Wind

Scatec has started construction on the 900 MW Shadwan onshore wind project in Egypt alongside EDF, backed by a US$150 million equity bridge loan package. The news lifted Scatec shares 5.53% in a single day to NOK104.0, contributing to a 90 day share price gain of 9.36%, though the year to date share price return remains down 3.61% and the 1 year total shareholder return is slightly negative. The most followed analyst narrative puts Scatec's fair value at NOK129.89, roughly 20% above the last close, while the SWS DCF model estimates a future cash flow value of NOK10.05, framing the stock as very expensive. Scatec remains heavily dependent on government tenders and project execution, so policy setbacks or construction delays could quickly challenge the undervalued narrative.

ERG has signed a new five-year power purchase agreement with Glencore covering its 82 MW Polish wind portfolio. The deal, reported by Simply Wall St, is expected to support more predictable revenue for the renewable energy company and could affect how investors assess the stability of its future earnings. ERG last closed at €22.00, and the stock trades on roughly 41.1x earnings, materially above the Renewable Energy sector average of about 14.9x and the peer group on roughly 21.6x. Over the past three years ERG has returned 11.1%. Community views on the stock are split, with one Narrative putting ERG at 11% undervalued and another seeing it as roughly fairly valued.

Krungsri Securities has raised its target for BGRIM's Data Center business capacity to 500 megawatts by 2030, up from 300 megawatts previously, viewing it as a positive factor for investment confidence. It maintains a Buy recommendation and a 2027 target price of 23 baht, based on a sum-of-the-parts valuation. It expects normal profit in 2027 and 2028 to grow 22% and 17% respectively, driven by lower natural gas costs amid an LNG supply glut and the gradual commercial start-up of new projects, namely the Nakwol 1 wind power plant in South Korea and a Data Center project in Thailand. However, the research team has not included large pipeline projects in its estimates, namely the 184 MWe Nakwol 2 wind power plant, a 735 MWe IPP power plant in Malaysia, and a 411 MWe battery energy storage system project in Italy, since developing these projects simultaneously could require substantial investment. Meanwhile, the interest-bearing debt-to-equity ratio stands at 2.2 times, compared with a loan covenant limit of no more than 3.0 times. BGRIM shares traded intraday at 19.20 baht, up 0.30 baht or 1.59%.

Scout Clean Energy has signed a Virtual Power Purchase Agreement with Oracle for the Ranchero Wind Farm in Texas, a deal that forms one key component of Oracle's broader initiative to invest in more than 1.7 gigawatts of renewable energy projects in Texas. The Ranchero Wind Farm, operational since 2019, is Scout's largest renewable energy project, with capacity to power approximately 177,000 homes annually. The partnership supports the reliability and resilience of the Texas energy grid and aligns with Oracle's goal to match 100% of its AI data center energy needs with carbon-free electricity by 2035. In other market moves, Inner Mongolia MengDian HuaNeng Thermal Power rose 8.1% to close at CN¥5.10, while Jiangsu Leadmicro Nano-Equipment Technology fell 11.7% to CN¥89.58. Vistra ended at $166.72, up 3.9%, Tesla closed at $377.81, down 0.8%, and GE Vernova finished at $997.09, down 3.1%.

Data centers have become the main financier of new Finnish power capacity, with Google's 507-megawatt agreement with Fortum at Loviisa marking Finland's first nuclear power purchase agreement. The 22-year tenor of that deal keeps a plant that supplies 10% of the country's electricity from retiring in 2030, and at 507 MW it is the largest single PPA ever signed in Finland, surpassing Amazon's 367 MW contract with OX2 for the Rajamäenkylä wind project. Data centers have overtaken manufacturing and industrial companies as the largest buyers of power in Finland, and the country is expected to become Europe's fifth-largest data center market by 2035, with installed capacity rising from 0.8 gigawatts in 2026 to 5 gigawatts in 2035 and data centers accounting for about 15% of national power consumption by 2030. Rystad Energy expects the next wave of Finnish offtake to pair wind and solar with battery energy storage systems to deliver a more baseload-like profile, while Finland has proposed replacing its first-come, first-served grid connection queue with a priority procedure that favors newly built, local and firm supply.

