Renewable Electricity

Longyuan Power announced on October 9 that its power generation in September 2026 was 5.67 million megawatt-hours, an increase of 7.08% compared with the same period in 2025. Among this, wind power generation rose 3.20% year-on-year, while solar power generation increased 20.21% year-on-year. As of September 30, 2026, the company's cumulative power generation was 56.25 million megawatt-hours, down 0.52% year-on-year, with wind power generation down 4.97% and solar power generation up 19.29%. In the first half of 2026, Longyuan Power achieved revenue of 14.642 billion yuan and net profit attributable to the parent company of 2.393 billion yuan.

DBS Vickers Securities Thailand said in an analysis that the Thai government is considering cutting excise taxes on biofuels to lower fuel prices and spur consumption. Currently, the excise tax on gasohol stands at 6.00 baht per litre and on biodiesel at 5.953 to 6.92 baht per litre. Raising the share of biofuels in use would help cut crude oil imports and ease the government's burden of subsidising fuel prices, with the Oil Fund now running a loss of about 100 billion baht. With demand for ethanol and biodiesel expected to rise, DBS Vickers has named 11 Thai stocks set to benefit, divided into three groups by business type. The first group is direct producers and distributors of biofuels, namely BBGI, EA, UBE, GGC and TAE. The second group is integrated palm oil producers linked to biodiesel, namely PCE, SMO, APO and VPO. The third group is sugar producers linked to ethanol, namely KSL, KTIS and BRR.

Ormat Technologies has been selected by the U.S. Department of Energy for up to $35 million in funding tied to two research-heavy geothermal projects. The DOE backing arrives after a choppy stretch for the company, with its share price down 18.17% on a year-to-date basis, though its 3-year and 5-year total shareholder returns stand at 38.68% and 39.75%. Analysts following Ormat see fair value at about $127.67 per share against a last close near $93.07, a view that leans on the extension of production and investment tax credits for geothermal and energy storage projects through at least 2033, which reduces capital costs and de-risks new project development. The bullish case also cites elevated demand for reliable, carbon-free baseload power from electrification trends including data centers and industrial customers, translating into premium power purchase agreement pricing. Still, the stock trades at about 45.2x earnings, well above the global renewable energy average of 14.7x, its peers at 30.5x, and the 24x fair ratio suggested by regression analysis, while heavy reliance on Chinese batteries and sizable planned capital spending remain key risks.

Shares of Sermsang Power Corporation Public Company Limited, or SSP, rose 7.89% to 8.20 baht at 10:23 a.m. on October 7, 2026, on trading value of 130.02 million baht, after Mr. Phasakorn Panyarattanakorn, Chief Operating Officer, reported progress on the 150-megawatt Bago wind power project in the Philippines, saying site clearing, internal project roads, and the pouring of large reinforced concrete foundations have begun. The wind turbines are currently having their components manufactured, with all work proceeding according to plan. The Bago project is a 150-megawatt coastal wind farm, the company's largest power plant since it began operations, with an investment value of about 8 billion baht and a 20-year long-term power purchase agreement. It covers seven villages, namely 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 be granted investment rights. It is expected to reach commercial operation, or COD, as planned in the fourth quarter of 2027.

Yuanta Securities (Thailand) maintains its Buy rating on SSP and has raised its end-2027 fair value to 14.10 baht per share from 4.80 baht. The reference price on 11 September 2026 was 7.30 baht, implying 93.2% upside. Yuanta sees SSP with a significant opportunity to expand generating capacity under the draft PDP 2026, whose first 12 years add a combined 38,800MW of solar and solar-plus-BESS capacity. As SSP operates a 100% renewable power plant business, it has a chance to join new projects, including the 1,500MW community solar programme and additional renewable energy projects in the Philippines. On finances, SSP's IBD/E stood at 2.1 times as of the second quarter of 2026, and including the sale of the Yamaga project, which is expected to book an extraordinary gain of 300 to 500 million baht in the third quarter of 2026, IBD/E would fall below 2 times. Yuanta estimates the company can support up to 8 billion baht of additional investment, equivalent to new capacity of no less than 266MWe. For earnings, Yuanta keeps its 2026 profit forecast at 691 million baht, up 12% year on year, and raises its 2027 forecast by 9% to 818 million baht, up 18% year on year. For 2028, normal profit is expected at 1.208 billion baht, up 48% year on year. Overall, normal profit for 2025 to 2028 is expected to grow an average of 25% per year.

