Milestone

December 23, 2024

GPSC’s subsidiaries, namely Helios 1, Helios 2, Helios 4, and IRPC-CP, were selected to generate and distribute power under the renewable-power supply project in the form of feed-in tariff (FiT) for 2022-2030 under the zero-cost fuel group of 2022 (amended), 2024. This deal was for ground-mounted solar farms with a total proposed capacity of 192.99 MW (97.19 MW in GPSC’s equity).

December 20, 2024

GPSC updated SET on its acquisition of Thai Oil Plc’s Energy Recovery Unit (ERU), referring to its capital increase in the Clean Fuel Project (CFP) of Thai Oil, which included ERU. It was estimated that the transfer of ERU ownership will take place once project construction was completed and the Provisional Acceptance Certificate (PAC) issued in the first quarter of 2029.

October 16, 2024

Global Renewable Synergy Co., Ltd. (GRSC), a GPSC subsidiary, signed a contract to acquire shares of PTTGM, a PTT subsidiary, paying THB 1,275 million for 10,007,500 shares of GRP or 50% of the paid-up registered capital. The transaction was completed on October 16, thus raising GRSC’s equity from 50% to 100% and turning its status from an associate to a subsidiary but still under the joint control of the former parent company before and after the acquisition. In other words, this was a merger under the same control.

October 10, 2024

CHPP, wholly owned by GPSC, and Keppel EAAS (Thailand) Ltd., registered CoolConnext Co., Ltd., in Thailand to investigate the feasibility of and support plans to grow the chilled-water service business and renewables projects in Southeast Asia with a registered capital of THB 1 million (10,000 shares at THB 100 per share). The initial call-up capital was THB 0.25 million (THB 25 per share). CHPP shares amounted to 5,098, or 51% of the paid-up registered capital. On January 9, 2025 the Board of Directors of the new company decided to increase its registered capital to THB 200 million, which was expected to be completed by the first quarter of 2025.

September 30, 2024

For the nine months ending on September 30, GPSC’s equity in 24M Technologies, Inc., fell from 13.59% to 11.75%, as the latter company had issued new shares, to which GPSC had waived the rights to subscribe proportionally to its previous equity.

March 26, 2024

EGM No. 1/2567 of Helios 5 Co., Ltd., approved the dissolution of the company, with the move formally registered and completed on the same day.

January 30, 2024

NUOVO PLUS, of which GPSC holds 49% and ARUN PLUS holds 51% equity, signed a business transfer agreement with 24M Technologies, Inc. (“24M”) and 24M Technologies (Thailand) Ltd., on an agreement to sell assets worth about USD51.08 million. This included a 30-MW hour/year ESS plant, an R&D center, machinery, and related assets in Map Ta Phut Industrial Estate, Rayong, and purchase of 24M’s preferred shares valued at up to USD51.08 million.

December 21, 2023

GPSC’s Board of Directors approved wholly owned GRSC’s acquisition of 10,007,500 common shares in GRP from PTTGM, valued at about THB 1,275 million. After the acquisition, expected to be completed in the second quarter of 2024, GPSC’s shareholding ratio in GRP, both direct and indirect, would become 100% of the registered capital. Such engagement eased business restructuring and sharpened competitiveness in the renewables power business in pursuit of PTT Group’s goal of 15,000-MW renewables power generation capacity by 2030.

December 12, 2023

Wind Power Development Co., Ltd. (WPD), which co-invested with Copenhagen Infrastructure Partners (CIP). CIP changed its shareholders from the CI NMF I Cooperatief U.A. (CI NMF I) fund to CI GMF II Cooperatief U.A. (CI GMF II) fund, consistent with the restructuring of CIP’s funds for investment suitability.

December 7, 2023

GPSC attended NV Gotion Company Limited’s (NV Gotion) plant inauguration and launch of battery products at Siam Eastern Industrial Park 2, Pluak Daeng, Rayong province. NV Gotion imports, assembles, and sells battery modules, energy storage, and EVs. Premium lithium-ion batteries will be put on the market by 2023 with an initial capacity of 1 GWh per year, rising to 8 GWh in the future.