Scout Clean Energy announced a Virtual Power Purchase Agreement with Oracle covering a majority of the output of its operational 300-megawatt Ranchero Wind Farm in Crockett County, Texas. The VPPA is part of Oracle's recently announced investment in over 1.7 GW of renewable energy projects in Texas. Ranchero, which reached commercial operations in 2019, is Scout's largest operating renewable energy project to date and produces enough electricity each year to cover 177,000 homes' annual electricity usage, and it will contribute over $57 million in property taxes to Crockett County over its lifetime. Scout Chief Executive Officer and Founder Michael Rucker called Oracle an outstanding partner, while Oracle Cloud Infrastructure Head of Infrastructure Planning Julia Robin said the project supports Oracle's goal to match 100 percent of its custom AI data center electricity with carbon-free electricity by 2035. Scout Clean Energy is a Brookfield portfolio company.

Northland Power Inc. announced the completion of turbine installation at Baltic Power, the 1.1 GW offshore wind project in Poland jointly owned by Northland and ORLEN. All 76 turbines are now installed, with over one-third currently generating power, and the project is advancing through commissioning on track for commercial operations in 2026 with costs aligned with original expectations. Baltic Power, Poland's first offshore wind project, achieved first power in July 2026, delivering the first electricity ever generated from offshore wind to Poland's national grid. Once operational, the project is expected to generate approximately 4 terawatt-hours of electricity annually, equivalent to approximately 3% of Poland's current electricity demand and enough to power more than 1.5 million Polish households, underpinned by a 25-year contract-for-difference mechanism. Northland is concurrently constructing two grid-scale battery energy storage projects in Poland representing a combined 300 MW / 1.2 GWh of storage capacity.

Sermsang Power Corporation, or SSP, is positioning itself to capture growth in a new round of the clean energy market, preparing to bid for work under the draft national Power Development Plan, or PDP 2026, which has the potential to open up more than 50,900 megawatts of generating capacity. SSP Chief Executive Officer Varut Thammavaranucupt said the company aims to expand its clean energy power plant portfolio and increase domestic investment, targeting growth of its renewable energy portfolio to 1,000 megawatts by 2032, from roughly 420 megawatts of projects currently in hand. SSP's strength comes from its bidding experience, with the company among those selected for renewable energy power purchase projects under the Feed-in Tariff, or FiT, scheme for 2022 to 2030, totalling 170.5 megawatts. This comprises seven solar power plants with a combined contracted capacity of 154.5 megawatts and two wind power plants with a combined contracted capacity of 16 megawatts, out of the first phase of the programme, which sought to purchase a total of 5,203 megawatts. Meanwhile, Kasikorn Research Center assesses that the world is entering an Age of Electricity, with global electricity demand since 2019 growing more than twice as fast as overall energy use, and it expects electricity's share of energy use to rise to 35% by 2035.

TechnipFMC's 66kV Dynamic Inter-Array Cable has achieved qualification to the CIGRE TB 862 standard for floating wind, sending shares of the subsea energy systems provider up 3.3% in the afternoon session. The qualification followed an 18-month testing program that included 1.5 million flex-fatigue cycles verified by Bureau Veritas. The achievement builds on existing CIGRE TB 722 and IEC 63026 qualifications and confirms the dynamic cable completed defined electrical, mechanical, and fatigue testing. TechnipFMC said the qualification allows it to supply the cable within an integrated Water Column iEPCI scope, ahead of showcasing the system at the Floating Offshore Wind 2026 conference in Aberdeen. The shares closed the day at $70.31, up 2.2% from the previous close.

