Thachang Green Energy projects major expansion by 2026 with new power plants

Thachang Green Energy (TGE), an operator and developer of biomass power plants listed on the Stock Exchange of Thailand (SET), projects a significant business expansion between 2025 and 2026. This growth is attributed to the additional power generation capacity from imminent power plant projects.

While no capacity increment is planned for this year, TGE predicts a revenue surge of over 10% due to enhanced electricity generation efficiency and increased sales to the Provincial Electricity Authority (PEA), the state’s power distribution entity, according to Pongnarin Wanasuwanakul, the chairperson of TGE’s executive committee.

In 2023, the company’s revenue witnessed 6% growth, totalling 955 million baht (US$26,638,770).

Currently, TGE operates three biomass power plants, TGE, TPG, and TBP, in the southern province of Surat Thani, specifically in Tha Chang district. The combined installed capacity of these facilities is 29.7 megawatts, with 20.3MW sold to PEA under enduring power purchase agreements.

TGE is gearing up to establish seven new power plants. Five of these plants, utilising community waste as fuel, will be situated in areas overseen by local administrative bodies in Sa Kaeo, Ratchaburi, Chumphon, Samut Sakhon, and Chai Nat, reported Bangkok Post.

Each plant is planned to have a capacity of 8MW, except one facility in Samu Sakhon, which will operate at 9.9MW.

TGE anticipates winning the rights to develop two additional power plant projects in an auction to be held this year. These projects, also powered by community waste, will be in Ubon Ratchathani and Prachin Buri.

All seven new power plants are slated to commence operations between 2025 and 2026.

Pongnarin forecasts TGE’s revenue to soar to 2.5 billion baht (US$69,715,575) in 2026, driven by the full operation of all new power plants.

TGE also plans to apply for licences to develop and operate waste-to-energy power plants in the Asia-Pacific region, although Pongnarin did not reveal the specific countries.

The power business in overseas markets will significantly contribute to the company’s target of increasing its electricity generation capacity to 200MW by 2032. Pongnarin added that half of this capacity would be sourced from domestic power plants.

As of now, TGE’s current capacity is at 76.6MW.