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.

Super Energy Corporation, or SUPER, is preparing to offer a new series of bonds worth 2 billion baht between October 6 and 8, 2026, offering interest rates of 5.55-5.90%, with interest paid every three months throughout the life of the bonds. The company has a track record of paying interest and repaying principal in full and on time every time. Meanwhile, big boss Jomthap Lojaya is pressing ahead with expanding the business, generating revenue and driving steady growth. Separately, Index International Group, or IND, is awaiting good news from Dr. Pornlapas Na Lamphun, who is about to secure a new project, and expects that in the final stretch of 2026 its performance will be bright thanks to a backlog of nearly 2 billion baht awaiting revenue recognition. Meanwhile, Advice IT Infinite, or ADVICE, through Sarun Panha, Chief Sales Officer, has announced its readiness to attack the IT market in the second half of 2026 after first-half results exceeded the targets set. And Phat Group, or PHAT, through CEO Somnuek Chanthawong, stated that its business in the second half of 2026 is likely to recover, driven by an expected increase in palm output and an expansion of crude palm oil extraction capacity by another 50% to 90 tons of fresh palm fruit per hour, or about 2,100 tons per day, starting from the third quarter of 2026. The company has set a 2026 revenue target of 3,000-3,500 million baht, growing 35-40% from the previous year.

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.

Super Energy Corporation, or SUPER, is preparing to offer a new bond series worth 2 billion baht between October 6 and 8, 2026, with interest rates of 5.55% to 5.90% per year and interest paid every three months throughout the life of the bonds. The company said it has a track record of paying interest and repaying principal in full and on time every time. Meanwhile, Jomsap Lojaya continues to push the business forward to generate revenue and drive sustained growth.

Seri Sang Power Corporation Public Company Limited, or SSP, is pressing ahead with investment in an onshore wind power plant, the "Bago" project in the Philippines, with a generating capacity of 150 megawatts and an investment value of approximately 8 billion baht. It is the largest power plant SSP has undertaken since it began operations, and it comes with a 20-year long-term power purchase agreement, or PPA. Phasakorn Panyarattanakorn, SSP's Chief Operating Officer, said the project has already begun site preparation, construction of internal roads, and pouring of large reinforced concrete foundations, while wind turbine components are in the manufacturing process. All work is proceeding according to plan, and the company is confident the project can reach commercial operation, or COD, in the fourth quarter of 2027 as scheduled. The project covers seven villages, namely Calumangan, Napolis, Taloc, Sampinit, Buzai, Balingasag, and Lag-asan, and will install 23 wind turbines. It is also part of the Green Energy Auction Program 2, or GEAP2, a renewable energy auction program supported by the Philippine government, and is SSP's first project to secure investment rights under that program. Once COD is achieved as planned in the fourth quarter of 2027, the project will help raise the scale of SSP's energy business, enhance its capacity to generate cash flow and long-term revenue, and support its strategy of continuously expanding renewable energy investment overseas.

Sermsang Power Corporation, or SSP, has reported progress on its 150-megawatt Bago wind power project in the Philippines, saying site clearing, internal road construction, and the pouring of large reinforced concrete foundations have begun, while turbine components are being manufactured. All work is proceeding according to plan. Mr. Phasakorn Panyarattanakorn, SSP's Chief Operating Officer, said the project is the company's largest power plant since it began operations, with an investment value of approximately 8 billion baht and a 20-year long-term power purchase agreement. The project covers seven villages: Calumangan, Napolis, Taloc, Sampinit, Busay, Balingasag, and Lag-asan. It will install 23 wind turbines and is part of the Green Energy Auction Program 2, or GEAP2, a renewable energy auction program supported by the Philippine government, and is SSP's first project to win investment rights. SSP is confident the project will achieve commercial operation, or COD, as planned in the fourth quarter of 2027, which will be an important step in scaling up the company's energy business and strengthening its ability to generate cash flow and long-term revenue.