Sermsang Power Corporation, or SSP, is pressing ahead with its 150 MW Bako wind power project in the Philippines, with an investment value of 8 billion baht. Phasakorn Panyarattanakorn, Chief Operating Officer, said construction is proceeding according to plan, including site preparation, road building and foundation work, while the 23 wind turbines are in the component manufacturing stage ahead of installation. The project has a 20-year long-term power purchase agreement and a commercial operation date set for the fourth quarter of 2027. It is the company's first project under the Philippine government's Green Energy Auction Program 2, or GEAP2. Asadej Kongsiri, a board member and Manager of the Stock Exchange of Thailand, said a range of risk factors, including surging US bond yields, energy problems and domestic flooding, could heighten concerns about non-performing loans and trigger a temporary shift of money out of the market. However, Thailand's economic fundamentals remain unchanged, and foreign investors met during roadshows in Japan, the United States and the United Kingdom are mostly large, long-term-focused funds interested in the clean energy transition policy and the Board of Investment's investment support measures. Meanwhile, Banpu, or BANPU, is bringing AI into its electricity trading business in Japan through Banpu Power Trading G.K. Niti Pitakteeratham, Country Head for Japan, said the company developed an AI model to analyse market data and price trends, assess trading opportunities, determine transaction sizes and manage risk, with traders making the final decision. AI now supports more than 90% of the company's electricity trading volume across six regions, after passing tests between January and March 2026 and delivering better returns and risk results than the previous approach. Separately, the Allie Real Estate Investment Trust, or ALLY, announced a capital increase unit offering price of 4.60 baht per unit, along with investment in three new projects: Chan At The Avenue Chaengwattana, Sai Mai Avenue and The Zone Town In Town. Kawin Iamsakulrat, Chief Executive Officer of Allie REIT Management Company Limited as the trust's manager, said the investment will lift total asset value to 15.151 billion baht, diversify the revenue base and strengthen cash flow. First-year distribution yield is expected at 10.3% per year, and the new units are scheduled to begin trading on 22 October 2026.

Seri Sangsang Power Corporation, or SSP, is accelerating construction of the Bago wind power project in the Philippines, with an installed capacity of 150 megawatts. Mr. Phasakorn Panyarattanakorn, Chief Operating Officer, said that site clearing, internal project roads, and the pouring of large reinforced concrete foundations have already begun, while the wind turbine components are in production, all in line with the planned schedule. The Bago project is the company's largest coastal wind power plant since it began operations, with an investment value of approximately 8 billion baht and a 20-year long-term power purchase agreement. It covers seven villages: Calumangan, Napolis, Taloc, Sampinit, Buzai, Balingasag, and Lag-asan, and will install 23 wind turbines. The project is also part of the Green Energy Auction Program 2, or GEAP2, under the support of the Philippine government, and is SSP's first project to receive investment rights. The company is confident it will begin commercial operation within the fourth quarter of 2027.

Finansia Securities said GULF is well positioned to link energy infrastructure and ICT businesses with AI, with a strong financial position and capacity to take on an additional 200-300 billion baht in debt. It estimates that added capacity under PDP 2026 could create roughly 10 baht per share of upside for GULF, assuming EGAT opens bidding for about 10GW of new renewable energy projects next year and GULF secures a 40% share, or roughly 4GW of solar projects, under power purchase agreements at a feed-in tariff of 2.16 baht per kWh. Investment is expected to require about 25-30 million baht per MW, with an IRR of approximately 12%. On the AI megatrend, electricity demand is expected to grow faster than GDP, especially demand for clean power from data centers, which are more power-intensive than general industry. Key catalysts include the new PDP, Direct PPAs for 2GW of data centers, and opportunities to invest in renewable energy projects in Europe over the next year. The research team maintained its Buy recommendation and raised its target price to 89.50 baht per share to reflect the opportunity to add capacity from bidding under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total capacity of 339.5MW on a proportional ownership basis. The acquired projects are estimated to have a combined NPV of about 9.7 billion baht based on a DCF valuation with a WACC of 5.5%, adding roughly 0.5 baht per share, with net IBD/E of only 1.06 times.

