Solar

Cloud Consultant (1981) Co., Ltd. has announced the official expansion of its business into the solar energy market through the signing of a memorandum of understanding with Terawatt Energy Co., Ltd., with Sigenergy providing technology support to deliver smart energy solutions for households and businesses in Thailand. Under this partnership, Cloud Consultant will handle marketing and digital channels, while Terawatt Energy will oversee system design, delivery of Sigenergy products, as well as technical, engineering, and after-sales services. Sigenergy will provide smart energy and artificial intelligence, or AI, technology to help manage energy. Mr. Chupong Anantasitthichok, Chief Executive Officer of Cloud Consultant (1981) Co., Ltd., said that entering the energy business this time extends the company's expertise in e-commerce, marketing, and digital into smart energy solutions. Mr. Chawanan Thongpha, Executive Director of Terawatt Energy Co., Ltd., said the company is ready to support the delivery of Sigenergy products and its technical and engineering expertise, from system design through after-sales service. Meanwhile, Mr. Thanakrit Chotiphet, Managing Director for Thailand at Sigenergy, stated that this partnership is an important step in expanding the clean energy market in Thailand, with the approach starting from customers' needs and energy usage patterns in order to design systems and select appropriate technology for both residential homes and business establishments.

MASTEC Link Public Company Limited, or MASTEC, has set a target backlog of approximately 500–600 million baht by the end of 2026, drawn from its three core business groups: air-conditioning and sanitation system products, fire prevention and safety products, and energy-conservation and environmental innovation products. Chief Executive Officer Dusadee Meechai stated that this target does not yet include work that may be secured from community solar and residential solar projects, and that it is a target as of the end of 2026, not the total of work already won or all revenue to be recognised within this year. On the clean energy side, the company is preparing to take part in bidding for community solar projects under a combined power purchase framework of no more than 1,500 megawatts, while also preparing to handle residential solar work under the government's target of up to 1.5 million households. It is laying out a plan to develop its management systems and installer team network to support expansion to the level of tens of thousands of households if it has the opportunity to join the programme under the prescribed criteria. The company places importance on assessing project readiness, partners, returns and risks before taking on obligations through the relevant approval process. The heart of handling a large volume of work is a digital platform that connects the entire process, from receiving customer data, site surveys, design, assigning installation teams, tracking progress, quality inspection and system handover, so that work across multiple areas can be managed from a central point, with costs, timelines and installation standards tracked systematically.

Ratchaphat Development Energy Public Company Limited, or SCG, announced that its board of directors, at its 6/2569 meeting held on 8 October 2569, approved the establishment of a new subsidiary through Sahacogen Green Company Limited, an existing subsidiary, with an indirect shareholding of 99.99%. The new subsidiary has registered capital of 1 million baht, with a par value of 10 baht per share. The establishment aims to enhance competitiveness and support the expansion of its solar power plant business, with three directors representing the company out of a total of three directors. The company is expected to complete the registration of the new subsidiary within the fourth quarter of 2569.

Jinguan Electric announced that its wholly owned subsidiary Jinguan Solar-Storage-Charging has signed an EPC general contracting framework agreement with SPIRO, with a total contract value not exceeding 296 million US dollars including tax, covering 50 grid-connected or off-grid integrated solar-storage-charging station projects in Africa. The company stated that this amount is an estimate based on standard station benchmark prices and planned quantities, and is not the final determined total price; actual execution will be subject to the specific EPC execution agreements subsequently signed by both parties. It is expected that only some batches of stations will be completed and delivered within this year, and contract revenue will be recognized in stages, with a relatively limited impact on the company's operating performance for 2026.

Cheche Group Inc. has announced a proposed strategic investment in Long Way Fortune, the residential solar-plus-storage business associated with the EnergyLIB brand, a move EnergyLIB says marks the start of its next growth phase. The parties have entered into a non-binding term sheet, and Cheche Group said the transaction, if completed, would represent an important step in its expansion into the global residential energy market. EnergyLIB, which is based in Australia, said it is preparing for broader international expansion while extending its capabilities from home energy hardware toward intelligent home energy management. The company said intelligent home energy management will be a key strategic priority for its next stage, working toward an integrated system in which batteries, inverters, software and energy-management capabilities operate together. EnergyLIB said the direction is consistent with Cheche Group's stated plan to expand into residential energy as part of its broader Green Mobility plus Green Energy strategy, though it cautioned there can be no assurance that definitive agreements will be executed or that the proposed transaction will be completed on the proposed terms, within the anticipated timeframe, or at all.