November 17, 2023

GPSC International Holdings Limited (GPSCIH), a wholly owned subsidiary of GPSC, completed its liquidation process.

November 13, 2023

GPSC signed an MOU for the battery-recycling business with PTT Plc, Nuovo Plus Company Limited (NUOVO PLUS), and Total Environmental Solutions Company Limited (TES), seeking opportunities for the development of technology and the feasibility study to build a battery-recycling plant in Thailand. The project enhanced an integrated battery business in the future while integrating recycling technology into clean energy-related businesses in PTT Group.

October 18, 2023

GPSC signed an MOU with the Industrial Estate Authority of Thailand (IEAT), B.Grimm Power Plc, Earth Electric Supply Company Limited, and Triple P Technology Company Limited to explore the feasibility of co-investment in a smart utility system project in Smart Park Industrial Estate (Smart Park). The four are committed to establishing energy and public utilities security to accommodate the growing industry and sustainable national development.

July 26, 2023

GPSC signed an MOU to study and develop an energy platform with PTT Digital Solution Company Limited (PTT Digital) to enable clean-energy business management for power generation and distribution from renewable energy

July 25, 2023

GPSC approved the dissolution of Helios 5 Co., Ltd. (Helios 5), a subsidiary in which GPSC had held 50% equity, since the subsidiary’s project had failed the Energy Regulatory Commission (ERC)’s selection on September 30, 2022 (ref. ERC’s announcement on power procurement from renewables in the form of feed-in tariff (FiT) for 2022-2030 for the zero-fuel cost group of 2022). The announcement was made to SET on July 30, 2023. The dissolution process was ongoing.

June 14, 2023

GPSC signed an MOU with Meranti Steel Company Limited for a feasibility study of clean energy project development and an energy management system for eco-friendly steel production.

January 30, 2023

Wind Power Development Company Limited (WPD), a joint-venture company between GPSC and Copenhagen Infrastructure Partners (CIP) through CI NMF I Cooperatief U.A. (CI NMF I), was set up to pursue wind power investment opportunities. GPSC held 51% shares.

January – December 2023

Avaada Energy Private Limited (AEPL), in which GPSC holds shares through Global Renewable Synergy Company Limited (GRSC), was awarded more than 5 GW of solar power generation in India, which included the first wind energy project with 50 MW in capacity for AEPL in India and projects under bidding.

All these would contribute to AEPL’s capacity growth goal to 11 GW.

December 13, 2022

GPSC established five subsidiary companies to propose for electricity sale according to an ERC announcement, namely Helios 1 Company Limited, Helios 2 Company Limited, Helios 3 Company Limited, Helios 4 Company Limited, Helios 5 Company Limited. GPSC held 50% shares in these.

November 30, 2022

GPSC signed a joint-venture agreement with Copenhagen Infrastructure Partners (CIP) through CI NMF I Cooperatief U.A. (CI NMF I) to pursue wind power investment opportunities and set up a jointinvestment company under the ERC invitation for those engaging in fuel cost-free operation in 2022, to bid for renewable energy Feed-in Tariff (FiT) 2022-2030. GPSC held 51% shares in the group.

November 22, 2022

GPSC approved establishment of NV Gotion Company Limited (NV Gotion), a joint-investment company in which NUOVO PLUS held 51% shares with Gotion Singapore Ptd. Ltd. (Gotion). This company imports, assembles, and sells battery modules, energy storage, and EVs. Premium lithium-Ion battery will be on the market by 2023 with a production capacity of 1 GWh per year.

September 27, 2022

GPSC approved liquidation and close down two subsidiary companies, consisting of wholly-owned GPSC International Holdings Limited (GPSCIH) and Glow Energy Myanmar Company Limited, which GPSC directly and indirectly held 99.83% shares through GLOW.

August 24, 2022

GPSC established two subsidiary companies, namely UrusPlus Company Limited and BoreePlus Company Limited. Both companies will engage in feasibility studies and investment support for the renewable energy business in Thailand.

