GPSC has teamed up with Keppel to develop Energy-as-a-Service and expand its market both domestic and international. The new joint venture company aims to target the Cooling as a Service business in Thailand, addressing the increasing demand for cooling solutions in commercial and industrial sectors, supporting the country’s economic development alongside its customers and advancing towards a low-carbon society for sustainability.

13 August 2024, Mr. Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company Limited (GPSC), the innovative power flagship of PTT Group, revealed that GPSC officially signed the Business Collaboration Agreement and the Joint Venture Agreement with Keppel to develop a comprehensive Energy-as-a-Service business through collaboration from both parties.

The Business Collaboration Agreement with Keppel Ltd, Infrastructure Division, was established with an intention to expand opportunities for business development in the following 3 aspects, i.e., (1) Cooling as a Service (CaaS) in Thailand and India, (2) Development of renewable energy projects in Southeast Asia; and (3) collaborative development of EV charging platforms between Thailand and Singapore. In this regard, the strengths and expertise of both parties will support robust business growth.

The joint venture agreement is considered an extension of the aforementioned business collaboration agreement; in other words, the subsidiaries of both parties, Combined Heat and Power Producing Co., Ltd. (CHPP) and Keppel EaaS (Thailand), jointly operate business through the establishment of a new joint venture, of which 51% and 49% of shares shall be held by CHPP and Keppel EaaS (Thailand), respectively. Whereby, the two parties also agree to jointly develop and expand the business of Cooling as a Service (CaaS) solutions relying on new innovations of energy management, which shall cover both district cooling system and retail cooling system in Thailand. Both parties will leverage their resources, knowledge, and networks to support the joint venture’s business opportunities, expanding the customer base within the PTT Group and other industrial and commercial sectors. Additionally, Keppel’s advanced Smart AI system will be utilized to enhance project efficiency and competitiveness.

This collaboration marks a significant milestone in expanding cooling services by integrating innovation and technology to create new solutions. This is in consistence with GPSC’s S4 strategy: Shift to Customer-Centric Solutions that GPSC and its subsidiaries have applied in the business of energy innovation solutions. In addition, the aforementioned collaboration is designated to escalate the efficiency in energy management of the country with the goal of business development for sustainability.

Ms. Cindy Lim, Chief Executive Officer of Keppel Ltd, Infrastructure Division, commented “We are excited to partner with GPSC to bring our expertise in district cooling and energy-as-a-service to Thailand. This joint venture is a testament to our commitment to sustainable energy solutions and provides a long runway for us to grow our EaaS offering in Thailand through the business collaboration agreement and joint venture development of a cooling as a service (CaaS) business including the expansion of other business under the Business Collaboration Agreement, such as: development of renewable energy through ASEAN power grid and development of EV charging platform integration”.

Keppel Ltd, Infrastructure Division is a leading company in Singapore specializing in renewable energy business, environmental solutions, and new forms of energy. The company has been using its technical expertise and the self-developed technologies that have always been improved and upgraded as the tools to do solution business. Keppel EaaS (Thailand) provides the services of customized energy solutions, including the Cooling as a Service (district cooling and retail cooling) that has been proved to help reduce its customers' carbon dioxide emissions in an effective manner.

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