Meta Platforms has committed $300 million to the $1.8 billion Biohub AI Biology Initiative, a drug-development effort that brings the company together with the U.S. government and major technology groups to apply predictive AI models and data sharing to pharmaceutical research. Meta has also signed a long-term solar Power Purchase Agreement tied to the Reclamation Solar project in Indiana to support its energy needs. The company runs global social, messaging and immersive platforms whose vast user data gives it a practical footing for applying AI models to biology research, while its large-scale infrastructure needs create direct links to long-term clean energy projects. The Indiana solar agreement follows an earlier nuclear deal with Vistra, and both reflect the energy demands of Meta's AI and metaverse data centers. The article's author notes that the Biohub work does not yet answer how quickly AI biology research could connect back to meaningful revenue streams.

Zelestra has closed $350 million in green project financing credit facilities for its 203 MW Reclamation solar project in Gibson County, Indiana. The credit facilities were provided by Canadian Imperial Bank of Commerce, BBVA and Societe Generale. The close takes Zelestra past $1 billion, or $1.14 billion, in US project financing raised in 2026, supporting more than 800 MW of new solar now in construction for its customers. Reclamation is built on land reclaimed from former coal mining operations in southwest Indiana, is underpinned by a long-term Power Purchase Agreement with Meta, and is expected to come online by the end of 2027. The project is already under construction and is expected to support approximately 200 jobs at peak construction.

Maybank Securities (Thailand) Public Company Limited hosted the Maybank Exclusive Meeting with the Minister of Energy, inviting Mr. Ekkanat Promphan, Minister of Energy, to a special stage for institutional investors to outline the direction of Thailand's energy policy under the principles of clean energy, supply security, and fair prices. One of the key mechanisms is the national Power Development Plan, or PDP 2026, which aims to raise the share of renewable energy to approximately 50% in the first 10 years and move higher over the long term, while opening the door to energy storage systems and Smart Grid. Meanwhile, the opening of a direct clean electricity trading market, or Direct PPA, will help the industrial sector, especially Data Centers, access renewable energy directly and serve as an important tool for building competitiveness under increasingly stringent environmental requirements worldwide. On the power generation sector, the Minister stated that Independent Power Producers, or IPP, remain an important component of Thailand's power system for security, while new investment opportunities will gradually shift toward renewable energy, energy storage systems, and infrastructure supporting the transition. As for petroleum exploration and production, the government continues to emphasize increasing domestic energy sources and diversifying supply sources to reduce risks from Spot LNG volatility, including coordinating cooperation with neighboring countries in Myanmar and other areas, and promoting the use of biofuels such as ethanol and biodiesel to reduce dependence on crude oil imports. From these policy directions, Maybank highlights 4 investment themes to watch: renewable energy, Energy Storage and Smart Grid; Direct PPA with Data Center and Digital Infrastructure; Energy Security with E&P and Natural Gas; and finally IPP and existing power plants. Investors should weigh the quality of assets, the duration of power purchase agreements, cash flow, and the ability to adjust portfolios toward new forms of energy business.

