPSC had a net debt-to-equity ratio of just 0.72 times, against a financial covenant of 2.5 times. Yuanta also raised its 2027 normalized profit forecast by 2% to 6.865 billion baht, or an 11% increase from the previous year, on full-year revenue recognition from the GHECO-One power plant, and lifted its gross margin assumption to 14.9%, even as it raised its natural gas price assumption to 360 baht per million BTU.

GUNKUL executives explained at a Virtual Conference hosted by Bualuang Securities that the PDP2026 plan is still in its Public Hearing phase in September 2026, with a target to submit it to the Cabinet in November or by the end of this year at the latest. As for the Community Solar scheme, auction results are expected by late 2026, PPA signing in mid-2027, and investment recognition beginning in 2028. Meanwhile, the Direct PPA framework is expected to become clear by the end of 2026. The major auction rounds under PDP2026, covering 2,700MW of wind and 24,000MW of solar, are likely to take clearer shape in 2027, with the auction expected to open around mid-year, the first batch of PPAs signed in 3Q27, and power delivery beginning in 2029-30. Executives confirmed the company's historical auction win share of about 10%, in line with EPC assumptions. The company also continues to focus on smart meters and 230-500kV high-voltage grid upgrade work, where fewer than 10 competitors operate, supporting the Grid Modernization/EEC Fast-track assumption of 2.7 billion baht per year. On Data Centers, regulations must still be awaited before auctions open, with investment estimated at about 5-6 million US dollars per MW, excluding GPU and electrical/EPC system work, which accounts for 10-15% of total investment. Current staffing can support up to 500MW of private-sector Data Center work. In the short term, 3Q26 remains strong, with wind power generation in just July and August matching the whole of 3Q25, boosting the profit share from the Wind JV, expected to rise to 327 million baht from 132 million baht in 2Q26. Core profit in 3Q26 is expected at 618 million baht, up 35% year-on-year and 9% quarter-on-quarter, with a chance of setting a new high. The EPC backlog stands at 5.0 billion baht, with about 1.6 billion baht expected to be recognized in 3Q26. The recommendation remains Buy with a target price of 6.50 baht, and the utilities sector weighting remains Overweight.

Asadej Kongsiri, Director and Manager of the Stock Exchange of Thailand, is pressing ahead with the JUMP+ project, which now has 142 listed companies participating, aiming to upgrade businesses through a three-year plan covering strategy, governance, greenhouse gas management, and investor communication. The JUMP+ Investor Day 2026 on 26 September will be a stage for 56 companies to present their business plans directly to investors. On energy, Pongpol Yodmuangcharoen, spokesperson for the Ministry of Energy, disclosed that electricity requests from Data Centers have surged to 35 gigawatts, close to the country's peak power demand of 40 gigawatts. The government plans to assess Data Center demand in the 2026 Power Development Plan at 8.8 gigawatts, shift the power security criterion from reserve margin to the LOLE index, and upgrade the grid to a Two-way Dynamic Grid to accommodate rooftop solar, which is expected to add more than 5,000 megawatts of capacity. The Electricity Generating Authority of Thailand will need a budget of about 35,000 million baht, particularly for the EEC area. Meanwhile, Vikrom Kromadit, Chief Executive Officer of Amata Corporation Public Company Limited, or AMATA, said Chinese investors are looking at Thailand as a production base for export. In one case, Michael Yao, President of Homa Appliances (Thailand) Company Limited, led Homa to invest more than 3,100 million baht in the Amata Chonburi industrial estate, targeting production of 1.5 million units per year, creating export value of 12,000 million baht per year, and employing up to 3,000 people, while increasing the use of Thai components to 50-60%. On the capital market, Rawin Boonyanusasna, an executive in the money and capital markets business at Krungthai Bank, has joined with Gulf Development Public Company Limited, or GULF, to offer digital debentures rated AA-/Stable by TRIS Rating. They can be invested through a wallet on the Paotang app, starting at 1,000 baht, with 24-hour secondary market trading. Subscription opens from 19-21 October 2026, or until the full amount is taken, allocated on a first come, first served basis. Meanwhile, Chai Eamsiri, Chief Executive Officer of Thai Airways International Public Company Limited, or THAI, confirmed there will be no further flight cuts even though jet fuel prices have surged above 160 dollars per barrel, with fuel costs accounting for about 40% of total costs. Second-quarter net profit was 1,528 million baht, down 87% year on year, but the airline remains confident of meeting its 2026 revenue target of 200,000 million baht, and will add flights to Europe and Asia to take delivery of new aircraft. The 10,000 million baht MRO facility at U-Tapao is still awaiting approval, and applications for a new CEO are open until 27 September. Finally, Santipol Jenwatanapaisal, Chief Executive Officer of Jenkongklai Public Company Limited, or JPARK, launched GJ PARK, a full-service parking building at Kanchanaphisek Medical Center, with an investment of 590 million baht, accommodating at least 1,000 cars. Revenue is expected to be at least 60 million baht per year, with recognition beginning in the third quarter of 2026. The company also plans to develop another 3-4 locations and to raise funds by injecting assets into a REIT within 2029, targeting revenue growth of 20-30% in 2026 and reaching 1,000 million baht in 2028.

