Banpu Public Company Limited, a Thai energy giant, recorded a total revenue of THB462 million ($12.7 million) from renewable energy in Vietnam in 2023, according to the firm’s financial statement.
The figure went up 41.7% from THB326 million ($9 million) in 2022, per the Thai firm’s report.
With the performance in 2023, Banpu recorded a gross profit of THB255 million ($7 million) and a profit before interest expenses and income taxes of THB237 million ($6.5 million). The two figures were up 80.9% and 78.2% year-on-year.
Banpu started investing in Vietnam in 2016 with the signing of a memorandum of understanding (MoU) with Soc Trang province. In 2018, the firm was awarded an investment certificate for the Vinh Chau wind power plant project phase 1 in the Mekong Delta province.
Currently, Banpu’s renewable energy portfolio features the 37.6-MW El Wind Mui Dinh wind power plant in the central province of Ninh Thuan, which started commercial operations in June 2019.
Vinh Chau wind power project will have a capacity of 30 MW in phase 1 and 50 MW in phases 2 & 3. The project’s phase 1 is waiting for operational approval while phases 2 & 3 are under review.
Banpu’s solar power portfolio in Vietnam features the 35 MW Nhon Hai power plant in Ninh Thuan province, per a purchase and sale agreement reached by a subsidiary of Banpu in December 2021. The project started operations in July 2020.
Banpu also holds a 49% stake in Vietnam-based renewable energy firm Solar ESCO. In 2023, Solar ESCO installed an additional 14.7 MW of solar rooftop power for VinFast, the electric vehicle arm of Vietnamese private conglomerate Vingroup.