Strengthen Power Corporation Public Company Limited, or SSP, is preparing to take part in bidding to produce electricity from a 1,500-megawatt community solar farm project. Chayut Leehajaroenkul, Chief Financial Officer, said the company has expertise in this area and sees it as an opportunity to expand its power generation base, and is now waiting for clarity from the relevant authorities on when applications will open. For its business outlook in the second half of 2026, the company expects a clear improvement from the first half, driven by the completion of the sale of the Yamaga solar farm in Japan in late August 2026 for a total value of about 1 billion baht, together with two community waste-to-energy plants with combined capacity of about 19.8 megawatts that are expected to begin gradually supplying commercial electricity late this year. In addition, the weaker baht, which has fallen to about 33.64 baht per US dollar, should help support revenue, since the company earns about 30% of its revenue in US dollars from overseas. As for its long-term two-to-three-year plan, the company is preparing to bring about 420 megawatts of new capacity into commercial operation, comprising three solar farms in Thailand totaling 108.6 megawatts and the 150-megawatt Bago wind farm in the Philippines in 2027, with additional projects continuing through 2030 totaling more than 146 megawatts. On the analyst side, Asia Plus Securities gave a buy recommendation on SSP shares with a target price of 8.30 baht, forecasting normal profit of 693.9 million baht in 2026, up 12.2% from the previous year, supported by higher output at the SPN solar plant after panel replacement was completed, the TTTV wind project returning to full-year operation, the first full year of revenue recognition from the LEO2 project in 2026, and the positive contribution from the waste-to-energy plants totaling 19.8 megawatts in late 2026, as well as revenue recognition from the 150-megawatt Bago Wind Farm next year, which will help profit continue growing in 2027.

The government has finalised its public solar scheme, covering a maximum target of 1,500,000 households with a total budget of 75 billion baht. The first phase supports 1,000,000 participants with 50 billion baht, and the second phase covers another 500,000 participants with 25 billion baht. The state subsidises installation at 50,000 baht per household, and holders of state welfare cards may take part. On installation specifications, households can install systems of up to 10 kilowatts, with the buyback rate for surplus power set at 5 kilowatts at 2.20 baht per unit under a 20-year contract. The criteria have also been adjusted from rooftop-only to cover ground-mounted and floating installations, provided there is an electricity meter on the premises. Polpree Suwanchavi, Deputy Minister of Interior, said that electricity users with average monthly bills of 3,000 to 4,000 baht will see the value pay off immediately. The government will issue soft loans through three state banks, namely the Government Housing Bank, the Government Savings Bank, and the Bank for Agriculture and Agricultural Cooperatives, cutting interest to 2.5% per year with repayment over about seven years, and plans to open registration on 1 November this year.

Yuanta Securities issued a positive analysis of Singer Thailand Public Company Limited, or SINGER, after the company launched its SINGER brand S-PRO Series appliances, initially focusing on televisions, commercial freezers, air conditioners and washing machines, produced by a new OEM, resulting in higher gross margins. The company targets raising product margin to 40% from 31.4% in the first half of 2026, with a device lock function similar to that of smartphones, allowing sales on installment through SGC's SG Finance+ system, with interest rates on appliance loans close to the 25% per year charged on Lock Phone. The company also plans to expand its Solar Roof business through the JGS joint venture, in which JMART holds 50%, GUNKUL 40% and SINGER 10%, and to open Solar Roof Shop branches and provide loans through SGC, as well as a new service, SG Subscribe+, starting first with Solar Roof. On branch expansion, the company targets opening 146 new branches this year, up from 101 branches in the second quarter of 2026, and adding 1,000 sales staff, after already adding 443 in the second quarter of 2026. Yuanta expects SINGER's net profit in the third quarter of 2026 to accelerate markedly both year on year and quarter on quarter, and to keep growing both year on year and quarter on quarter in the fourth quarter of 2026, supporting full-year 2026 net profit of 647 million baht, up 516% year on year, and a further 21.5% year-on-year rise in 2027. It maintains a Buy rating with a 2027 target price of 13.70 baht, implying 25% upside from the current price.

ComEd and Chicago-based solar developer SunVest have energized a nearly eight-megawatt community solar array sited at the DeKalb Taylor Municipal Airport, adjacent to the airfield. Sixty percent of the subscription capacity is dedicated to low-to-moderate income customers, with average customer savings of more than $300 per year, or nearly $11,000 over the 35-year lifetime of the project, while savings across all subscribers amount to $246,000 annually, or $8.61 million over the next three decades. The project generates $91,000 in site rent and $36,000 in property taxes to DeKalb County each year, with the vast majority of the property taxes dedicated to local schools under state law, and it helps fulfill the Illinois Power Agency's goal to construct community solar facilities on municipal lands. ComEd President and CEO Gil Quiniones said community solar projects like this one are a quick way to bring down costs by bringing more power onto the grid, and SunVest Solar CEO Bram Walters said the project saves lower-income residents on their power bills while providing new revenue for the community. Aided by state policy, solar has more than tripled in ComEd's northern Illinois service territory since the Clean Energy and Jobs Act took effect in late 2021, with 2.0 gigawatts of distributed energy resources now connected to ComEd's grid, including 85,000 solar and battery storage systems, and more than 280 community sites serving over 53,000 residential customers; ComEd anticipates having 420 community solar sites energized by the end of 2026, including 16 systems by SunVest.

