History, Changes and Significant Development
After merging, GPSC own 8 companies including power and steam business which are subsidiary from PTT.
GPSC was established on January 10, 2013 through the amalgamation of PTT Utility Company Limited (PTTUT) and Independent Power (Thailand) Company Limited (IPT). Founded to be PTT Group’s Power Flagship, GPSC operates in operating, developing, and investing in power business domestically and internationally.
After that, the company has changed into a public company limited on November 27, 2014, having 4 shareholders ; PTT 30.1%, PTTGC 30.3%, TOP 11.9% and TP 27.7%. GPSC is growing continuously from investing and developing various projects according to the business plan as follows:
5 companies with projects that have been commercially operate: RPCL, CHPP, BIG (Phase 1), IRPC-CP (Phase1) and TSR.
6 companies with projects that are under construction : NNEG, BIC (Phase 2), IRPC-CP (Phase 2), NSC (XPCL), NL1PC and ISP. Moreover, the company still has project that is between operation of construction for 1 project (CUP-4).
GPSC was listed in the Stock Exchange of Thailand on May 18, 2015 with registered capital of 14,983,008,000 Baht and 1,498,300,800 common shares.
After the IPO, Shareholding in GPSC has changed to PTT 22.58%, PTTGC 22.73%, TOP 8.91%, TP 20.79% and Public 25%
PTT’s Board of Directors approved on August 20, 2020, the acquisition of 8.9% shares in GPSC from Thaioil Public Company Limited and to restructure for PTT’s power business agility. The transaction was completed on December 3, 2020, giving PTT 31.7% shares in GPSC. Thaioil Public Company Limited will hold remaining shares amounting to 20.8%. The power business restructuring process is expected in 2021 as shown below:
Milestones of GPSC
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.
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.
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.
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.
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.
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.
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.
- 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.
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.
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.
- 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.
GPSC acquired Series C preferred stock of 24M Technologies, Inc. (24M), which would use income from the share sale to fund research and development of lithium-ion batteries for commercial operation. The initial target of the battery production is for energy storage in the industrial sector in support of electricity distribution and connection of system security.
Bang Pa-In Cogeneration Co., Ltd., in which GPSC holds 25% shares, started its operation on June 29 as an “SPP firm” under a 25-year contract with EGAT. The plant produces 117 MW and 20 tons per hour of steam using natural gas as fuel.
GPSC signed a memorandum of understanding (MoU) with Marubeni Co., Ltd., on August 15 on strategic partnership in the power digital solution business. The partnership marks cooperation in starting and expanding this business in the region.
- Combined Heat and Power Producing Co., Ltd. (CHPP), a wholly owned subsidiary of GPSC, signed an MoU with PTT Retail Management Co., Ltd. (PTTRM), a company in charge of the management of PTT retail outlets and Jiffy convenience stores. The MoU involved cooperation in the installation of solar panels on the premises of service stations managed by PTTRM.
- GPSC signed an agreement to hold 10% shares in Sarn Palung Social Enterprise Co., Ltd. (PTTSE), as a channel to give support for activities concerning social enterprise under PTT and companies in PTT Group.
- GPSC signed an agreement with The Siam Commercial Bank Public Company Limited, to appoint the banks as the underwriters of the THB 5 billion debentures offered to institutional investors or major investors, or both. The debentures received A+ rating from Fitch Ratings (Thailand) Limited.
- GPSC signed an MoU on Natural Gas Market and Total Energy Solution Project with the natural gas distribution unit of PTT Public Company Limited and PTT Cambodia (PTTCL).
On October 18, GPSC signed a renewed contract on electricity and steam sales with Aditya Birla Chemicals (Thailand) Ltd. (ABCT), a chemical producer under India’s Birla Group, for 27 MW of electricity and 7 tons/hour of steam in the Mab Ta Phut Industrial Estate, Rayong. The supply of electricity and steam is valid for 10 years, starting December 25, 2017 to December 24, 2017.
