KPN Group has made the first step into the renewable energy business by acquiring a stake in Renewable Energy Corp from Nopporn Suppipat, who owns 75 per cent stake in the company.
Suppipat, who was charged with a series of criminal offences related to loan sharks and is on the run, sold his entire stake to KPN. The management team of Wind Energy Holding (WEH) will become the minority shareholder in the company. However, the value of the deal has not been disclosed.
Renewable Energy Corp was established to invest and hold 63 per cent stake in WEH, which is the largest wind farm operator in Southeast Asia. WEH currently owns two wind farms in Thailand with a total capacity of 207 megawatts, and it is developing six more projects.
“The acquisition of Renewable Energy Corp marks an exciting milestone for KPN as we make our first foray into the renewable energy business. It also gives us a rare opportunity to shape the future of renewable energy industry and positively contribute to Thailand’s economic development. Going forward, we will work alongside the WEH management team to deliver sustainable growth that benefits all stakeholders,” KPN Group’s president Nop Narongdej told the media.
At present KPN Group has three core businesses, comprising of property, education and investments. Once the acquisition is completed, Renewable Energy Corp will be its fourth core business and renamed as KPN Energy.
Emma Collins, chief executive officer of WEH, noted that the deal paves the way for WEH to speed up the development of pipeline projects.