Alpha Divisions Public Company Limited, or ALPHAX, is making a clean-energy push in Laos, as Alpha Power Development (Lao) Sole Co., Ltd., or APDL, together with its group subsidiaries, signed a memorandum of understanding, or MOU, with Joint Development Bank Public, or JDB, to set an initial framework for cooperation in considering credit support for solar power plant projects on a project-by-project basis. Kamphon Thruangbunrakul, Chief Executive Officer of ALPHAX, said the projects that may be considered under this MOU framework have a combined installed capacity of more than 400 megawatts, which is only part of the feasibility study framework for developing solar power projects under the Memorandum of Agreement, or MOA, that APDL signed with Electricité du Laos, or EDL, the state electricity enterprise of Laos. Under the MOU framework, credit consideration will be carried out on a project-by-project basis, with financial terms such as interest rates, fees, loan tenors, repayment, and collateral to be considered and negotiated as appropriate and in line with market conditions at the time. ALPHAX views this signing as another important step in expanding funding source options and strengthening the group's readiness to build on its existing project base in solar development toward future opportunities to grow its renewable energy portfolio.

Beyond Securities, acting as the independent financial advisor to STP & I, or STPI, sees the plan to raise funds by allocating newly issued ordinary shares to specific persons, a private placement, as a connected transaction that is reasonable and benefits the company and shareholders as a whole, and believes shareholders should approve the transaction. STPI plans to issue and offer up to 225,897,120 new shares in total, split between a rights offering to existing shareholders of no more than 164,752,035 shares at a ratio of 11 existing shares to 1 new share at an offering price of 5.55 baht per share, worth about 914.37 million baht, and a private placement of no more than 61,145,085 new shares at the same price, worth about 339.36 million baht, for total fundraising of up to about 1,253.73 million baht. The private placement shares will be offered to Masthawin Charnvirakul, a director and managing director of STPI, who is a connected person. If existing shareholders exercise their rights offering in full, after the private placement allocation Masthawin will hold 61,145,085 STPI shares, or about 3% of all shares issued and outstanding after the capital increase. On the use of proceeds, the company plans to use about 900 million baht as part of its investment in a data center project and about 353 million baht to invest in and develop renewable energy projects, including a solar power plant project, with spending scheduled for 2026 to 2028. The 900-million-baht data center project is only part of the equity investment, with the STPI group expected to be responsible for its 26% proportionate share, totaling about 2,135.18 million baht, while the remaining roughly 1,235.18 million baht is expected to be raised from other funding sources under the project's investment plan. Of the roughly 353 million baht earmarked for renewable energy, the company expects to use about 256.94 million baht for the solar power plant project through Daisy Drive, comprising about 1.50 million baht for share purchases and about 255.44 million baht in investment for its 60% proportionate stake, while the remaining roughly 96.06 million baht will support other renewable energy projects in the future. On price fairness, the independent financial advisor assessed STPI's fair value at 4.63 to 6.50 baht per share using three appropriate valuation methods, while the capital increase offering price of 5.55 baht per share falls within that fair value range, and therefore views the offering price as fair. The 5.55-baht price is also about 9.35% below the reference market price of 6.12 baht per share. STPI plans to submit the agenda item to an extraordinary general meeting of shareholders, the first of 2026, on October 1, 2026. If approved, the private placement transaction must be completed within no more than three months from the date of the shareholders' resolution, or by December 31, 2026.