Super Energy Corporation Public Company Limited, or SUPER, is preparing to offer a new series of bonds with a total value of approximately 2 billion baht between 6 and 8 October 2026, with coupon rates set in the range of 5.55% to 5.90% per year and interest paid every three months throughout the life of the bonds. The offering has drawn investor interest, with the offered yields seen as another option for investors seeking steady interest income amid continued volatility in financial and investment markets. SUPER has a track record of fully meeting its obligations on bond interest payments and principal repayments at maturity under the terms set out in past issues. The company is continuing to manage its capital structure while expanding its business in order to generate income and support long-term growth. Jomsap Lojaya, an executive at SUPER, continues to press ahead with expanding and developing the business, focusing on building a stable income stream and enhancing operational capability to support the company's sustainable growth in the future.

Sermsang Power Corporation, or SSP, is accelerating construction of the Bago wind power project in the Philippines, with a generating capacity of 150 megawatts. Mr. Phasakorn Panyarattanakorn, Chief Operating Officer of the operations line, disclosed that site clearing, internal project roads, and the pouring of large reinforced concrete foundations have already begun, while the wind turbine units are in the component manufacturing stage, all in line with the planned schedule. The Bago project is a 150 MW coastal wind farm, the largest power plant the company has operated since its inception, with an investment value of approximately 8 billion baht and a 20-year long-term power purchase agreement. The project area covers seven villages, namely Kalumangan, Napolis, Taloc, Sampinit, Busay, Balingasag, and Lag-asan, and will install 23 wind turbines. Commercial operation is expected within the fourth quarter of 2027. 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.

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.

Super Energy Corporation, or SUPER, is preparing to offer a new bond series worth 2 billion baht between October 6 and 8, 2026. The bonds offer a yield of 5.55% to 5.90% and pay interest every three months throughout the life of the bonds. The company said it has a track record of paying interest and repaying principal in full and on time every time. Meanwhile, Jomsap Lojaya continues to expand the business to generate revenue and drive steady growth.

Sermsang Power Corporation, or SSP, is accelerating construction of the Bago wind power project in the Philippines, with a generating 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 still in production. Commercial operation, or COD, is expected in the fourth quarter of 2027. The Bago project is the company's largest coastal wind power plant since it began operations, with an investment value of about 8 billion baht and a 20-year long-term power purchase agreement covering seven villages: Calumangan, Napolis, Taloc, Sampinit, Busay, Balingasag, and Lag-asan. It 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 be granted investment rights, in line with the renewable energy cooperation policy between the Thai and Philippine governments, as well as the Philippines' plan to push the share of clean energy use to 35% by 2030.

Fervo Energy said Thursday that it began selling electricity from its Cape Station power plant to the grid on September 30, one day ahead of schedule, making it the first enhanced geothermal company to reach a key commercial milestone. The plant synchronized with the grid about a week ago, bringing online the first third of what will soon become a 100-megawatt power plant, while the entire site could eventually generate as much as 4 gigawatts. The first block at Cape Station took 23 months from groundbreaking to commercial operations, and Fervo aims to complete future blocks in as little as 18 months. Google, Southern California Edison, and others have committed to buying power from the project. Fervo went public in May in an upsized IPO that raised $1.9 billion, and as a startup it raised more than $1.3 billion from investors including Breakthrough Energy Ventures, Congruent Ventures, and Capricorn Investment Group.

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.

Super Energy Corporation, or SUPER, reported first-half net profit of 859.73 million baht, up 246.64% from the same period a year earlier, on total revenue of 3.94 billion baht. The company is preparing to recognise revenue from two wind power projects in Vietnam, Soc Trang and Bac Lieu, with a combined power purchase agreement capacity of 129 megawatts, which are set to begin commercial operation, or COD, during the remainder of 2026 and will lift SUPER's total capacity to 1,532.86 megawatts from 1,430.88 megawatts at present. As for roughly 3.5 billion baht in receivables owed by Vietnam Electricity, or EVN, the company has already set aside 550 million baht in provisions for the impact and expects payment soon. Meanwhile, financial costs fell 14.38%, bringing the debt-to-equity ratio, or D/E, down to 1.94 times, while EBITDA before foreign exchange effects and one-off items from the sale of investments stood at 3.051 billion baht, or an EBITDA margin of about 80%. The company is continuing to seek new investment opportunities in solar, wind and waste-to-energy power plants, and is watching the 2026 Power Development Plan, or PDP, which, if it opens the door to more renewable capacity, would see the company ready to join bids to build a new long-term growth engine.

