ARRAY Technologies to Detail Balance-of-System Strategy at Investor Showcase

The National Energy Policy Committee, or NEPC, has resolved to approve an expansion of the target for purchasing electricity from public solar projects, covering rooftop, ground-mounted, and floating installations under the Net Billing model, from the previous target of 500 megawatts to a total of 10,000 megawatts. The rules set the amount of electricity offered for sale at no more than 5 kilowatts per electricity meter, and set the purchase rate for surplus electricity at 2.20 baht per unit over a period of 20 years. Energy Minister Ekkanat Promphan said that extending the purchase period to 20 years will help support an increase in the share of electricity generated from renewable energy and of distributed generation over the long term. Participants in the original public solar projects, starting from projects under the Energy Policy and Planning Office resolution of December 24, 2018, and the NEPC resolution of January 24, 2019, as well as projects under the NEPC resolution of April 29, 2026, under the 500-megawatt target, will also have their electricity purchase period adjusted from the original 10 years to 20 years. The NEPC has assigned the Energy Regulatory Commission to issue and revise related regulations, announcements, and criteria, and has directed the Metropolitan Electricity Authority and the Provincial Electricity Authority to provide up-to-date data on electricity sales and purchases from renewable energy producers to the Electricity Generating Authority of Thailand, so it can monitor and manage the power system to ensure stability. Nattapon Khamthakrue, Assistant Managing Director of the Investment Analysis Division at Yuan Ta Securities (Thailand), views this as a positive factor for five renewable energy stocks. Gunkul Engineering Public Company Limited, or GUNKUL, will benefit the most, as its business spans from upstream to downstream, it is ready to expand investment, and it has a strong financial position. The recommendation is to buy with a target price of 8.70 baht. Next is Sermsang Power Corporation Public Company Limited, or SSP, a major operator in the solar rooftop business, with a buy recommendation and a fair value of 14.10 baht. It also sees Thai Solar Energy Public Company Limited, or TSE, SPCG Public Company Limited, or SPCG, and Ekarat Engineering Public Company Limited, or AKR, as benefiting from this expansion of the electricity purchase target as well.

Kasikorn Securities, or KS, said in a research note that ESG is entering an era in which it genuinely affects financial outcomes, and unveiled 10 stocks set to benefit from the ESG transition. The Stock Exchange of Thailand is preparing to move from SET ESG Ratings to the FTSE Russell ESG Scores framework, with listed companies due to learn their own scores in 2026 and public disclosure beginning in 2027. Preliminary statistics from the 2025 FTSE Russell ESG Scores assessment show that 222 Thai listed companies averaged 3.6 out of 5, placing them at a Good practice level, with the utilities, healthcare, and oil and gas sectors scoring most strongly. KS said ESG development is reaching a regulatory level that will affect profits and ROIC through a carbon pricing mechanism with a pilot price of 200 baht per tonne of carbon equivalent, a planned emissions trading system trial in 2029-2030, the EU CBAM measure, and the IFRS S1/S2 standards and Thailand Taxonomy. A study of SET100 stocks found that high ESG-rated shares do not always trade at more expensive PER or PBV multiples or post higher EPS growth, but that good ESG enhances investability through liquidity and the shareholding of foreign and institutional investors. The case of DELTA, which was removed from the SETESG index, reflects how money from ESG-linked funds affects short-term price volatility. The 10 standout stocks span five themes: renewable energy business expansion, GULF, BCPG and CKP; green industrial infrastructure, WHA and AMATA; ESG data services and carbon management, DITTO and BBIK; sustainable finance, BAY and TTB; and the circular economy, SCGP.

Tesla is pursuing a proposed $10.1 billion solar-cell manufacturing plant in Fort Bend County, Texas, known as Project Crystal Sun, with a Houston-area school board preparing to vote on the tax arrangement. The Lamar Consolidated Independent School District was set to vote Tuesday on the proposed tax deal, and the Fort Bend site is reportedly one of two locations Tesla is considering, meaning the project is not yet a guaranteed build. The facility would involve about $1.5 billion in real property and $8.6 billion in equipment, with Tesla estimating nearly 9,700 permanent jobs once operational, and it would cover the solar supply chain from ingots and wafers through cells and modules. The push comes as Tesla aims to deploy 100 GW of U.S. solar manufacturing by the end of 2028, part of a broader ambition Elon Musk outlined at Davos in January for Tesla and Space Exploration Technologies Corp. to each work toward 100 GW a year of U.S. solar production. The timing is striking because Tesla stopped selling its premium Solar Roof tiles in August, ending a nearly decade-long effort, and U.S. solar module manufacturing capacity was estimated at just over 45 GW entering 2026, according to pv magazine.