SSP is moving full speed ahead on its 150-megawatt Bago wind farm project in the Philippines. Site clearing and internal road construction are already under way, along with the pouring of large reinforced concrete foundations, while turbine components are in production. All work is proceeding according to plan. The company is confident it can begin commercial operation, or COD, in the fourth quarter of 2027, reinforcing its strategy of expanding renewable energy investment abroad, with revenue recognition over 20 years to support strong growth in its power plant portfolio. Meanwhile, CCET's management has laid out a five-year business strategy that maintains the strength of its core business while leveraging its manufacturing expertise to move into higher-value technology products and businesses. It plans to expand into new areas including AI servers, CSP, LVDC and HVDC, and to pursue new business technology alongside the development of automation and AI, upgrading production processes toward a smart factory to capture growth opportunities in the digital era. Shares of D will move from the mai market to trade on the SET in the services industry group, medical business sector, starting October 1, 2026, after more than nine years listed on mai and after meeting the Stock Exchange of Thailand's qualifications. The move reflects the company's growth and potential in revenue, net profit and shareholders' equity, and the company is ready to build on its business for sustainable growth going forward.

Chatpol Sriprathum, Chief Executive Officer of Energy Absolute Public Company Limited, or EA, disclosed that the company targets sales of 100 million baht from its palm oil extract business, BIO-PCM, within the next three years, after continuously rising demand from its main customers in the construction materials business in South Korea and Japan. The company began recognising revenue from PCM products last year. The PCM business still accounts for a relatively small share of sales compared with its energy business group, which generates revenue in the billions of baht. Meanwhile, the company's core business structure remains roughly 60-70% power plants, followed by the electric vehicle, or EV, business. As for the earnings outlook, it is expected to grow by leaps and bounds over the next three years, as new projects become clearer from 2027, spanning the power plant business, the biodiesel plant, and EV car sales to the Bangkok Mass Transit Authority, or BMTA, which will begin delivering vehicles from the first quarter of 2027. The Maha Sarakham 1 and Khon Kaen wind power plant projects will gradually begin commercial operation in 2028-2029, while the waste-to-energy plant in Phuket, with a generating capacity of 8 MW, will be completed in the second to third quarter of 2027. In addition, the company is interested in joining the auction under the new PDP plan, focusing on wind power plants and solar farms, and is also interested in joining the auction for community power plant and community solar projects.

Yuanta Securities (Thailand) said in an analysis dated September 30, 2026 that it holds a positive view on Gunkul Engineering Public Company Limited, or GUNKUL, after the company sold 50% stakes in 12 renewable energy power plant projects to Gulf Development Public Company Limited, or GULF, representing a combined pro-rata capacity of 336.7 megawatts. This breaks down into 88.2 megawatts of solar power plants, 16.5 megawatts of Solar+BESS projects, and 232.0 megawatts of wind power plants, which are scheduled to gradually begin commercial operations between 2027 and 2030. The sale value was 466.5 million baht, or about 1.39 million baht per equity megawatt. The research team expects the transaction to bring GUNKUL only a small extraordinary gain and to have no significant impact on third-quarter 2026 net profit. Meanwhile, normal operating results for the third quarter of 2026 are expected to grow both from the previous quarter and from the same period a year earlier, supported by the wind power plant business. The EPC business is expected to slow slightly from the previous quarter but still grow at a high level compared with the same period a year earlier. The conversion of these projects into a joint venture format could help increase the order book, or backlog, of GUNKUL's EPC business. The research team preliminarily estimates, based on the shareholding proportion, that it could rise by about 7 billion baht, with revenue expected to be gradually recognized more from around the middle of 2028. GUNKUL still aims to secure an additional 900 megawatts of new projects over the next three years, and its partnership with GULF also opens the opportunity for the company to take on EPC work for GULF's future renewable energy power plant projects. On dividend policy, the research team said there has been no significant change, estimating that dividend per share is likely to be no lower than the previous level of 0.12 baht per share, while in the first half of 2026 the company already paid a dividend of 0.10 baht per share. It maintained a buy recommendation on GUNKUL with an end-2027 target price of 8.70 baht.