Bimergen Energy has authorized an open-market repurchase program for its publicly traded warrants. Under the program, the company said it would deploy capital to reduce future equity dilution and to take advantage of prevailing market pricing. The buyback covers the warrants trading under the symbol BESS.WS, while the company's common shares trade under BESS. No dollar amount or share or warrant count was disclosed for the program.

Bimergen Energy Corporation announced that its Board of Directors has authorized an open-market warrant repurchase program to buy back any or all of its publicly traded warrants, which trade under the ticker BESSWS. The program is intended to opportunistically deploy capital to reduce future equity dilution while taking advantage of then-current market pricing, with purchases to be made from time to time on the open market, through block trades, or via privately negotiated transactions in compliance with federal securities laws and NYSE American requirements. Co-CEO Bob Brilon said the company has not yet established brokerage accounts to execute the authorized buyback, but that the Board's authorization positions management to efficiently use its cash to reduce potential dilution and optimize its equity architecture. Co-CEO Cole W. Johnson said closing transactions for high-quality battery energy storage projects remains the company's focused strategy, and that the flexibility of the buyback program and reduction of equity overhang is viewed as a positive by current and potential strategic partners. The program does not obligate Bimergen to acquire any specific amount of warrants and may be suspended or discontinued at any time, with timing and volume depending on market conditions, liquidity, trading volumes and regulatory requirements.

Asia Plus Securities said that during September 23–27, 2026, heavy rain fell across many areas of Thailand, especially the central region, Bangkok, and the eastern region, causing flooding in many areas and requiring vigilance for flash floods. Meanwhile, the Industrial Estate Authority of Thailand raised its monitoring level for industrial estates in risk areas, particularly Bang Pu Industrial Estate and three estates in Ayutthaya, namely Nakhon Luang, Bang Pa-in, and Ban Wa (Hi-Tech), but no widespread suspension of operations at industrial estates has been found, and there have been no reports of large power plants halting operations or stopping electricity supply. The research team views that this does not directly affect the power plant group, because core revenue is backed by long-term PPA contracts, and rain is expected to ease within 3–5 days. BGRIM and GPSC confirmed that electricity supply to customers in the industrial estates remains normal. At the same time, during the same period, Laos saw heavy rain in many areas, especially in the Mekong River basin and the central–northern areas, where several hydropower projects are located, such as Xayaburi, in which CKP holds 42.5%, GPSC 25%, and EGCO 12.5%; the Nam Ngum 2 project, in which CKP holds 46% and RATCH 25%; and the Nam San 3A–3B project, wholly owned by BCPG. This is therefore expected to support electricity generation in line with increased rainfall. The research team recommends a Selective Buy strategy, choosing CKP as Top Pick with a fair value of 2.90 baht, given its highest proportion of hydropower business in its portfolio, and expects normal profit for the third quarter of 2026 to grow quarter-on-quarter and reach the year's highest level. As for BCPG, with a fair value of 8.00 baht, it remains attractive due to its profit base with a high proportion of hydropower plants in Laos and support from its power plant project in the United States entering its summer peak period, with third-quarter 2026 profit also expected to reach the year's highest level. It is therefore seen as an opportunity for short-term trading in line with the seasonal cycle.

