History, Changes and Significant Development

After merging, GPSC own 8 companies including power and steam business which are subsidiary from PTT.

Milestones of GPSC

2013

10 January 2013

GPSC was established through the amalgamation of PTTUT and IPT with an initial registered capital of Baht 8,630 million.

17 December 2013

GPSC purchased 51% share in IRPC-CP from IRPC. IRPC-CP was under the construction of the new natural-gas-powered Cogeneration Power Plant locating in IRPC Industrial Estate, Rayong.

 

24 December 2013

GPSC purchased CHPP, BIC and TSR’s stocks from PTT (100%, 25% and 40% of the companies’ stock, respectively). CHPP operates Combined Heat and Power with District Cooling Power Plant which produced electricity and chilled water for the Government Complex. BIC operates natural-gas-powered Cogeneration Power Plant located in Bangpa-in Industrial Estate, Ayuthaya. TSR invests in solar power generation project operated by SSE1, located in Kanchanaburi and Suphanburi.

25 December 2013

GPSC purchased 100% of NSC’s stock from PTTER. NSC is a juristic person incorporated under the laws of Thailand and invests 25% in XPCL (a juristic person incorporated under the laws of Lao PDR) for the operation of Xayaburi Hydroelectric Power Project.

2014

7 February 2014

GPSC purchased 30% of NNEG’s stocks from PTT. NNEG operates natural-gas-powered Cogeneration Power plant in Nava Nakhon Industrial, Promotion Zone, Prathumthani

25 June 2014

GPSC purchased 15% of RPCL’S stocks from PTT. RPCL operates natural-gas-powered Combined Cycle Power Plant in Ratchaburi.

 

25 July 2014

GPSC purchased 17% of 24M’s stocks. 24M is a juristic person. 24M is a juristic person incorporated under the laws of the United States of America for research and development of battery technologies, Lithium-Ion type, using new production technology which will reduce time and cost for the battery production. The target is to develop the backup power storage for industrial sector and to strengthen the stability of power distribution and electricity network systems which will be the company’s business continuity in Energy sector.

27 November 2014

The company became Public Company Limited and changed its name to Global Power Synergy Public Company Limited or GPSC.

 

5 December 2014

The company purchased 40% of NL1PC’s stock from PTT International Holding Co., Ltd. (“PTTIH”). NL1PC is a juristic person incorporated under the laws of Lao PDR, for the operation of Hydroelectric Power Business.

2015

23 March 2015

GPSC approved the investment project in Ichinoseki Solar Power 1 plant, in Japan with the production capacity of 20.8 megawatts to supply Utility companies in Japan. Currently, the area reclaiming for construction has been completed and is in the process of making location preparation and making supply contract with contractors.

30 March 2015

GPSC signed MOU with Universal Utilities Co., Ltd. for the study and development of water treatment projects in the potential areas such as Pattaya, Cholburi, including areas such as Laem Chabang Industrial Estate, Thai Oil Complex, Hemaraj Eastern Industrial Estate Map Ta Phut, Rayong. The targets are to recycle the water of industrial use, reduce water waste and carry out other potential developments for the mutual benefits in the future business operations.

 

18 May 2015

GPSC was listed in the Stock Exchange of Thailand on 18th May 2558, which was the First Day Trade. The actual selling shares allocated were 374,575,200 (365,856,600 shares were offered to the public and 8,718,600 shares were offered to Directors, Executives and employees of the Company).

27 May 2015

GPSC in cooperation with co-developers from Marubeni Corporation and EDEN Group signed MOU with the Government representative of The Republic of the Union of Myanmar, in granting the exclusive right to conduct the feasibility study on Gas-fired Combined Cycle Power Plant in Thanlyin. The plant, with the expected production capacity of 400 MW, will help Myanmar’s energy stability in Yangon.

 

24 June 2015

GPSC in cooperation with the companies in the Group, including PTT and PTT Energy Resources Limited (PTTER) signed the MOU involving feasibility studies on investment cooperation in energy projects between PTT group and Ratchaburi Electricity Generating Holding Plc (RATCH). Under this MOU, they will carry out the investment feasibility studies in energy projects in Southeast Asia to meet domestic energy demand, while promoting future energy stability and consolidating overseas business operations.

