Thailand’s largest wind energy producer, Wind Energy Holding Co Ltd, has announced a 65 billion baht investment plan aimed at nearly tripling its power generation capacity by 2037. The expansion will be funded through an initial public offering, contingent on the resolution of ongoing legal disputes.
The company intends to increase its domestic installed capacity from 700 megawatts to 2,000 megawatts over the next 12 years. As part of a broader strategy, it is also assessing potential wind power projects in the Philippines, according to chief executive Nuttpasint Chet-Udomlap.
Wind Energy Holding’s growth ambitions align with the Thai government’s clean energy targets, which include adding about 16,000 megawatts of renewable and atomic power between 2026 and 2037. The plan would raise the share of clean energy in the national grid to over one-third, up from 23 percent in 2024.
To support this development, the firm has secured land and vendor agreements in preparation for new government auctions. However, the IPO required to finance the expansion remains on hold pending the outcome of legal proceedings. In 2024, the company reported a decline of more than 20 percent in both revenue and net income.
The firm has faced legal entanglements since its founder, Nopporn Suppipat, left Thailand in 2014 after facing a lese-majeste charge. He later won a court ruling in the United Kingdom in 2023 to recover over $800 million in damages linked to the forced sale of his shares. The company is also involved in litigation in Thailand over dividend payments tied to those shares.
Despite challenges, Wind Energy Holding is preparing to proceed with its IPO once legal issues are resolved. Meanwhile, the global wind power industry, particularly outside China, has experienced a slowdown due to rising material costs. BloombergNEF projects a 44 percent increase in installations outside China in 2025, signaling a possible sector rebound.