Asia Plus Securities said that between 23 and 27 September 2026 heavy rain fell across many parts of Thailand, especially the central region, Bangkok and the eastern region, causing flooding in many areas and prompting warnings for flash floods. Meanwhile, the Industrial Estate Authority of Thailand raised its vigilance level for industrial estates in at-risk areas, particularly Bang Pu and three estates in Ayutthaya, namely Nakhon Luang, Bang Pa-in and Ban Wa (Hi-Tech), though no widespread suspension of estate operations has been seen and there have been no reports of large power plants halting operations or stopping electricity supply. The research team sees no direct impact on the power plant group, because core revenue is underpinned by long-term power purchase agreements, and expects the rain to ease within three to five days. BGRIM and GPSC confirmed that electricity supply to customers in the industrial estates remains normal. At the same time, Laos saw heavy rain in the Mekong basin and in the central and northern areas, where several hydropower projects are located, such as Xayaburi, in which CKP holds 42.5%, GPSC 25% and EGCO 12.5%; the Nam Ngum 2 project, in which CKP holds 46% and RATCH 25%; and the Nam San 3A-3B project, wholly owned by BCPG. This is therefore expected to support electricity generation in line with higher rainfall. The research team recommends Selective Buy, picking CKP as its Top Pick with a fair value of 2.90 baht, given the highest share of hydropower business in its portfolio, and expects normalised profit for the third quarter of 2026 to grow quarter on quarter and reach its highest level of the year. BCPG has a fair value of 8.00 baht and remains attractive thanks to a profit base with a high proportion of hydropower plants in Laos, supported by power projects in the United States entering the summer peak season, with third-quarter 2026 profit also expected to reach its highest level of the year. It therefore sees this as an opportunity for short-term trading in line with the seasonal cycle.

Zhongmin Energy announced that its controlling subsidiary, Fujian Fuzhou Mintou Offshore Wind Power Convergence Station Company, has signed an EPC general contracting agreement with a consortium for the Changle offshore centralized transmission project, with a total contract value of 4.165 billion yuan. The company stated that the signing and execution of this contract will help advance the overall construction of the project in an orderly manner. However, the announcement also cautioned that commencement of the project still requires approval from relevant authorities and remains subject to uncertainty.

The Royal Gazette has officially announced the regulations for the community solar farm procurement programme, with total capacity of no more than 1,500 megawatts, setting a fixed feed-in tariff of 2.1679 baht per unit and 25-year power purchase agreements. The scheme uses selection criteria focused on project quality and suitability rather than the previous system based on the order in which bids were submitted. The 1,500 MW community solar farm programme is separate from the 10,000 MW people's solar plan. Brokers view the news as positive for renewable power operators. Finansia Syrus Securities said the stocks to watch are GULF, BGRIM, GPSC, GUNKUL, WHAUP and SPCG, while Krungsri Securities sees WHAUP, GUNKUL and SSP as beneficiaries, and Yuanta Securities Thailand picked GUNKUL, SSP and TSE. Thai Solar Energy Public Company Limited, or TSE, plans to take part in both the community solar programme and direct power purchase agreements, or Direct PPA, targeting at least 100 megawatts of new offered generating capacity to serve demand for clean electricity from data centre operators and the industrial sector, and is studying the use of battery energy storage systems, or BESS, alongside its projects. TSE is also pressing ahead with its Solar Big Lot programme of 28 projects with total offered capacity of 229.06 megawatts, for which it has already signed 25-year power purchase agreements with the Provincial Electricity Authority. The first four projects, with combined capacity of 30.20 megawatts, are expected to start commercial operation in the second quarter of 2027, while the remaining 24 projects, with combined capacity of 198.86 megawatts, are expected to gradually reach commercial operation during 2028 to 2030. Once all 28 sites are running, the company expects to generate additional revenue of about 900 million to 1 billion baht per year. TSE also has a community waste-to-energy power plant project in the Khorum subdistrict of Uttaradit province, with offered capacity of 8 megawatts and a concession period of 28 years and 6 months. It is currently preparing an environmental impact assessment report and is set to sign a power purchase agreement. Key issues to watch going forward are the schedule for accepting proposals, the competition criteria and project allocation, which will be major factors shaping each operator's chances of expanding generating capacity.

Fervo Energy has reached First Power at its Cape Station project in Utah, with the site now delivering electricity into the grid. The milestone comes alongside fresh U.S. Department of Energy funding and the stock's addition to multiple Russell indices, though shares have fallen 48.6% over 90 days and 54.3% year to date even as they gained 2.2% in one day and 8.2% over 30 days. Fervo trades at $16.71 against an average analyst target of US$40.31, and the most followed narrative pegs fair value at $40.75, or 59% undervalued. That view rests on power purchase agreements totaling 658 megawatts and US$7.2b in contracted revenue, plus a 3 gigawatt framework agreement with Google, set against planned capex of about US$1.2b and ongoing operating losses. A separate check on its P/B ratio of 1.8x, slightly above the 1.6x peer average, suggests a narrower margin of safety.