PTT, together with the Royal Thai Air Force, is driving forward the installation of solar power generation systems across 3 projects. These comprise floating solar power generation systems at the Air Operations Control Command and the 3rd Air Force Armament Factory of the Air Force Armament Department, and rooftop solar power generation systems at the Navaminda Kasatriyadhiraj Royal Air Force Academy within the Air Operations Control Command area of the Royal Thai Air Force. The projects operate under 25-year power purchase agreements. They help reduce the Royal Thai Air Force's utility expenses by approximately 52 million baht over the life of the projects and help cut greenhouse gas emissions by approximately 40,280 tonnes of carbon dioxide equivalent. Air Chief Marshal Wisut Somphakdee, Chairman of the Royal Thai Air Force Renewable Energy Committee, and Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT Public Company Limited, jointly presided over the project opening ceremony. The initiative supports the use of environmentally friendly energy and drives Thailand's greenhouse gas reduction and Net Zero goals over the long term.

Analysts at Finansia Syrus Securities estimate that the PDP 2026 plan will create significant upside for GULF shares. They expect EGAT to open bidding for new renewable energy projects of about 10 gigawatts next year, and GULF has a chance to secure as much as a 40% share, or 4 gigawatts, of the solar projects expected to be auctioned. Under a feed-in tariff of 2.16 baht per kilowatt-hour, investment is estimated at 25 to 30 million baht per megawatt, with an IRR of 12%. The new capacity could add about 10 baht per share to GULF's value. The research team therefore maintains its buy recommendation and raises its target price to 89.50 baht per share to reflect the opportunity to add capacity from auctions under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total equity-accounted capacity of 339.5 megawatts. The acquired projects are estimated to have a combined net present value of about 9.7 billion baht, based on a discounted cash flow valuation with a WACC of 5.5%, adding roughly 0.5 baht per share. The positive view is also supported by a low-risk profit structure from long-term power purchase agreements, strong cash flow from the digital business, and a solid financial position, with a net interest-bearing debt to equity ratio of only 1.06 times.

KB Securities analyst Wooje Chun named Hanwha Solutions and DL Holdings as top solar stock picks, arguing that surging electricity prices more than offset higher module costs and interest rates. Module prices are expected to climb from $0.30-0.33 per watt to $0.38-0.437 per watt, a 32% increase, but because modules account for only 31% of costs for utility-scale systems and 11% for residential installations, the overall impact on total investment costs stays modest at 3-10%. The U.S. 10-year Treasury yield rose from 4.42% in the second quarter of 2026 to 5.24% as of September 28, while three-year PJM power futures jumped to $89.5 per megawatt-hour on September 28, up 37% year-over-year and 20% from the second quarter of 2026, with MISO up 14% and ISO-NE up 15%. KB Securities calculates that a 14% rise in power purchase agreement prices would lift revenue by $36.1 million for a typical 100-megawatt utility-scale solar plant, while higher interest rates would add only $3.3 million in interest expense, and even a 16% increase in total investment costs would be offset by a 5.6% hike in PPA prices. Hanwha Solutions is favored for its EPC and third-party ownership businesses and its module business, which produces 80% of its output in the United States, while DL Holdings benefits from two U.S. gas-fired power plants in the PJM market totaling 2.1 gigawatts, held at 25% and 30% ownership stakes, as power purchase prices rise without matching increases in Henry Hub natural gas prices.