IRPC Clean Power Co., Ltd., in which GPSC holds 51% shares, started its phase-2 commercial power production as an “SPP firm”. Under a 25-year contract with EGAT, on November 15, the 180 MW produced in phase 2 will raise the power capacity to 240 MW and steam to 180-300 tons/hour, using natural gas as fuel.
- On December 15, GPSC signed an MoU with Nava Nakorn Co., Ltd. (NNCL), on the development of a solar power plant and smart grid in Nava Nakorn Industrial Promotion Zone.
- Ichinoseki Solar Power 1GK Company, in which GPSC holds 99% shares, started its commercial production under a 20-year contract with Tohoku Electric Power Company, on December 15. The company has a production capacity of 20.8 MW.
GPSC signed an MOU with the Federation of Thai Industries(FTI), an advisor to Thailand Greenhouse Gas Management Organization (Public Organization) to support an expansionof the carbon footprint reduction program. GPSC has been selected as a pilot company to join such extension under the industrial sector collaboration in phase 7, 2018.
GPSC signed an MOU with the Department of Industrial Works on a project to manage industrial waste in the EEC.
GPSC signed an MOU with Chiang Mai University on the Smart City Development Project at Chiang Mai University. The purpose was to enhance knowledge management of energy storage systems in the power management demonstration project of the smart city. At the initial stage, 17 kilowatt-hour of the energy storage system has been installed as a sample and prototype for study visits. The project also supports the Energy 4.0 Policy of the government to develop future Thailand.
Company Board of Directors approved the extension project of Nava Nakorn Electricity Generating Co., Ltd. (60 MW of electricity and 10 ton/hour of steam) targeted at Industrial users. The company hold 30% which refers to the total investment to the new project at THB 3,105 million. The extension phase started in 3rd quarter of 2018 and expected COD by the same quarter of 2020. After completion, NNEG will holds a total of 185 MW of electricity and 40 ton/hour of steam.
GPSC announced a resolution of Board of Directors’ Meeting to the Stock Exchange of Thailand for considering entering into a share purchase transaction and tender offering of all the remaining securities of Glow Energy Public Company Limited (GLOW) under two conditions precedents 1) GPSC is granted relevant approval by the Energy Regulatory Commission and 2) GPSC is granted approval by its shareholders meeting. The Board also set the date of Extraordinary General Meeting of Shareholders No. 1/2018 in August 24, 2018.
Combined Heat Power Producing Company Limited (CHPP), in which GPSC holds 100 percent shares signed an agreement with GC Logistics Solutions Company Limited (GCL) for an engineering, procurement and construction contract of a two-megawatt solar rooftop system, with a 625- kilowatt-hour battery energy storage system (BESS).
The Extraordinary General Meeting of Shareholders No. 1/2018 approved the direct and indirect acquisition of shares of Glow Energy Public Company Limited (GLOW) and approve the issuance of the debentures, both within the country and abroad at the amount of not exceeding THB 68,500 million.
GPSC signed an MOU with Provincial Electricity Authority on the hybrid energy storage system for off-grid electric power dispatch solution for remote areas and island areas. The cooperation aims to establish a prototype of energy storage system and energy management system as an effective off-grid electric power dispatch solution in remote areas. The model is expected to be used by several remote areas in the future.
- GPSC signed a share purchase agreement, directly and indirectly through its subsidiaries, to acquire total shares of the following companies: (1) N.P.S. Star Group Company Limited (N.P.S.), (2) World Exchange Asia Company Limited (World Exchange Asia), and (3) P.P. Solar Company Limited (P.P. Solar), of which businesses are production of solar electric power, with a capacity of 39.5 megawatts. In addition, GPSC acquired Terraform Global Operating (Thailand) Company Limited (Terraform Global), of which the business was maintenance service for solar energy power plants. After completing the acquisition, these companies would become GPSC’s subsidiaries.
- GPSC establishes a new subsidiary, Global Renewable Power Company Limited to support GPSC’s renewable business expansion.