Solaria Energia y Medio Ambiente reported record first-half 2026 results, with EBITDA of EUR210 million, a 50% increase year over year and 64% of its full-year target of EUR331 million. Net profit reached EUR122 million, up 52%, while energy production rose 51% and infrastructure business sales hit EUR100 million in six months. The company cut its leverage ratio to 3.9x from 5.4x, lifted fixed-rate debt to 84% of total debt, and completed more than EUR276 million of investment in the half. Production capacity reached 3.1 gigawatts, on track for 3.6 gigawatts by year-end, battery storage grew from 44 MWh to above 120 MWh, and Solaria signed power purchase agreements for more than 400 megawatts. Managing Director Dario Lopez Clemente reaffirmed EBITDA targets of EUR331 million for 2026, EUR456 million for 2027 and EUR521 million for 2028, and said the company will not reduce its roughly 35% merchant exposure given strong prices and its battery and trading capability.

Fervo Energy announced that its Cape Station geothermal development in Beaver County, Utah, has achieved First Power, the first time a utility-scale enhanced geothermal development has reached that milestone anywhere in the world. The first of three 33-megawatt GeoBlocks in Cape Station Phase I, an approximately 100 MW installation, is now synchronized to the grid and exporting electricity, and is expected to reach its contractual commercial operations date by October 1, 2026, with the remaining two GeoBlocks expected to reach contractual COD by January 1, 2027. The next phase, an additional 400 MW, is already under construction with an expected COD in 2028, and fully contracted offtake at Cape Station sits at approximately 900 MW, enough to power the equivalent of nearly 1 million U.S. homes annually. The milestone comes just over four months after Fervo's May 2026 initial public offering and follows the deployment of its EGS technology at Project Red, which has supplied electricity to the grid since 2023. CEO and Co-Founder Tim Latimer called the achievement a gamechanger for the geothermal industry, while Chief Technology Officer and Co-Founder Jack Norbeck said First Power is proof the science works.

Super Energy Corporation, or SUPER, is preparing to issue and offer a new series of bonds, its second issuance of 2026, in two tranches with a combined offering value of not more than 2 billion baht. The bonds will be offered to the general public between 6 and 8 October 2026, after the company received permission from the Securities and Exchange Commission, or SEC. Jomsap Lojaya, Chief Executive Officer of SUPER, said the bonds are unsubordinated, unsecured, and pay interest every three months throughout the life of the bonds. The first tranche has a maturity of one year and six months, due in 2028, with an interest rate of 5.55% per year, and the second tranche has a maturity of two years, due in 2028, with an interest rate of 5.90% per year. The company plans to use the proceeds to repay bonds maturing in the total amount of 1.44 billion baht, to support investment expansion of 60 to 100 million baht, and to repay loans from financial institutions of 460 to 500 million baht. For its operating results in the first six months of 2026, ending 30 June 2026, SUPER reported net profit of 859.73 million baht, an increase of 246.64% from the same period last year, while total revenue was 3.94 billion baht and its interest-bearing debt to equity ratio stood at 1.66 times. For this offering, the company has appointed Beyond Advisor Company Limited as financial advisor and bond distribution manager, together with nine other securities companies, with Asia Plus Securities Company Limited acting as the bondholders' representative.

Super Energy Corporation Public Company Limited, or SUPER, has received approval from the Securities and Exchange Commission to issue and offer its second bond series of 2026, comprising two tranches with a total offering value of not more than 2 billion baht. The bonds will be offered to the general public from October 6 to 8, 2026. Chief Executive Officer Jomsap Lojaya disclosed that both tranches are unsubordinated, unsecured bonds paying interest every three months. The first tranche has a maturity of one year and six months, carries an interest rate of 5.55% per year, and matures in 2028. The second tranche has a maturity of two years, carries an interest rate of 5.90% per year, and also matures in 2028. Proceeds from this bond issue will be used to repay 1.44 billion baht in bonds coming due, while approximately 60 to 100 million baht will support investment expansion and roughly 460 to 500 million baht will be used to repay loans from financial institutions. SUPER has appointed Beyond Advisors Company Limited as its financial advisor and bond distribution manager, with nine securities firms serving as co-distributors and Asia Plus Securities Company Limited acting as the bondholders' representative.