DTE Energy has completed construction on the 100-megawatt Cold Creek Solar Park near Coldwater, Michigan, a project funded by Ford Motor Company's enrollment in DTE's voluntary renewables program, MIGreenPower. Ford agreed to purchase up to 650 megawatts of renewable energy through the CleanVision MIGreenPower program, and by the end of 2027 every Ford vehicle manufactured in Michigan will be assembled with the equivalent of 100% carbon-free electricity. Matt Paul, president and chief operating officer of DTE Electric, said the park reflects what is possible when customers and energy providers work together to accelerate Michigan's clean energy future. Amir Mirshahi, Ford's director of Energy Infrastructure and Engineering, said the project delivers clean, reliable energy for the company's Michigan operations and the communities where it builds vehicles. DTE currently operates 20 wind parks and 36 solar parks across Michigan, generating enough clean energy to power nearly 1 million homes, as part of the state's target of 60% renewable energy by 2035 and DTE's goal of net zero carbon emissions.

T1 Energy Inc. is expanding beyond solar-module manufacturing to build a more vertically integrated U.S. solar supply chain. The company operates G1_Dallas for module production, which produced 935 MW of modules in the second quarter of 2026, and is developing G2_Austin, a planned 2.1 GW solar-cell facility, with first solar-cell production targeted for first-quarter 2027. T1 expects production to increase in the second half of 2026, with full-year output reaching the upper end of its 3.1 GW to 4.2 GW guidance. In July 2026, T1 acquired foundational solar patents and other intellectual property from Evervolt for $135 million, covering TOPCon solar cells and modules. T1 is also integrating the upstream supply chain through agreements with Hemlock Semiconductor for U.S.-produced polysilicon and Corning for U.S.-produced wafers, which will supply G2_Austin for cell production, with those cells then used in modules at G1_Dallas. The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 78.68% and 114.29%, respectively, year over year.

Ørsted has begun construction on Blackwater Solar, a 200 MW solar farm in Roosevelt County, New Mexico, the company's first project in the state. The project, located between Portales and Clovis, will generate enough electricity to power the equivalent of more than 56,000 homes annually within the Southwest Power Pool territory and is backed by a long-term power purchase agreement to meet growing industrial electricity demand in New Mexico. Ørsted sourced the project's solar panels from domestic manufacturer First Solar, and Blackwater Solar is expected to reach commercial operations in late 2027. Alongside the project, Ørsted announced a $100,000 contribution to Playa Lakes Joint Venture to restore an 8.8 acre playa near Melrose, New Mexico, building on a previous partnership in West Texas that helped restore more than 700 acres of playa habitat across five counties. Blackwater Solar is also expected to contribute nearly $18 million in property tax revenue to Roosevelt County over its operating life.

KTC has launched a rooftop Solar Subscription service together with BlueRing Energy, becoming the first credit card to run a marketing campaign under this model. Members who pay a monthly service fee of 699 baht or more with their KTC credit card receive 15% cash back plus the option to use KTC FOREVER points under the conditions, from 1 October 2026 to 30 June 2027, and receive system maintenance and care services from BlueRing throughout the contract term. Kiattisak Srisuriyaporn, Head of Business Development at BlueRing Energy Provider Co., Ltd., said the company developed the Solar Subscription model as the first in Thailand to unlock the barrier of initial investment running into the hundreds of thousands of baht, with a Zero Upfront Cost concept designed so that the savings from lower electricity bills outweigh the monthly service fee, and to facilitate government paperwork so that homeowners can sell surplus electricity back to the power authority. Nattasit Suntranu, Chief Marketing Officer for Credit Cards at KTC, or Krungthai Card Public Company Limited, said KTC has more than 31 Solar Rooftop business partners covering installation service providers, equipment and energy solutions, and views energy as one of the key costs for Thai households and increasingly linked to long-term financial planning.