13 August 2015

GPSC directors approved the investment of Central Utilities Plant 4 (CUP-4) type SPP (Cogeneration Facilities). The production capacity of electricity is 45 megawatts and steam capacity is 70 tons per hour. The target is to expand the production capacity and support the growth of PTT group in Wana Industrial Zone (WEcoZi), Asia Industrial Estate and other industrial customers in the vicinity and to support the stability of project system. Currently, the project is under negotiation on the power purchase agreement with the industrial customers and EGAT in the form of Non-Firm SPP which was already in EGAT Purchasing Electricity Plan.

 

18 November 2015

IRPC-CP (IRPC Clean Power Co., Ltd.) Phase 1 started its business operation in Gas Turbine Generator (GTG) with design production capacity 45 megawatts, Heat Recovery Steam Generator (HRSG) with design production capacity 70 tons per hour.

2016

January

GPSC entered into a sales agreement of power and utilities with Vencorex (Thailand) Company Limited which located in Hemaraj Industrial Estate. The 15-year contract involves 2.7 megawatts of power, 3 tons/hour of steam, 3 tons/hour of spare steam, and 1 cu.m./hour of industrial water.

May

GPSC bought preferred shares (Group C) in 24M Technologies, Inc. (24M), whom seeking funds to support continuous R&D of lithium-ion batteries until commercialization. The batteries being developed are intended for power storage in the industrial sector and for stabilizing distribution and connection systems.

April

Combined Heat and Power Producing Company Limited, a wholly-owned subsidiary of GPSC, granted support for a project to generate power from an onshore solar farm for an agricultural cooperative. Located on a plot of land belonging to the Chanthaburi’s Shrimp Farmers Cooperative Limited with an installed capacity of 5 megawatts, the project was selected by the Energy Regulatory Commission (ERC) on April 21, 2016. Power purchase was made under the feed-in-tariff (FiT) scheme at 5.66 THB/unit.

June

Nava Nakorn Elecricity Generating Company Limited, in which GPSC holds a 30% share, started up its power generation on June 3, 2016. Categorized as a SPP firm, the company supplied power to Electricity Generating Authority of Thailand with a capacity of 125 megawatts and 30 tons/hour of steam.

 

July

  • Combined Heat and Power Producing Company Limited, a wholly-owned subsidiary of GPSC, signed a memorandum of understanding with PTT (Cambodia) Company Limited (PTTCL), which runs the retail oil business in Cambodia, on a study to develop a solar rooftop project at gas stations to save energy for PTTCL. The joint study aims to make use of renewable and environment-friendly energy at PTT stations.
  • GPSC was included in the SET 50 Index with effect from July 1, 2016, onward, an upgrade in rating from SET 100 which lasted between January 1 to June 30, 2016. As one of SET 50, GPSC will have higher stock liquidity, which will result in higher investors’ confidence. GPSC shares will be more attractive among foreign investors and institutional investors.

August

Ichinoseki Solar Power 1 GK withdrew the first portion of bank loan in Japan. The project, with land development partly completed, was to be handed over to the main engineering procurement construction (EPC) contractor.

 

November

GPSC, the National Science and Technology Development Agency (NSTDA) – by the National Metal and Materials Technology Center (MTEC), and 24M Technologies, Inc., inked a memorandum of understanding on R&D of lithium-ion batteries with higher storage capacity, which is part of GPSC’s power and utility business development.

December

  • GPSC established GPSC International Holdings Limited, a Hong Kong subsidiary, with a registered capital of USD 50,000 to support future overseas investment.
  • GPSC signed a contract with Rayong Provincial Administrative Organization to run an integrated waste management project to produce refuse-derived fuel (RDF) in Rayong province. The contract demonstrated a joint effort in developing a waste-to-energy plant to produce clean energy while solving the problem of soaring waste in the province.
  • The project to generate power from an onshore solar farm on the land belonging to Chanthaburi’s Shrimp Farmers Cooperative Limited, run by Combined Heat and Power Producing Company Limited, started up its commercial operation with power distribution to Provincial Electricity Authority’s grid on December 30, 2016, as planned.