Wind Energy Holding (WEH), Thailand's largest wind power developer and operator by capacity, aims to double its electricity generation capacity to 1,500 megawatts within five years and diversify into healthcare.
The increase from the current capacity of 717MW is planned via asset acquisitions and new energy development projects in Thailand and overseas, said Nuttpasint Chet-Udomlap, chief executive of WEH.
He expects the company's revenue to increase to 15 billion baht, up from 10.9 billion baht in 2021, within the five-year period.
"The growth results from enthusiasm for clean energy development worldwide," said Mr Nuttpasint.
"We will apply our experience in operating wind energy businesses for many years in Thailand to new wind energy projects."
Mr Nuttpasint expects WEH to see its 2022 revenue grow by a range of 5-7% to 12 billion baht, thanks to a 6% increase in the electricity tariff granted under a power purchase agreement with the state-run Electricity Generating Authority of Thailand (Egat).
Revenue rose by 10% to 10.9 billion baht last year, up from 9.97 billion baht in 2020.
In the first half of 2022 the company earned 5.1 billion baht, which was slightly less than earnings in the same period last year, as winds were weaker, which affected power generation.
WEH is supplying electricity to Egat from eight wind farms, with a total of 270 wind turbines, in the northeastern provinces of Chaiyaphum and Nakhon Ratchasima.
The company is interested in developing more renewable energy projects and has said it is ready to join the solar and wind power scheme overseen by the Energy Regulatory Commission.
WEH is also looking for opportunities in clean energy businesses overseas.
"We are seeking profitable investment opportunities in the next five years, both domestically and internationally," said Mr Nuttpasint.
WEH recently invested in SET-listed property developer Nusasiri Plc through its subsidiary Thana Power Holding Co.
Nusasiri earlier announced it had acquired shares in Panacee Hospital as it saw an opportunity to integrate its property expertise with healthcare business, according to media reports.