Super Energy Corporation Public Company Limited, or SUPER, is preparing to issue and offer a new set of debentures, its 2/2026 series, comprising 2 tranches with a total offering value of not more than 2 billion baht, to the general public between 6 and 8 October 2026, after receiving approval from the Securities and Exchange Commission. Both tranches are unsubordinated, unsecured debentures paying interest every 3 months throughout the life of the debentures. Tranche 1 has a maturity of 1 year and 6 months, maturing in 2028, with an interest rate of 5.55% per year, and Tranche 2 has a maturity of 2 years, maturing in 2028, with an interest rate of 5.90% per year. Chief Executive Officer Jomsap Lojaya said the company has never defaulted or delayed payments to debenture holders and has repaid both principal and interest in full and on schedule in every instalment. The company plans to use the proceeds to repay debentures due totalling 1.44 billion baht, to support investment expansion of 60 to 100 million baht, and to repay loans from financial institutions of 460 to 500 million baht. For its operating results in the first 6 months of 2026, ending 30 June 2026, SUPER posted a net profit of 859.73 million baht, up 246.64% from the same period last year, while total revenue was 3.94 billion baht and its interest-bearing debt-to-equity ratio stood at 1.66 times. For this offering, the company has appointed Beyond Advisor Company Limited as financial advisor and debenture selling manager, together with 9 other securities companies, with Asia Plus Securities Company Limited acting as debenture holders' representative.

Super Energy Corporation Public Company Limited, or SUPER, is preparing to issue and offer its 2/2026 series bonds in 2 tranches with a total offering value of not more than 2 billion baht to the general public, between 6 and 8 October 2026. The bonds are unsubordinated, unsecured, and pay interest every 3 months throughout the life of the bonds. Tranche 1 has a maturity of 1 year and 6 months, maturing in 2028, with an interest rate of 5.55% per year, and Tranche 2 has a maturity of 2 years, maturing in 2028, with an interest rate of 5.90% per year. Chief Executive Officer Jomsap Lojaya said the funds raised will be used to repay bonds maturing totaling 1.44 billion baht, to support investment expansion of approximately 60 to 100 million baht, and/or to repay loans from financial institutions of approximately 460 to 500 million baht. For its operating results in the first 6 months of 2026, ending 30 June 2026, SUPER reported a net profit of 859.73 million baht, an increase of 246.64% from the same period last year, while total revenue was 3.94 billion baht and its interest-bearing debt-to-equity ratio stood at 1.66 times. The company has appointed Beyond Advisors Company Limited as financial advisor, with several securities companies serving as joint underwriters of the bonds, including Asia Plus Securities Company Limited, which also acts as the bondholders' representative.

Super Energy Corporation, or SUPER, is preparing to issue and offer a new set of bonds, its second offering of 2026, in 2 tranches with a total offering value of not more than 2 billion baht to the general public between 6 and 8 October 2026, after receiving permission from the Securities and Exchange Commission. Both tranches are unsubordinated, unsecured bonds with interest paid every 3 months throughout the life of the bonds. The first tranche has a maturity of 1 year and 6 months, due for redemption in 2028, with an interest rate of 5.55% per year, and the second tranche has a maturity of 2 years, due for redemption in 2028, with an interest rate of 5.90% per year. Jomsap Lojaya, Chief Executive Officer, said this offering gives retail investors easier access to investment in SUPER bonds. The company plans to use the proceeds to repay bonds maturing totaling 1.44 billion baht, to support investment expansion of 60 to 100 million baht, and or to repay loans from financial institutions of 460 to 500 million baht. For operating results in the first 6 months of 2026, ending 30 June 2026, SUPER had a net profit of 859.73 million baht, an increase of 246.64% from the same period last year, while total revenue was 3.94 billion baht and the interest-bearing debt to equity ratio stood at 1.66 times. The company has appointed Beyond Advisor Company Limited as financial advisor and bond distribution manager, together with 9 other securities companies, with Asia Plus Securities Company Limited acting as the bondholders' representative.