Kasikorn Securities recommends buying GULF shares with a 79 baht target, expecting strong profit growth during 2026–2030 after GULF notified the SET on September 28 that GRE, its 100%-owned subsidiary, acquired a 50% stake in 7 GUNKUL companies, covering 12 solar and wind power plant projects in Thailand with total contracted capacity of 673MW, or 337MWe based on GULF's proportionate equity capacity. GULF paid 467 million baht for the 50% stake, while GUNKUL retains the other 50%, representing a premium of about 1.4 million baht per MW for the acquisition of rights under PPA contracts. The acquired portfolio comprises solar and solar-plus-BESS projects totaling 209MW and wind farm projects totaling 464MW. All 12 projects have signed 25-year PPAs with EGAT, with FiT rates of 2.16 baht per kWh for solar, 2.83 baht per kWh for solar-plus-BESS, and 3.10 baht per kWh for wind. This acquisition of 337MWe of renewable capacity represents about 3.5% of GULF's committed equity capacity of 9,607MWe as of August 2026. Profit sharing from the 209MW of solar is expected to be about 150 million baht in 2028 and to increase by roughly 600 million baht from 2030 onward from the 464MW of wind farms. The solar power plants will begin COD from 2027, while most wind projects will reach COD in 2029–2030. Kasikorn Securities views that the newly acquired capacity will not yet affect profits in the second half of 2026 and expects third-quarter 2026 net profit to grow year-on-year but decline quarter-on-quarter. The 79.00 baht target price is based on a discounted cash flow method with a WACC of 4.4%.

Ningbo Energy's wholly owned subsidiary Langchen New Energy will jointly invest 386 million yuan with Ningneng Investment to acquire all equity in Yuexi Wind Power held by Huichen Fund. According to an announcement on the evening of September 28, Langchen New Energy will contribute 197 million yuan for a 51 percent stake, and Ningneng Investment will contribute 189 million yuan for a 49 percent stake. At the same time, Ningbo Energy will inject an additional 79 million yuan into Langchen New Energy, raising its registered capital to 401 million yuan after the capital increase. Once the transaction is completed, Yuexi Wind Power will become a wholly owned subsidiary of Ningbo Energy and be included in its consolidated financial statements, which will help increase the company's new energy installed capacity and enhance its competitiveness. This transaction is a related-party transaction and still needs to be submitted to the company's shareholders' meeting for approval before it can be implemented. After the market opened on September 29, Ningbo Energy's share price surged to the daily limit, last trading at 5.49 yuan per share, up 10.02 percent.

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.

Guojin Jiaze New Energy closed-end infrastructure securities investment fund announced on September 28 that it will open for sale from October 26 to October 29, with a subscription price of 3.487 yuan per unit and a total of 300 million units offered. The fund's underlying assets are the Ningxia Guobo New Energy Tongxin Jiaojiapan wind power project and the Ningxia Guobo New Rural wind power project, located in Tongxin County, Wuzhong City, Ningxia Hui Autonomous Region, with a combined installed capacity of 117.5 megawatts. Both projects were fully connected to the grid in December 2020, and as of the valuation date of March 31, 2026, the theoretical remaining service life of the generating units is 14.75 years. From 2023 to 2025, the average settled utilization hours of the Jiaojiapan and New Rural projects were 2,632 hours and 3,086 hours respectively, higher than the national average for the same period. The project was included in the supporting power source for the ultra-high-voltage Lingzhou-Shaoxing direct current transmission line in November 2025, and starting from 2026, the electricity sales model has been adjusted to transmit power to East China via the Lingzhou-Shaoxing line, with Zhejiang Province as the main consumption area. The fund sponsor is Jiaze New Energy Co., Ltd., which as of the relevant disclosure date had grid-connected installed capacity of 2,587.86 megawatts and generated approximately 2.5 billion kilowatt-hours in Ningxia in 2025. The original equity holder, Ningxia Jiaying New Energy Holdings Co., Ltd., is a wholly-owned second-tier subsidiary of Jiaze New Energy, and as of the end of March 2026, in addition to the assets included in this offering, it holds other operating wind power projects with installed capacity of 742.5 megawatts, providing reserve support for future expansion. The fund manager, Guojin Fund, issued the first infrastructure REIT in western China, the Guojin China Railway Construction REIT, in 2022, and since its establishment the fund has distributed cumulative cash dividends of more than 1.7 billion yuan to investors.