A spokesperson for the Ministry of Energy revealed that total electricity requests from data centre operators have reached 35 gigawatts, close to the country's peak power demand of 40 gigawatts. But Pongpol Yodmuangcharoen pointed out that most of these requests are artificial or phantom demand, because investors tend to request high quotas as a buffer and ask for backup power supplies. The government has therefore included only 8.8 gigawatts of data centre electricity usage in the draft PDP 2026 plan, to prevent unnecessary infrastructure investment. The draft plan also changes the measure of power security from reserve margin to LOLE, and supports the Solar Rooftop policy for 1 million households that will add more than 5,000 megawatts of generating capacity. The Electricity Generating Authority of Thailand must upgrade the grid to a two-way system with a budget of about 1 billion US dollars, or roughly 35 billion baht, especially in the EEC area. It will also accelerate the integration of data among the Provincial Electricity Authority, the Metropolitan Electricity Authority, the Electricity Generating Authority of Thailand, and the Energy Regulatory Commission, to create a real-time data backbone and enforce the Grid Code so that data centres manage themselves before shifting the burden onto the public grid.

GameChange Energy has completed commissioning of its Genius Tracker 1P system for the 283 MWp Mooi Plaats Solar PV Plant in South Africa, one of the country's largest single-site solar power projects. The plant, located near Noupoort in the Northern Cape, forms part of the Koruson 2 renewable energy cluster and was developed and constructed by Envusa Energy, the renewable energy joint venture between EDF Power Solutions and Anglo American, with CEEC and CGGC serving as EPC contractor. The project will supply renewable electricity to Anglo American's mining operations in South Africa, including Kumba Iron Ore, De Beers and Valterra Platinum, and is expected to generate nearly 360 million kWh of renewable electricity annually while supporting long-term reductions in Scope 2 emissions. During construction the project supported more than 1,600 jobs and included approximately R20 million in socio-economic development investment for surrounding communities. Vikas Bansal, CEO International at GameChange Energy, cited harsh Northern Cape conditions including high wind exposure, elevated temperatures and dusty conditions, and thanked CGGC, Envusa Energy and the broader project team, while Envusa Energy Head of Execution Hanli Smit noted the scale and execution complexity of the development.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, BDMS and GUNKUL, giving BDMS a target price of 25.00 baht, with support levels estimated at 19.3 and 19.7 baht and resistance at 21.0 and 22.3 baht. It expects third-quarter 2026 profit to recover both year on year and quarter on quarter, after the second quarter of 2026 marked the year's low point amid the start of HIGH SEASON for Thai patients, the recovery of foreign patients, and easing pressure from Cambodian patients. July revenue accelerated 8% year on year from only about 1% year on year in the first half, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. For GUNKUL, it set a target price of 6.30 baht, with support estimated at 4.8 and 4.9 baht and resistance at 5.4 and 5.6 baht. Short-term profit momentum in the third quarter of 2026 is positive thanks to the EPC business, which has a large BACKLOG awaiting revenue recognition, and seasonal factors for WIND FARM, where wind speeds are expected to increase. Full-year profit is growing more strongly than the sector on the back of the EPC business, and the company is expected to benefit from the PDP2026 plan, including the power transmission system project, DIRECT PPA, the selection of new renewable energy projects, and policies supporting SOLAR ROOFTOP. There is also a long-term profit driver from the SOLAR project in the Philippines totalling 784 MWE with a combined value of 7.5 billion baht, which secures a fixed electricity rate of 3.53 baht per unit for 20 years and is set to begin construction late this year.