B.Grimm Power, or BGRIM, has signed a memorandum of understanding with Siam Piwat Group to advance clean energy, covering two key projects: the study and development of a clean energy electricity trading project through the power grid for third parties, or TPA, targeting total contracted capacity of up to 300 megawatts, and the start of commercial operation, or COD, of a rooftop solar project at Siam Paragon shopping centre with total installed capacity of 800 kilowatts. On 30 September 2026, Harald Link, Chairman of BGRIM, said the partnership aims to meet rising demand for clean energy and the changing electricity market, with BGRIM to source and present power procurement opportunities and energy solutions to Siam Piwat through the TPA mechanism, leading to future power purchase agreements. The Siam Paragon rooftop solar project is carried out by B.Grimm Power Smart Solution, or BGPSS, under BGRIM, together with Siam Paragon Development, covering an area of more than 4,600 square metres and expected to cut greenhouse gas emissions by up to about 532 tonnes per year. Nopadol Karnasuta, Chief Executive Officer for Thailand, Malaysia and Industrial Business Solutions at BGRIM, said the move builds on a strategic partnership whose MOU was signed in late 2025. BGRIM aims to raise the share of renewable energy to more than 50%, with total power generation capacity of 10,000 megawatts by 2030, and is targeting net zero greenhouse gas emissions by 2065.

Deye Shares has released the implementation announcement for its 2026 interim equity distribution, with a cash dividend of 1.6 yuan per share before tax. The record date is October 13, 2026, and the ex-dividend and ex-rights date is October 14, 2026. Deye Shares is a constituent of the Dividend Quality Index, which selects 50 listed company securities with continuous cash dividends, relatively high dividend payout ratios, and strong profitability as index samples. The index includes high-growth sectors such as pharmaceuticals and biotechnology, electronics, and computers, as well as traditional dividend sectors like power equipment, building decoration, and non-bank financials. The Huaxia Dividend Quality ETF is the only ETF tracking the Dividend Quality Index, with feeder fund Class A code 016440, Class C code 016441, and Class D code 024263.

Ellomay Capital Ltd. announced that its Spanish indirectly held wholly-owned subsidiary, Ellomay Solar S.L., has received a battery storage grid access and connection permit for a project with a capacity of up to 22.2 MW / 100.3 MWh (4.5-hour), known as the BESS Facility. The BESS Facility also received a permit to charge 22.2 MW of electricity from the grid, which Ellomay said is expected to increase the flexibility and profitability of the project. The facility will be built on land already leased to Ellomay Solar, which owns a 28 MWp solar facility in Talaván, Cáceres, Spain. Ellomay expects construction of the BESS Facility to begin in the beginning of 2027 and to be completed in the fourth quarter of 2027. CEO and board member Ran Fridrich called the permit an important milestone in the company's strategy, noting that battery storage is a core growth engine for Ellomay, with a focus on markets where the need for flexibility is growing fastest, primarily Spain and Italy.

BrenX has entered into a definitive real estate sale and purchase agreement to acquire approximately 10,872 square meters of industrial land and photovoltaic infrastructure adjacent to its operating solar facility in Kaposszekcső, Hungary. The transaction marks the company's first execution of its develop-own-operate strategy and expands its footprint around the existing 1.2 MWp solar facility, which is already operating and provides the energy foundation for the site's potential expansion. CEO Nir Brenmiller said the acquisition could transform the Kaposszekcső property from a standalone renewable energy asset into what BrenX believes could become its first integrated industrial energy resource center. Potential developments at the site could include additional photovoltaic generation, battery energy storage systems, BrenX's proprietary bGen thermal energy storage technology, industrial energy services and, where technically and economically appropriate, modular data center infrastructure. BrenX believes the integrated approach could create opportunities for longer-term customer relationships and recurring revenue, and said it is now delivering its first commercial project and starting construction of its second.

Mahle is pressing ahead with expanding renewable energy production in Thailand with the launch of a solar power generation project with a capacity of 1 megawatt-peak at the plant of Mahle Siam Filter Systems Co., Ltd. in Samut Prakan province. The rooftop solar installation comprises a total of 1,639 solar panels and is expected to generate about 1,100 megawatt-hours of renewable electricity, or roughly 14% of the plant's total electricity demand, while cutting carbon dioxide emissions by as much as 540 tonnes. The project is structured as a power purchase agreement, allowing Mahle to use renewable electricity without any initial capital investment and helping to stabilise energy costs over the long term. It marks a significant step in driving forward the CO2 Roadmap of the Mahle Group, which aims to cut direct and indirect greenhouse gas emissions from energy use by 65% by 2030. Seho Lee, Chief Operating Officer and Executive Vice President of Mahle Siam Filter Systems Co., Ltd., said that generating renewable electricity for its own use will help reduce greenhouse gas emissions and strengthen the long-term operational resilience of the plant. The Samut Prakan facility serves as a key production base for automotive components in Southeast Asia, such as oil coolers, oil filters, cylinder head covers and air filters.

