GPSC expresses confidence in annual revenue meeting target with future projects lined up

Global Power Synergy Public Company Limited (“GPSC”) is confident that performance is going according to plan, and revenue recognition of IRPC Clean Power or IRPC-CP follows expectation. GPSC holds 51% of the shares in IRPC-CP. The power plant has future plans lined up, including Central Utility Plant 4: CUP-4 and renewable energy projects such as developing central infrastructure for WEcoZI (PTT Wanarom Eco Zone Industries) in the Asia Industrial Estate in Ban Chang, Rayong, and waste management project in conjunction with Rayong Province and Rayong Provincial Administration Organization.

GPSC holds 51% of the shares in IRPC Clean Power Plant or IRPC-CP, a Small Power Producer (SPP) with capacity to generate 240MW electricity and 180 – 300 tons per hour of steam. It has a contract to sell electricity and steam to IRPC and EGAT. In the first phase of its operation, it can generate and sell 45MW of electricity and 100 tons per hour of steam to IRPC by 2015. In addition to boosting the performance of GPSC, this power plant also helps the company meet its annual revenue target. The second phase will commence commercially in June 2017.

GPSC is PTT Group's Power Flagship, following the group’s strategy for continuous and sustainable growth in parallel with expansion of the group. The aim is to create stability in terms of power and utility for companies under PTT Group. GPSC has developed many projects with PTT Group, such as Central Utility Project 4 (CUP-4), which produces and sells electricity power, steam, and public utility from the cogeneration plant to clients in WEcoZI in Asia Industrial Estate. GPSC has also developed another project within the premise to generate low-pressure steam for industrial clients by using palm kernel shells as a source of clean energy. The MOU has been signed on July 17 with PTT to source, store, and distribute palm kernel shells. It will commence commercially within 2017. Additionally, our waste management project to generate energy in the form of electricity power from the waste, in conjunction with Rayong Province and Rayong Provincial Administration Organization is still on plan.

GPSC President Mr Noppadol Pinsupa said that the company’s significant growth is thanks to the strategies planned by the company, as well as the professionalism of its staff and executives. GPSC has worked hard to improve the organization. He believes that by 2019, the revenue structure of the company will be changed. The ratio will be 60% from Cogeneration & Combined Cycle Power Plants, 12% from biomass and solar energy, 12% from coal, 12% from steam and the rest will be from wind energy and industrial water. He is confident that the company’s performance according to these strategies will lead to success as planned in the future.

Back21 July 2015