Crusoe announced it is the developer of Google's data center campus under construction in Armstrong County outside of Amarillo, Texas. The campus is engineered to provide capacity to power advanced AI and has a direct connection to Serena's adjacent Goodnight 1 wind farm, which at 265.5 MW is operational, and the Goodnight 2 wind farm, also 265.5 MW, which is under construction and was catalyzed by Crusoe's development at the site. When wind generation exceeds campus demand, surplus power is supplied back to the grid, benefiting local ratepayers and reducing curtailment of West Texas wind energy. Construction broke ground in June 2025 and is underway with more than 5,500 skilled laborers on-site daily, and the project will use a closed-loop, non-evaporative liquid cooling system designed to limit its water footprint primarily to domestic uses such as kitchens. The campus is part of Crusoe's growing West Texas portfolio, which includes two campuses under development in Abilene.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, BDMS and BGRIM, giving BDMS a target price of 25 baht, with support levels estimated at 19.5 and 19.8 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 this year's profit low, supported by the start of high season for Thai patients, the recovery of foreign patients, and easing pressure from Cambodian patients off a low base. July revenue accelerated 8% year on year, up from only about 1% year on year in the first half, driven by a 9% year-on-year rise in Thai patients and a 6% year-on-year rise in foreign patients. For BGRIM, it recommends buying with a target of 21.5 baht, estimating support at 18.0 and 19.0 baht and resistance at 22.0 and 22.6 baht. It views the new Power Development Plan, due to take effect soon, as increasingly positive given rising electricity demand from data centers, creating opportunities to expand power generation capacity and enter into direct power purchase agreements. It expects 300 to 500 megawatts of new generating capacity, along with a strategy to raise the share of renewables to reduce reliance on profit from small power producers. The Nakwol1 wind project in South Korea, already 92% through construction, will be a key turning point, as will solar projects in Thailand and other regions. The company also has a data center business under construction, with phases 1 and 2 already 100% fully booked by customers, expected to reach commercial operation date by the third quarter of 2027, and it plans to expand to 300 megawatts both domestically and overseas.

The Australian state of Victoria has announced a ban on building data centres in residential areas, along with regulations requiring operators to source their own renewable energy, use recycled water for cooling, and cover the cost of upgrading the electricity grid, in a bid to reduce impacts on communities and counter local opposition. Victorian Premier Ben Carroll of the Labor Party said today that while data centres are critically important to the economy, operators must take measures that ensure they do not place severe strain on local water and electricity resources. Data centres will have to procure additional renewable energy generation to match their new electricity demand, and will not be permitted to locate in residential areas, with a buffer zone of at least 150 metres from homes. Meanwhile, Australian Prime Minister Anthony Albanese is pushing for a national standard for data centres, to balance capturing the benefits of surging demand against easing community concerns. Analysts at Westpac Banking estimate that spending on the data centre business could reach 225 billion Australian dollars, or about 160 billion US dollars, with most of the spending expected to occur over the next three years.

Vestas has unveiled a new onshore wind turbine, the V182-7.2 MW, that uses a larger rotor to increase electricity production without raising its 7.2-MW rated capacity. The Danish manufacturer said the new model can deliver up to 6% more annual energy production than the V172-7.2 MW, depending on site conditions, while also reducing the levelized cost of electricity. The key change is a 182-meter rotor paired with the same 7.2-MW rating as its predecessor, giving the turbine a lower specific rating so it generates more effectively in lower wind speeds. Vestas said the design can lift capacity factors by as much as 2% and improve electricity capture prices by as much as 3%, since it produces a greater share of its power during lower-wind periods when wholesale prices may be higher. The V182-7.2 MW is aimed primarily at low- to medium-wind locations in Europe, Australia, South Africa and the Americas, and is based on Vestas' existing EnVentus architecture, which has more than 15 GW of installed capacity across more than 25 countries.