- The Energy Regulatory Commission (ERC) had resolved to approve, in principle, the proposed merger of GPSC and Glow Energy Public Company Limited (GLOW), subject to a condition precedent that GLOW must sell Glow SPP1 Company Limited before or at the same time as the merger of GPSC and GLOW to be explicit for problem-solving in terms of reducing competition in the Map Ta Phut area, along with 11 additional post-merger condition precedents. Consequently, GPSC and concerned parties are amending related contracts that might affect the purchase price of GLOW’s shares, according to these additional conditions.
GPSC acquired 1,010,976,033 shares in Glow Energy Public Company Limited (GLOW), representing 69.11 percent. It is obliged to make an offer for the remaining 451,889,002 shares, representing 30.89 percent of the total issued shares. GPSC made a mandatory tender offer on May 22, 2019 for the remaining securities amounting to 26.14 percent.
Acquired in GLOW
GPSC invested in the Energy Recovery Unit by purchasing the Energy Recovery Unit (ERU), which was part of the Clean Fuel Project (CFP) of Thai Oil Public Company Limited, to accept the transfer of ownership of the ERU project from Thai Oil. The ERU construction and the issuance of the Provisional Acceptance Certificate (PAC) are expected to be completed in the third quarter of 2023.
Nam Lik 1 Power Company Limited (NL1PC), owned by GPSC 40% was representing 26 megawatts of the installed capacity. NL1PC is a hydroelectric run-of-river power plant located in Lao People’s Democratic Republic and has commenced commercial operation with a 25 - year power purchase agreement of 65 megawatts with Laos Electricity Authority (EDL).
GPSC held Extraordinary General Meeting of Shareholders No. 1 / 2019 to request an approval to increase the registered capital of THB 13,214,285,710, made up of new registered capital of THB 28,197,293,710 for common shares not exceeding 1,321,428,571 shares with a par value of THB 10 per share, which totaled THB 13,214,285,710 in rights offering for existing shareholders. Each shareholder can subscribe to the newly issued ordinary shares over his or her rights at the ratio of one existing common share to 0.8819 new shares for an offered price of THB 56 per share.
Central Utility Plant 4 (CUP - 4), a cogeneration power plant and gas - fired steam production unit located in the Asia Industrial Estate, Rayong, commenced commercial operation. GPSC holds all shares in this unit with a capacity of 45 megawatts of electricity and 70 tons per hour of steam.
GPSC completed its capital increase plan for existing shareholders by THB 74,000 million on October 9. It allotted 1,321,428,567 common shares at THB 56 per share, currently resulting in a total of 2,819,729,367 common shares, and thus has boosted its registered capital to THB 28,197,293,710.
Xayaburi Power Company Limited (XPCL), a hydropower plant located in Xayaburi Province, Lao’s People Democratic Republic, with an installed capacity of 1,285 megawatts, started distributing 1,220 megawatts to EGAT and 60 megawatts to Lao electricity state enterprise, thus beginning its 29-year power purchase agreement with EGAT. GPSC holds 25% of the shares, equivalent to 321 megawatts of installed capacity. Commercial operation has commenced.
Chonburi Clean Energy Company Limited (CCE), operator of a power plant fueled by industrial waste located in the WHA Chonburi 1 Industrial Estate with a gross capacity of 8.6 megawatts, started commercial operation. CCE was a joint venture between Glow IPP 3, WHA Energy, and Suez (South East Asia). GLOW held 33% shares, equivalent to about 2.8 megawatts of installed capacity.
GPSC issued six sets of debentures totaling THB 35,000 million to institutional investors and major investors with an average interest rate of 2.80 percent per annum. The rating given by TRIS Rating Co., Ltd. (TRIS), of the debentures was AA-. The funds received will repay short - term loans, which follows GPSC’s financial restructuring plan, for the acquisition of GLOW.
GPSC made an offer for all outstanding securities of GLOW, ending on December 2, 2019, and successfully delisted the securities from SET on December 13, 2019. As of December 31, 2019, GPSC therefore held a total of 1,460,360,024 shares acquired from GLOW, or 99.83 percent of the total issued and sold shares.
