WHAUP eyeing foreign asset
Firm targets 610MW in power generation
SET-listed WHA Utilities & Power (WHAUP), which provides utilities under WHA Corp, Thailand’s biggest industrial land developer and operator, is studying a plan to acquire a new asset overseas to further expand its business.
The company is also planning to form a new joint venture in Thailand.
Somkiat Masunthasuwun, chief executive of WHAUP, declined to elaborate on the asset acquisition and joint venture plans, saying only that they involve water-related business and electricity generation, based on both renewable and fossil fuels.
A new asset purchase is not included in the company’s capital expenditure of 10 billion baht, to be allocated between 2022 and 2026.
The capital spending will support investments in the ongoing development of power generation and water supply facilities.
Mr Somkiat said WHAUP plans to sell 153 million cubic metres of tap water this year to businesses using it as a raw material to make demineralised water and premium clarified water.
The company also set its total power generation target at 610 megawatts in 2022.
In its clean power businesses, notably rooftop and floating solar panels, WHAUP plans to double the production capacity to 300MW next year, up from 150MW in 2021, thanks to demand from industrial operators and property owners.
The company is focusing on installing rooftop and floating solar panels for its customers at WHA Corp-owned industrial estates.
The move is in line with WHAUP’s smart utilities and green power scheme.
Solar energy is likely to be a new power solution for businesses and households in the future, according to the company.
Mr Somkiat said he expects bright prospects for its earnings in the next four years. He believes the revenue will rise to 6 billion baht in 2026, up from 2.57 billion baht last year.
In the long term, WHAUP plans to expand its businesses to new potential markets as well as Thailand and Vietnam, including Taiwan and the Philippines where clean energy and water services are being supported by these countries’ governments.