Brookfield's Catalytic Transition Fund is on track to reach its full close of $5 billion at the end of 2026, making it the smallest in the firm's family of energy funds but likely the largest dedicated energy transition fund focused on emerging markets. The fund allocates 40-45% of its capital to South and Southeast Asia alone, with the remainder going to Latin America, Eastern Europe and the Middle East, and it targets returns as high as 20% IRR compared to the teens for Brookfield's two other flagship funds. Managing director of energy Stefano Ghezzi said the fund writes smaller equity checks of between $200-300 million, versus typical checks of $500 million and above, because it is hard to find $1 billion-plus opportunities in emerging markets. The CTF has made six deployments so far, including the acquisition of Alba Renewables, which oversees 1.8 gigawatts of solar, wind and battery storage assets in the Philippines and Thailand, and a recently announced partnership with Foxconn to co-develop 1GW of renewable energy capacity in Vietnam. Altérra, an impact investor backed by Abu Dhabi state funds, is the anchor LP with a $1 billion commitment under a capped return structure, while other LPs include Caisse de dépôt et placement du Québec, Singapore's GIC and Temasek Holdings, Prudential and the World Bank's IFC. Brookfield contributes 10% to the fund as its GP commitment.

Analysts from several firms are unanimous in recommending a buy on shares of Sermsang Power Corporation Public Company Limited, or SSP, with Yuanta Securities (Thailand) raising its fair value at the end of 2570 to 14.10 baht per share. It sees profits entering a growth cycle from 2569 onward, driven by improved efficiency at the SPN solar power plant, a full year of revenue recognition from the Leo 2 project in Japan, and investment opportunities under the PDP 2026 plan. It maintains its 2569 profit estimate at 691 million baht, up 12% year on year, raises its 2570 profit estimate by 9% to 818 million baht, and expects normal profit in 2571 of 1.208 billion baht, up 48% year on year, reflecting the inclusion of the 150 MW Bago wind project in the Philippines, RE Big Lot projects with combined capacity of 92 MW, and the 17 MW Xuejia 1 solar power plant in Taiwan, which is expected to reach commercial operation in the fourth quarter of 2570. Meanwhile, Asia Plus Securities recommends a buy with a target price of 8.30 baht and expects normal profit in the third quarter of 2569 at around 120 to 160 million baht, up from 60.3 million baht in the second quarter of 2569. Impact Insight expects normal profit in 2569 of 693.9 million baht, growing 12.2% year on year, and raises its 2571 normal profit estimate by 20.9% to 1.2 billion baht. SSP aims to increase installed capacity from the current 367 MW, or 307 MWe, to 1,000 MW in 2575, with 10 projects in the pipeline and contracted PPA capacity totaling 380.4 MWe, which will gradually reach commercial operation from the fourth quarter of 2569 through 2573, lifting capacity by more than 123% to 687 MWe within the next four years.

Securities analysts are unanimous in recommending a buy on shares of Sermsang Power Corporation, or SSP, with Yuanta Securities Thailand raising its fair value at the end of 2027 to 14.10 baht per share. It sees profit entering a growth mode from 2026 onward, maintaining its 2026 profit forecast at 691 million baht, up 12% year on year, driven by the solar panel efficiency of the SPN power plant and full-year revenue recognition from the Leo 2 project in Japan. It also raised its 2027 profit forecast by 9% to 818 million baht, or 18% year-on-year growth, which despite the sale of the 30 MW Yamaga project is offset by a total of 9 MWe of community waste-to-energy plants. It expects normal profit in 2028 to reach 1.208 billion baht, up 48% year on year, boosted by the inclusion of the 150 MW Bago wind project in the Philippines, which has electricity rates about 50% higher than Thailand's, the 92 MW RE Big Lot project, and the 17 MW Xuejia 1 solar power plant in Taiwan, which is expected to reach commercial operation in the fourth quarter of 2027. Meanwhile, Asia Plus Securities recommends a buy with a target price of 8.30 baht and expects normal profit in the third quarter of 2026 at around 120 to 160 million baht, up from 60.3 million baht in the second quarter of 2026. Impact Insight expects normal profit in 2026 at 693.9 million baht, growing 12.2% year on year, and has raised its 2028 normal profit forecast by 20.9% to 1.2 billion baht. SSP aims to increase its installed capacity from the current 367 MW, or 307 MWe, to 1,000 MW in 2032, and has 10 projects in its pipeline with total contracted PPA capacity of 380.4 MWe, which will gradually reach commercial operation from the fourth quarter of 2026 through 2030.