U.S. artificial intelligence company Anthropic has signed a lease for its first data center in Australia. According to two people familiar with the matter, the facility covered by the agreement has a planned capacity of 2.16 gigawatts, a scale comparable to the largest facilities currently operating anywhere in the world. The site is farmland about 250 kilometers from Brisbane, with operations scheduled to begin in 2027. The facility is being planned by Singapore-based developer Zera DC, which will procure power through renewable energy purchase agreements and will also bear the cost of connecting to the transmission grid, so existing customers will not face any cost burden. The agreement is conditional on approval from the Foreign Investment Review Board.

Generate Capital announced on September 15 the closing of a $117-million term debt facility with MUFG to finance a portfolio of community solar projects, marking the company's first community solar financing with the bank. The facility supports Generate's Community Solar Fund 11, which comprises 18 projects totaling 114-MWdc across Illinois and New York. Ed Bossange, Chief Capital Formation Officer at Generate Capital, said the closing expands the firm's financing partner network and provides additional capital for its community solar platform, while MUFG managing director Fred Zelaya cited Generate's track record in distributed energy assets. The deal builds on roughly $1.4 billion of financing commitments Generate closed in the first half of 2026 across community solar, battery energy storage and energy efficiency. Those first-half highlights included a 104-MW community solar portfolio alongside Monarch Private Capital supporting more than 15 projects expected to deliver approximately $200 million in investment tax credits, and a $61-million senior secured U.S. Private Placement for energy efficiency projects, Generate's inaugural 4(a)2 U.S. Private Placement.

California-based Planted has raised $31.8 million to expand its robotic fleet and launch Sage, its next-generation robot, as demand outpaces its current capacity. The round, announced September 15, was led by Piva Capital and RA Capital Management Planetary Health, with participation from Breakthrough Energy Ventures, Gigascale Capital, Google, and Khosla Ventures. CEO Eric Brown said solar must be deployed about five times faster than today to hit the scale experts project by 2050, and that Planted's answer is to turn power-plant construction into a manufacturing problem. The company said a record 664 GW of solar photovoltaic power was installed worldwide last year, yet terawatts of new capacity are still needed, and its combined planning software, high-density terrain-following arrays, storage, and field robotics deliver twice the energy per acre on land legacy trackers cannot use. Planted's most recent build, a 28-MW behind-the-meter project for a neocloud data center, went from first call to power in 10 months with field construction finished in under three months, and after completing the 11-MW Bowes Solar project in Illinois for Cultivate Power, it will build Aligned Climate Capital's Armoracia project on 16 acres, 10 fewer than the original design required. Planted, which deployed more than 10 MW in 2025, is on track for 100 MW in 2026, a 10x jump in a single year, with a project pipeline of more than 20 GW, and said Sage will be deployed later this year.

Salzgitter Flachstahl, a subsidiary of German steel manufacturer Salzgitter, and renewable energy company Zelestra have signed a hybrid solar-plus-battery storage power purchase agreement in Germany. The long-term contract supplies green electricity for low-carbon steel production and is backed by two new hybrid facilities that together provide 147MW of solar capacity and 79MW/237MW-hours of battery storage. The two plants, to be located in Brandenburg and Thuringia, will be constructed, owned and operated by Zelestra, while Salzgitter Flachstahl will acquire the solar electricity generated, amounting to 158GW-hours annually, and will control the operation of the battery storage systems. The batteries will be charged solely from surplus solar generation, ensuring the electricity supplied is entirely renewable. The deal marks the first hybrid solar-plus-storage PPA in Germany for both companies and the first time Salzgitter Flachstahl will control a battery storage system, with Zelestra Germany CEO Mathias Künick calling it the largest hybrid deal in Germany to date.

