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    WHAUP   TH7846010Z09

WHA UTILITIES AND POWER PUBLIC COMPANY LIMITED

(WHAUP)
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Glow Energy - Chonburi Clean Energy Inaugurates its Waste-to-Energy Power Plant

11/28/2019 | 10:07am EST

Chonburi Clean Energy (CCE) held an official inauguration ceremony of its eco-friendly, advanced waste-to-energy power plant at WHA Chonburi Industrial Estate 1 (WHA CIE 1 in the center of Thailand's future area-based development zone, a leading ASEAN economic zone (EEC)).

The ceremony was inaugurated by Mr. Suraporn Danaitangtrakul,Vice-Minister of Energy, in the presence of several distinguished guests, including Mr. Jacques Lapouge, French Ambassador to Thailand and Mr. Pakathorn Tienchai, Governor of Chonburi.

CCE is an international consortium of three renowned and committed shareholders with their respective areas of expertise providing newly alternatives for future energy utilizing industrial waste:

WHA Utilities and Power (WHAUP), a subsidiary of WHA Group, Thailand's leading integrated utilities products and service provider in Logistics, Industrial Estates, Utilities & Power, and Digital Platform. WHAUP also provides total solutions for integrated utility management, industrial water, wastewater treatment including electricity generation, natural gas distribution and renewable energy.

Glow Energy, a subsidiary of Global Power Synergy Public Company Limited (GPSC) and a major energy player in Thailand. Glow Group's total installed generating capacity is 3,084 MW (Glow's stake is 2,268 MW) of electricity and 1,116 tons per hour of steam.

SUEZ, with 90,000 people on the five continents, is a world leader in smart and sustainable resource management. It provides water and waste management solutions that enable cities and industries to optimize their resources to the full potential and strengthen their environmental and economic performances, in line with regulatory standards.

The three shareholding companies were represented by Ms. Jareeporn Jarukornsakul, Chairman of the Board of Directors, CCE and CEO of WHA Group and Mr. Wisate Chungwatana, CEO of WHAUP; Mr. Pajongwit Pongsivapai, CEO of Glow Group and Mr. Antoine Grange, CEO of Recycling and Recovery of SUEZ Asia.

CCE's total project investment is approximately THB 1.8 billion (USD 59.3 million). Equipped with the most advanced technologies in terms of reliability, sustainability, stability and environmental protection, CCE is the first industrial waste to energy facility in Southeast Asia to meet European emission standards. It can convert over 400 tons of industrial waste into electricity per day, or approximately 100,000 tons per year. There is also a system generation capacity of 8.63 MW, of which 6.90 MW will be sold to the Provincial Electricity Authority (PEA) under a 20-year Power Purchase Agreement (PPA).

CCE has signed a Waste Supply Agreement with Waste Management Siam Co., Ltd. (WMS), a leading player in Thailand's waste collection, treatment and disposal. Under this agreement, WMS will annually supply about 100,000 tons of industrial waste collected from WHA industrial estates in Chonburi and nearby areas. Using safe and environmentally sustainable waste incineration technology and high standard air emission control systems, the facility can convert waste generated from industrial manufacturing activities into superheated steam that will in turn propel a turbine to generate electricity.

After two years of planning and construction, and testing required for connection to PEA since last July, CCE started its commercial operations on November 7, prior to the planned Commercial Operation Date under the PPA set on December 31, 2019.

'The CCE power plant, located at the heart of the EEC, will benefit Thailand's industrial scene, support the government's policy to reduce the country's dependence on fossil fuels and foster a circular economy based on sustainable industrial waste management,' said Ms. Jareeporn Jarukornsakul, Chairman of the Board of Directors, CCE. 'Together with our co-shareholders and partners, we will demonstrate that we can produce clean and non-toxic energy from industrial waste, thus preserving the environment for our children,' she added.

WHA Chonburi Industrial Estate 1 (WHA CIE 1) covers an area of 3,482 rai (1,393 acres or 557 hectares). It is strategically situated 19 kilometers from the Laem Chabang deep seaport and 22 kilometers from Sri Racha city. Today, WHA CIE 1 counts over 115 customers representing 160 contracts for a total investment in excess of USD 2.8 billion. As one of EEC's industrial promotion zones, WHA CIE 1's specialty encompasses aspects of Next Generation Automotive, Aviation & Logistics and Digital.

About Glow Energy

Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacity is 3,084 MW (Glow's stake is 2,268 MW) of electricity and 1,116 tons per hour of steam.

Glow Group generates and supplies electricity to the Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby.

Global Power Synergy Public Company Limited (GPSC), the power flagship of PTT group, has been a major shareholder of Glow Energy since 14 March 2019.

Contact:

Prapon Chinudomsub

Tel: 02-670-1500-1

Email: prapon.c@glow.co.th

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
GLOBAL POWER SYNERGY PUBLIC COMPANY LIMITED 0.34% 74.25 End-of-day quote.0.68%
GLOW ENERGY PUBLIC COMPANY LIMITED End-of-day quote.
WHA UTILITIES AND POWER PUBLIC COMPANY LIMITED 0.99% 4.08 End-of-day quote.-2.86%
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Sales 2021 2 342 M 69,7 M 69,7 M
Net income 2021 1 202 M 35,7 M 35,7 M
Net Debt 2021 - - -
P/E ratio 2021 13,2x
Yield 2021 6,13%
Capitalization 15 606 M 464 M 464 M
Capi. / Sales 2021 6,66x
Capi. / Sales 2022 7,13x
Nbr of Employees 69
Free-Float 23,2%
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Last Close Price 4,08 THB
Average target price 4,90 THB
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Managers and Directors
Niphon Bundechanan Chief Executive Officer & Director
Prapon Chinudomsub Chief Executive Finance Officer
Jareeporn Jarukornsakul Chairman
Khamhoung Ratsamany Vice President-Business Operations
Weidt Nuchjalearn Independent Director