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PTT to buy 4.655 million shares in GRP as part of integration drive
CorporateNov 19. 2020
By THE NATION
PTT’s board of directors has approved the purchase of 4.655 million shares in Global Renewable Power (GRP), amounting to 50 per cent of GRP’s registered capital, from its parent company, Global Power Synergy (GPSC).
GPSC is PTT’s power-generation arm.
“The purchase will be carried out by PTT Global Management (PTTGM), a PPT subsidiary, at a price of approximately Bt693 million,” said Auttapol Rerkpiboon, president and CEO of PTT.
“PTT’s joint investment with GPSC will be another step forward in realising PTT’s strategy of ‘Powering Thailand’s Transformation’, which aims to integrate the operations of companies under the PTT Group. It will also support our strategic goal of producing 8,000 megawatts of renewable energy within 2030.”
Chawalit Tippawanich, GPSC president and CEO, added the move would help strengthen the company’s efficiency and expertise in renewable energy as well as open new opportunities at the global level. “It will also help increase the efficiency of GPSC’s financial management and give us additional investment capital for renewable energy projects both domestically and overseas,” he added.
Currently, GRP invests in electricity generation and distribution to the Provincial Electricity Authority (PEA)’s power grid, as well as management and maintenance of nine solar farms in Lopburi, Suphanburi, Phichit and Khon Kaen, with combined capacity of 39.5MW. The solar farms have been operating since 2014 and sell electricity under adder contract at Bt8 per unit for the first 10 years, then at Bt5.66 per unit under a feed-in tariff contract.