Bualuang Securities has maintained its Buy rating on Gunkul Engineering Public Company Limited, or GUNKUL, with a target price of 6.50 baht, after GUNKUL signed power purchase agreements for an additional 261.8MW of Phase 2 renewable energy projects. This brings the entire Phase 2 pipeline of 319MW to fully contracted status. The latest signed projects comprise 19.4MW of solar with commercial operation in 2027 and 242.4MW of wind with commercial operation in 2030. At the same time, GUNKUL sold a 50% stake in seven project companies to Gulf Renewable Energy, a company within the GULF group, for 466.5 million baht, covering 12 projects totalling 673.4MW gross, or 336.7MW on a proportional equity basis after the deal, spanning wind, solar, and solar-plus-BESS. The project companies will shift from subsidiaries to joint ventures, or JVs, after the transaction. Bualuang's research team views the key benefit of the deal as reducing the balance sheet burden rather than the gain from the share sale, because the projects require total investment of roughly 34.7 billion baht, of which about 26.0 billion baht is project debt. After the restructuring into JVs, that debt will sit at the joint venture level, and GUNKUL will contribute only about 4.3 billion baht in equity investment. If it held all the projects itself, analysts estimate net debt-to-equity in 2028 would rise from 0.22 times to 2.0 times, and IBD-to-EBITDA from 1.5 times to 6.8 times. The JV structure therefore helps preserve GUNKUL's capacity to invest in the next round, both PDP2026 and Direct PPA. On earnings, there is no change to the 2026 to 2028 forecasts, because the existing estimates already assume 50% ownership of these projects and recognition as share of profit from JVs. The new upside is the EPC business, because once the projects become JVs, construction work that GUNKUL takes on from the projects can be recognised as revenue in the consolidated accounts. If it wins EPC work equal to 15% of the 34.7 billion baht in project investment, at a net margin of 10%, that would generate total profit of about 520 million baht over 2026 to 2030, or an average of 130 million baht per year, equal to roughly 4% of 2028 core profit, which is not yet included in current estimates.

Yuanta Securities said today's Cabinet meeting has three interesting issues to watch. The first is the allocation of central budget funds for flood relief worth 2 billion baht. The second is infrastructure investment to build flood drainage channels that bypass the inner city, worth 160 to 200 billion baht, which is expected to be positive for the construction contractor, construction materials, and TEAMG groups. The third is a household solar project covering 1 million households, plus Smart Grid and Smart Meter, worth 70 billion baht under the 200 billion baht emergency loan decree to restructure energy. The research team views these issues as positive for GUNKUL, SSP, TRT, AKR, FORTH, and SAMART, among others.

Gunkul Engineering Public Company Limited, or GUNKUL, has signed power purchase agreements with the Electricity Generating Authority of Thailand, or EGAT, for an additional 261.8 megawatts of generating capacity under the RE Biglot Phase 2.1 renewable energy programme. The agreements run for 25 years and cover three wind power projects with a combined capacity of 242.4 megawatts and one solar power project with a capacity of 19.4 megawatts, with commercial operation scheduled from 2027 onward. Combined with three earlier projects totalling 57.2 megawatts, the company has now signed PPAs for every project under RE Biglot Phase 2.1, for a total contracted capacity of 319.0 megawatts. Chief Executive Officer Naruechon Damrongpiyawut said the company has also adjusted its shareholding in the power plants into joint ventures with Gulf Development Public Company Limited, or GULF, across 12 projects, representing total equity capacity of 336.7 megawatts and consideration of 467 million baht. Following the transaction, the company's renewable energy portfolio has total equity capacity of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of the 2027 deadline, and it has set a new goal of adding more than 50% in generating capacity to reach 3,000 megawatts by 2030.