SET officially delisted GLOW’s common shares, effective from December 13, 2019, onward.
GPSC, with the cooperation of PTT Global Chemical Public Company Limited (GC), started operating a smart energy storage system (ESS) with the capacity of 1.5 MWh. This storage is the largest system in the industrial sector of Thailand. It boosted security and stability of the power network system distributed to GC’s Science & Technology Center building in Rayong province.
GPSC Treasury Center Company Limited (GPSCTC) was registered with the Ministry of Commerce with an initial paid-up capital of THB 20 million. GPSC held 100% shares in GPSCTC.
GPSC started construction of a prototype battery factory using semi-solid technology, the first ever in Thailand, located on 12 rai in Map Ta Phut Industrial Estate, Rayong province. The project value exceeded THB 1,100 million.
GPSC successfully acquired 100% shares, through Global Renewable Power Company Limited (GRP), in four companies including N.P.S. Stargroup Company Limited (“N.P.S.”), World X Change Asia Company Limited (“World X Change Asia”), P.P. Solar Company Limited (“P.P. Solar”), and TerraForm Global Operating (Thailand) Company Limited. Nine solar farm projects were developed by these companies with a total capacity of 39.5 megawatts.
GPSC commenced its new organization structure following GLOW’s acquisition under sole management to strive for business management integration, operating systems and assets management with maximum efficiency
Glow Hemaraj Wind Co., Ltd., in which GPSC held shares through Eastern Seaboard Clean Energy Co., Ltd., completed its liquidation.
Rayong Clean Energy Co., Ltd., in which GPSC held shares through Eastern Seaboard Clean Energy Co., Ltd., completed its liquidation.
GPSC offered environmental conservation debentures (Green Bond), which are unsubordinated and unsecured debentures with specified debenture holders, to institutional investors and major shareholders for a total of THB 5,000 million. The funds received will be used in renewable-energy projects, including the solar power plant and waste to energy projects. The offers were warmly received by investors with a total booking of debentures more than THB 30,000 million or 6 times oversubscribed.
GPSC signed an MOU with Electric Vehicles (Thailand) Public Company Limited (EVT) to develop and experiment in prototype electric buses using semi-solid technology battery in order to examine the efficiency of batteries when using on these buses.
GPSC, through Combined Heat and Power Producing Company Limited (CHPP), entered into an MOU with Suranaree University of Technology to build a solar power plant with a total capacity of about 6 megawatts at a budget of THB 150 million. The project aimed to create a low-carbon university which would reduce utilities costs of the university through a Private Power Purchase Agreement. It is also intended to be a smart energy center of the northeast for the public. Generation and distribution of power is expected from 2022 onward.
NNEG, 30% owned by GPSC, started commercial operation of the expansion unit, increasing its capacity by 60 megawatts and 10 tons per hour of steam. As a result, the net capacity of NNEG increased to 185 megawatts of power and 40 tons per hour of steam.
GPSC established Global Renewable Power One Co., Ltd. (GRP1) to accommodate its investment growth plan in a solar power generation plant in Taiwan with an installed capacity of about 55.8 megawatts.
The Board of Directors of PTT Public Company Limited (PTT) approved purchase of 4.655 million shares, amounting to 50% of the paid-up capital of Global Renewable Power Company Limited (GRP) (a subsidiary wholly owned by GPSC) from GPSC. The transaction was made through PTT’s subsidiary, PTT Global Management Company Limited (PTTGM), at a total value of approximately THB 693 million. The joint venture is another step to improve collaboration with PTT Group’s stakeholders, which forms part of Powering Thailand’s Transformation strategy for being a leader in the renewable energy or clean power business. PTT Group’s target is to achieve 8,000 megawatts capacity from renewable energy by 2030.
GPSC launched G-Cell batteries using semi-solid technology, products of Energy Storage Unit, Rayong province. The start of regular production is in the second quarter of 2021.