KPN Group will acquire Renewable Energy Corp, the majority shareholder of Wind Energy Holding Co, one of Southeast Asia's leading renewable energy companies.
The management of Wind Energy Holding, with strong support from KPN, has also invested alongside KPN and taken a minority stake in Renewable Energy Corp, which will be renamed KPN Energy Co.
Following this transaction, the founder of Renewable Energy Corp and Wind Energy Holding, Nopporn Suppipat, will have no shareholding or involvement in the two companies.
Nop Narongdej, president of KPN Group, said yesterday that the move marks an exciting milestone for KPN as the company make its first foray into the renewable energy business.
Wind Energy Holding is one of the fastest growing renewables companies in Thailand and is the only one to have successfully built and operated two commercial-scale wind farms in the country.
It also has the largest domestic wind power pipeline, which presents KPN with a rare opportunity to shape the future of the renewable energy industry and contribute to Thailand’s economic development.
“Going forward, we will work alongside Wind Energy Holding’s management team to deliver sustainable growth that benefits all stakeholders,” he said.
Renewable Energy Corp was established as a holding company and holds 59.5 per cent of Wind Energy Holding.
Established in 2009, Wind Energy Holding is the country’s largest wind energy company with two operating wind farms in Nakhon Ratchasima capable of generating 207 megawatts.
The company is developing six projects spanning some of the most attractive wind producing areas in the country.