Thai energy giant Banpu records $1.2 mln net profit in Vietnam in Q1

Banpu Public Company Limited, a Thai energy giant, recorded a net profit of $1.2 million from its solar and wind power projects in Vietnam in the first quarter of this year, a turnaround from a net loss of $1.8 million in 2022.

In its May release on Q1/2023 performance, Banpu said the sales from power and steam business reached $117 million, including $4 million from wind and solar power plants in Vietnam.

Banpu added that its 30-megawatt Vinh Chau wind power project in the Mekong Delta province of Soc Trang, which is under pre-commissioning process, is ready for dispatch soon.

Overall, Banpu now runs five renewable energy projects in Vietnam. The four others are conducting commercial operations, including the 37.6-MW El Wind Mui Dinh wind power plant in the south-central province of Ninh Thuan, the 50-MW Ha Tinh solar power plant in the central province of Ha Tinh, the 35-MW Nhon Hai solar power factory in Ninh Thuan, and the 15-MW Chu Ngoc solar power factory in the Central Highlands province of Gia Lai.

Banpu has been expanding its investments in Vietnam since 2016. The Vinh Chau project is a major development after the investment certificate was granted in 2018. Meanwhile, Ha Tinh, Nhon Hai, and Chu Ngoc projects were the business’ acquisitions, worth $23.9 million, $20.38 million, and $9.12 million, respectively.