Yuanta Securities issued an analysis maintaining its Buy recommendation on Sermsang Power Corporation, or SSP, and raised its end-2027 fair value to 14.10 baht from 4.80 baht, based on a price-to-earnings ratio of 16 times and a discounted cash flow method using a weighted average cost of capital of 9.9%. It views SSP as a beneficiary of the draft new power development plan, or PDP 2026, which in its first 12 years between 2026 and 2037 plans to add about 38,800 megawatts of generating capacity from solar power plants and solar-plus-storage projects, or Solar+BESS. Meanwhile, SSP aims to double its generating capacity by 2030 and has the opportunity to join a 1,500-megawatt community solar project, as well as to bid for additional renewable energy projects in the Philippines. On its financial position as of the second quarter of 2026, SSP had an interest-bearing debt-to-equity ratio, or IBD/E, of 2.1 times, and is expected to recognise an extraordinary profit of about 300 to 500 million baht from the sale of the 30-megawatt Yamaga wind power project in the third quarter of 2026, which will help reduce IBD/E to below 2 times, compared with an IBD/E ceiling of 3 times. Yuanta Securities estimates that SSP can support additional investment of as much as about 8 billion baht, equivalent to new capacity of no less than 266 megawatts, under the assumption of an average investment of 30 million baht per megawatt, and it also plans to divest three more power plant projects in Japan with a combined capacity of 56 megawatts, expected to bring in about 2 billion baht in cash, adding roughly 7 to 8 billion baht in investment capacity, or supporting new capacity of about 200 to 300 megawatts. Yuanta Securities expects SSP's normal profit to enter a growth cycle from 2026, estimating normal profit of 691 million baht in 2026, up 12% from the previous year, rising to 818 million baht in 2027 for growth of 18%, and increasing to 1.21 billion baht in 2028 for growth of 48%, representing average annual growth of 25% between 2025 and 2028. Although SSP's share price has already risen 127% since the start of the year, Yuanta Securities views the rise as coming from a base where the stock previously traded at a 2027 price-to-earnings ratio of only 4 to 5 times, and it does not yet include the opportunities from the PDP plan and other government renewable energy projects.

Southern has approved 1,137 MW of new solar power purchase agreements along with a new backup power deal for a data center campus, adding long-term contracted revenue to the utility's portfolio. The approvals put a fresh spotlight on how Southern's earnings stack up against its current valuation, with the stock trading at a P/E of 21.5x, slightly above the Electric Utilities industry average of 20.1x and a touch higher than its peer group at 21.1x. Southern has delivered a total return of 63.3% over the past 5 years. Because the newly approved solar contracts and backup power deal are tied to long-term service and power agreements, the market may be willing to keep paying a modest premium multiple for earnings tied to regulated or contracted cash flows. One top community narrative on Simply Wall St puts Southern at 14% undervalued, citing the successful operation and integration of the new Vogtle nuclear units alongside ongoing grid enhancements.

Narit Therdsteerasukdi, Secretary-General of the Board of Investment, said the BOI has laid out a five-point strategy to accelerate development and capture innovation-driven investment that will create leapfrog growth as a New S-Curve. The five areas are: high-skilled personnel, such as data center engineers, photonic engineers and aviation engineers; new supply chains, such as electronic circuit boards and semiconductors; clean energy; expanding free trade agreements with new countries; and ease of doing business through improved government regulations. Narit said competition to attract investment in the future will not rely on tax incentives alone, but will focus mainly on speed, certainty and sustainability, which Thailand must use as its selling point to draw high-tech investors. He said the government aims to push Thailand to become a supply chain leader and to build a complete New Economy ecosystem for the data center, AI, automotive and clean energy industries. The BOI cited Thailand's strengths in attracting investment, including high-standard infrastructure and industrial estates, high-skilled personnel, strong production chains, a domestic market of 70 million people and an ASEAN market of more than 600 million, more than 17 free trade agreements covering 24 countries, digital infrastructure, clean energy with Utility Green Tariff and Direct PPA mechanisms, and competitive production costs.

Warawut Silpa-archa, Minister of Industry, disclosed that the solar rooftop installation project covering 1.5 million households, under which the state subsidises 50,000 baht per household and which is expected to open for registration in mid-October, must ensure that the systems people invest in meet standards, are safe, and are ready for use. The large demand generated by the project will be an opportunity to benefit Thai industry, he said. Warawut said he has instructed the Thai Industrial Standards Institute, or TISI, to expedite oversight of standards covering everything from panels, inverters, wiring, batteries, circuit breakers and fuses to connectors and control equipment, so that the public can be confident that the money they invest delivers a quality and safe system. He added that, on the other side, the Ministry of Industry wants to use the market created by the 1.5 million household project to build a domestic supply chain, spanning panel assembly, mounting frames, glass, wiring, junction boxes, mounting structures, electrical cabinets and related equipment, so that investment funds circulate within the country, generating production and employment as well as opportunities for Thai SMEs. The standards related to solar rooftop systems cover solar panels under TIS 61730 Volume 2-2567, DC circuit breakers under TIS 60947 Volume 2-2569, fuses for photovoltaic power systems under TIS 60269 Volume 6-2567, electrical cables for photovoltaic systems under TIS 62930-2564, lithium batteries for electrical energy storage systems under TIS 63056-2567, inverters under TIS 2603 Volume 2-2556, and DC cable connectors and photovoltaic combiner boxes.