May 5, 2022

Nava Nakorn Electricity Generating Company Limited (NNEG), in which GPSC held 30% shares, plans to increase its power generation capacity by 30 MW and 5 tons/hour of steam with an investment fund of THB 1,724 million (70% from loans and 30% from shareholders). After completion, NNEG will command a total capacity of 215 MW and 45 tons/hour of steam.

February 28, 2022

GPSC transferred battery business-related assets currently operated by GPSC Group to NUOVO PLUS, consisting of assets, expenses, contracts, and obligations related to the Energy Storage Unit project, and 100% shares in a subsidiary company, GPSC-SG Holding Company, Singapore, which held 11.1% shares in Anhui Axxiva New Energy Technology Company Limited, People’s Republic of China.

February 10, 2022

GPSC disposed of wholly-owned Ichinoseki Solar Power 1 GK (ISP1) to CES Iwate Taiyoko Hatsudensho GK, amounting to JPY 3,860 million or about THB 1,119 million.

January 11, 2022

GPSC and Arun Plus Company Limited (ARUN PLUS) established Nuovo Plus Company Limited (NUOVO PLUS) for a feasibility study and investment supporting the battery value chain business with a registered capital THB 4.20 billion and a paid-up capital of THB 1.05 billion. GPSC holds 49% shares.

October 21, 2021

GPSC proceeded with formal registration of a wholly owned subsidiary in Taiwan through GRSC, named Global Renewable Synergy Taiwan Company Limited (GRSC TW).

October 18, 2021

GPSC signed a memorandum of understanding with five others, namely CHPP, EXIM BANK, TGO, and Neoclean Energy Company Limited (NEO), to run a project supporting investment in solar rooftop systems together with carbon credit registration under the Solar Orchestra Project. The project supported Thai entrepreneurs’ investment in solar rooftops and formalize them under the T-VER Project (Thailand’s voluntary emission reduction) to obtain carbon credit for future trading.

July 19, 2021

GPSC inaugurated its SemiSolid G-Cell energy storage system plant, the first in Southeast Asia, with an initial capacity of 30 MWh/year under the US’s 24M Technologies Incorporation’s battery production innovation. GPSC had obtained a license for production and distribution of the system. The plant lies in Map Ta Phut Industrial Estate, Rayong.

July 14, 2021

GRSC, a wholly owned subsidiary, signed a joint-investment agreement with Copenhagen Infrastructures Partners (CIP) on behalf of the Copenhagen Infrastructure II K/S (CI-II) and Copenhagen Infrastructure III K/S (CI-III) for cooperation under an offshore wind power projects entitled Changfang and Xidao in Taiwan with a combined installed capacity of 595 MW. The project is expected to go entirely commercial by the first quarter of 2024, with investment worth USD 5 million to the end of the construction. GPSC subsequently formed Global Renewable Synergy Taiwan Co., Ltd. (GRSC TW) to assume 25% shares in this project. The share acquisition was completed on September 26, 2022.

July 13, 2021

Through GRSC, a wholly owned subsidiary, GPSC reached an agreement to invest in Avaada Energy Pte. Ltd. (Avaada), a renewable energy business operator in India, with a total investment of about THB 14.825 billion, or about 41.6% of its capital. As of the acquisition date, AEPL had a total committed capacity of 3,744 MW, with a growth target of 11,000 MW by 2025. This investment was part of the plan to grow GPSC’S renewables portfolio.

June 16, 2021

Board Meeting No. 8/2021 approved GPSC TC’s entry into a loan agreement with PTT Plc or PTT TCC, or both, for a long-term loan from shareholders under a limit of THB 20 billion in support of its investment in overseas renewables power plants. The deal was for up to three years with a market rate of up to 3% a year.

June 15, 2021

GPSC registered subsidiary Global Renewable Synergy Company Limited (GRSC) in Thailand, holding all of its shares in support of investment in renewables power plants in other countries.

