Nonthaburi: Ratch Group Public Company Limited announced its commitment to the energy transition for driving sustainable growth and carbon neutrality goal by aligning its business strategies with power development plans of targeted countries, namely Thailand, Lao PDR, Australia, and Indonesia. In return, it will support thier national power security, and carbon neutrality and zero greenhouse gas emission goals. RATCH are also studying future power business models and technologies for developing pilot projects. RATCH demonstrates its constant growth by allocating THB1,740 million (0.80 baht per share) interim dividend for the first 6 month performance (January 1–June 30, 2024) with the approval of the Board of Directors on August 22, 2024. The payment will be made on 20 September 2024.

Mr. Nitus Voraphonpiput, Chief Executive Officer of RATCH Group, said that our growth target from now will be driven with three main approaches: (1) Enhancing efficiency of asset management, especially power plants, which are the main source of income and locate in many countries. Digital and artificial intelligence technology will be used for monitoring and analyzing the power plants' operation performance and efficiency. (2) Managing the pipelined projects to be achieved as timeline. Currently, 15 projects with combined equity capacity of 1,773 MW are under development and construction. Of which 4 projects with a combined equity capacity of 40 MW; REN Korat Power Plant, Navanakorn expansion phase, Song Giang 1 hydropower plant in Vietnam, and LG2 battery energy storage project in Australia, are scheduled to operate commercially in the second half of this year, in addition to three projects completed in the first half of 2024 including Hin Kong Power Plant Block 1, Paitan Power Plant in Indonesia and Calabanga Solar Farm in the Philippines with equity capacity of 392.7 MW, 742 MW and 36.36 MW respectively. (3) Adjusting investment strategy by focusing on projects corresponding to the energy transition pathway of investment destinations, namely Thailand, Lao PDR, Australia, and Indonesia. Each country has obviously and clearly defined its power generation development framework, covering renewable energy and gas-fired generation capacity. Meanwhile, RATCH is studying future power generation and distribution models, including battery energy storage systems (BESS), green hydrogen production, direct power purchase agreements (DPPA), and small reactor modular (SMR) technology.

“We have reviewed and determined RATCH business direction in 2024 that power generation and energy is still our focus and investment strategy are defined in line with the global and national energy transition pathway, as well as RATCH’s potentiality and strength. We will pay more attention to greenfield and brownfield projects available in the targeted countries, where Thailand and Indonesia have investment opportunity for solar and gas-fired power projects; Laos PDR for hydropower projects with power purchase agreement to Thailand; and Australia for wind farms, solar farms, energy storage system and synchronous condenser project, repurposing our existing gas-fired power plants. In addition, we are exploring new opportunities from future power business model and energy technologies by utilizing our existing power plants and competent. Presently, the Green Hydrogen from renewable energy project, in collaboration with BIG, is underway of research and development in Thailand, Laos, and Australia with an aim to accommodate future demand of industrial sectors, transportation, and electricity generation; the battery energy storage system being developed by our Australia based subsidiary for 100 MWh/200 MWh capacity in New South Wales; the Direct PPA for Clean Energy Projects in Thailand working with our partner for a pilot project in an industrial estate; and small-scale nuclear power generation joining with our partners to study technology, regulations and assessment of impacts in various aspects to assure highest safety for operation. We are confident that following the strategic plan will help RATCH moving towards the energy transition and enable expansion to create steady and sustainable growth,” said Mr. Nitus.

At present, RATCH recognizes a total equity capacity of 10,817.28 MW, comprising a 7,842.61 MW fossil base generation capacity (72.5%) and a 2,974.67 MW renewable energy capacity (27.5%). In 2024, the Company has allocated a THB10 billion for expand its business investment. Besides, the Company sets renewable energy capacity target by 30% of total capacity in 2030 and 40% in 2035.