CK Power Public Company Limited, or CKP, disclosed that rising water levels in the Mekong River basin will support the operating performance of the Xayaburi hydropower project, or XPCL, in the second half of 2026. It expects water releases from upstream areas in China to be at high levels during October to November 2026 and possibly increase at times in December. Meanwhile, the Nam Ngum 2 power plant, or NN2, is managing power generation cautiously, with the reservoir level at 368 metres above sea level in August 2026, close to normal levels. The Bang Pa-in Cogeneration power plant, or BIC, returned to normal operation from July 2026 after a maintenance shutdown in the first quarter. The fuel adjustment charge, or Ft, for September to December is around 0.16 baht per kilowatt-hour, slightly higher than the same period last year. For its clean energy business expansion, the solar farm project with BEM in phase 2 comprises two sites with total installed capacity of about 6.71 megawatts and began commercial operation, or COD, in early September 2026. As for the new Power Development Plan, or PDP 2026, CKP is mainly interested in participating in hydropower plant auctions, and is studying and seeking project development areas in Laos or Vietnam to transmit electricity back for sale in Thailand. Meanwhile, the Luang Prabang hydropower project, or LPCL, had construction progress of 77% as of June 2026 and remains scheduled to start commercial operation, or SCOD, in early 2030. Currently, CKP has invested 13,344 million baht in equity out of a total investment obligation of 20,934 million baht, leaving 7,590 million baht of investment during 2026 to 2029.

Prime Minister Anutin Charnvirakul declared on the Gastech 2026 stage that Thailand will not choose between security and sustainability alone, but must have both at a price that people and businesses can afford. Natural gas and LNG remain the backbone during the transition, while energy sources are being diversified to reduce risks from global market prices. The government is preparing a 50 billion baht fund starting in mid-October to support households installing rooftop solar to cut electricity bills. Energy Minister Akanat Promphan is pursuing an LNG strategy alongside hydrogen, ammonia, and CCS, aiming for Net Zero 2050. Thailand is also opening applications for the 26th petroleum exploration and production licensing round covering over 60,200 square kilometers. In the first half of the year, the BOI received investment promotion applications exceeding 1.43 trillion baht, up 37% driven mainly by digital, clean energy, and technology. Warut Thammavaranucupt, Chief Executive Officer of Sermsang Power Corporation Public Company Limited, or SSP, is preparing to bid on projects under the draft PDP 2026, which sets new generating capacity in the first 12 years from 2026 to 2037 totaling over 50,900 megawatts, divided into 9,100 megawatts of CCGT, 300 megawatts of SMR, 24,300 megawatts of solar, 2,700 megawatts of wind, and 14,500 megawatts of BESS. SSP previously won FiT projects for 2022 to 2030 totaling 170.5 megawatts and currently has about 420 megawatts of projects in hand, including solar in Thailand and the Bago wind farm in the Philippines. It is preparing for commercial operation of two community waste-to-energy plants totaling 19.8 megawatts in the fourth quarter of 2026, with more than 146 megawatts of projects gradually coming online through 2030. The company aims to push its renewable energy generating capacity to 1,000 megawatts by 2032. The Securities and Exchange Commission has appointed Apisit Suksakorn as Assistant Secretary-General for the Digital Technology line, effective January 1, 2027, responsible for overseeing information technology risk, data management and analytics, and information technology. Meanwhile, Jintana Kingkaew, Deputy Managing Director of Siam Gas and Petrochemicals Public Company Limited, or SGP, received the Carbon Footprint for Organization, or CFO, certificate for the second consecutive year after the company began its carbon footprint assessment project in 2021.