May 28, 2021

With a PPA secured with the Provincial Electricity Authority (PEA), the 9.8-MW RDF Project began commercial distribution as part of GPSC’s integrated Rayong Waste to Energy Project.

Global Renewable Power One Company Limited (GRP1), an indirect associate where GPSC holds equal 50% shares with PTT Global Management Company Limited (PTTGM), fulfilled all its terms of the share trade agreement worth 90% of all shares in Sheng Yang Energy Company Limited. The value of the deal was THB 2.56 billion.

May 25, 2021

Through CHPP, GPSC became a partner in the G-Float clean energy innovation development, pioneered in the New Normal model in Thailand. This floating solar PV innovation was ready for commercial implementation for industrial plants, customers in industrial estates, and government as well as private agencies. It was already successfully used in projects like the Smart City Project for VISTEC and installation of solar rooftops and floating solar PVs at Suranaree University of Technology. To elaborate, this is a combination of smart energy involving BESS, peer-to-peer energy trading, and AI for greater generating efficiency. Also included was cooperation with PTT Group in the installation of a 100-kW system floating solar-on-sea in a marine section of PTT Tank Terminal Company Limited in Rayong.

May 18, 2021

GPSC signed an MOU on cooperation with Electrify Pte. Ltd. (Electrify) in development and installation of a peer-to-peer energy trading platform on the Cloud system in Thailand. The platform was installed together with GPSC’s energy innovation solution, operated by CHPP (a wholly owned subsidiary) for customers in the energy technology trendsetter group. It was put to pilot tests in various areas. These represent energy innovation prototypes of decentralized energy, solar power generation, and ESSs that would expand to other potential areas.

April 29, 2021

GPSC signed an MOU with nine companies in the EV industry group to develop prototype batteries and a battery-swapping system that is a scaled-up version of GPSC’s SemiSolid technology for installation in battery EVs (BEVs) of electric motorcycles, electric tuk-tuks, and EVs. Therefore, efficiency will improve in safety, heat exchange, and charging aspects. The technology will ease battery swapping in EV chargers at service stations.

March 26, 2021

With Swap & Go Co., Ltd., GSPC signed an MOU on joint investigation and scaling-up of SemiSolid lithium-ion batteries (G-Cell) production from GPSC’s ESS plant in Map Ta Phut Industrial Estate, Rayong, for application to electric motorcycles through battery swapping (no need to wait for recharging). Production was set to begin by the second quarter of 2021.

February 24, 2021

In conjunction with PTT Oil and Retail Business Plc (OR), GPSC launched the G-Box Project, leveraging the 150-kWh Battery Energy Storage System (BESS) Project, which can scale up the G-Cell product of the SemiSolid technology in the future to improve energy management efficiency together with the EV station. Pilot-tested at PTT Station Nong Khaem, this energy innovation plays a key role in raising power consumption reliability, as it lowers energy costs and efficiently prevents brownouts or blackouts.

February 11, 2021

Through prestigious (S&P Global) assessment, GPSC was an outstanding business included in the Sustainability Yearbook 2021 with the second highest score of the Electric Utilities category in Thailand as a result of its maiden participation in the Dow Jones Sustainability Indices (DJSI).

February 9, 2021

GPSC established Singapore Pte. Ltd., Singapore, to invest in Anhui Axxiva New Energy Technology Company Limited (AXXIVA), People’s Republic of China, with an investment value of about THB 500 million or 11.1% of AXXIVA’s total equity interest. The fund mobilization was for its investment in a SemiSolid battery plant construction phase 1 in China with the knowhow of 24M Technologies Inc. (24M). Phase 1 plant commands 1 GWh per year to supply to its main customer group in the EV industry of that country, including Chery New Energy Automobile.

January 4, 2021

GPSC restructured its shareholding in Global Renewable Power Company Limited (GRP) by disposing of its 50% shares in GRP to PTT Global Management Company Limited (PTTGM), a PTT subsidiary. The transaction was completed on January 4, 2021, enabling GPSC to book GRP’s performance as its share of profit from its investment in the associate.

December 25, 2020

GPSC launched G-Cell batteries using SemiSolid technology, products of the Energy Storage Unit, Rayong province. Regular production started in the third quarter of 2021.

November 13, 2020

GPSC established Global Renewable Power One Co., Ltd. (GRP1) to accommodate its investment growth plan in a solar farm in Taiwan.

September 28, 2020

GPSC, through Combined Heat and Power Producing Company Limited (CHPP), entered an MOU with Suranaree University of Technology to build a solar power plant with a total capacity of about 6 MW. The project aimed to create a low-carbon university to lower utility expenses of the university through a Private PPA. It is also intended to be a smart energy center of the Northeast for the public.

September 25, 2020

GPSC signed an MOU with Electric Vehicles (Thailand) Plc (EVT) to develop and experiment with prototype electric buses using SemiSolid technology battery to examine the efficiency of batteries used in these buses.

August 7, 2020

GPSC offered environmental conservation bonds (Green Bonds), which are unsubordinated and unsecured debentures with specified holders, to institutional investors and major shareholders for a total of THB 5 billion.

The funds received will be used on renewable-energy projects, including solar and waste-to-energy projects.

July 14, 2020

Rayong Clean Energy Company Limited, in which GPSC held shares through Eastern Seaboard Clean Energy Company Limited, completed its liquidation.

June 1, 2020

Glow Hemaraj Wind Company Limited, in which GPSC held shares through Eastern Seaboard Clean Energy Company Limited, completed its liquidation.

March 26, 2020

GPSC successfully acquired all shares through Global Renewable Power Company Limited (GRP) in four companies: 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 MW.

March 11, 2020

GPSC started construction of a prototype battery factory using the SemiSolid technology, the first ever in Thailand, located on 12 rai in Map Ta Phut Industrial Estate, Rayong province. The project value exceeded THB 1.1 billion.

January 31, 2020

GPSC Treasury Center Company Limited (GPSCTC) was registered with the Ministry of Commerce with an initial paid-up capital of THB 20 million. GPSC wholly owns GPSCTC.

January 18, 2020

GPSC, with the cooperation of PTT Global Chemical Plc (GC), launched a smart energy storage system (ESS) with a 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.

November 8, 2019

GPSC issued six sets of bonds totaling THB 35,000 million to institutional investors and major investors at an average interest rate of 2.80 per annum. The rating given by TRIS Rating Company Limited (TRIS) of the bonds was AA-. The funds received, according to GPSC’s financial restructuring plan, will repay short-term loans for the acquisition of Glow.

August 28, 2019

GPSC held an Extraordinary General Meeting of Shareholders (EGM) No. 1/2019 to request an approval to increase its registered capital of THB 13,214,285,710, made up of a new registered capital of THB 28,197,293,710 for common shares of up to 1,321,428,571 shares with a par value of THB 10 per share, totaling THB 13,214,285,710 in rights offering for existing shareholders. Each shareholder can subscribe to the newly issued shares over his/her rights at a ratio of one existing common share to 0.8819 new shares for an offered price of THB 56 per share. Later, GPSC completed its recapitalization plan for existing shareholders by THB 74,000 million on October, 9 2019. It allotted 1,321,428,567 common shares at THB 56 per share, resulting in a current total of 2,819,729,367 common shares.

April 1, 2019

GPSC purchased the Energy Recovery Unit (ERU), part of Clean Fuel Project (CFP) of Thai Oil Plc through Energy Recovery Unit Company Limited. The rights transfer over ERU will be achieved when the construction is completed and a Provisional Acceptance Certificate (PAC) is won, expected in 2025.

December

• 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.

November

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.

August

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.

July

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).

June

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.

May

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.

April

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.

February

GPSC signed an MOU with the Department of Industrial Works on a project to manage industrial waste in the EEC.

January

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.

December

• 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.

November

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.

October

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.

September

• 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).

August

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.

June

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.

May

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

27 November 2014

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

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.

25 June 2014

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

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 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.

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.

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.

10 January 2013

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