KPN acquires 75% stake in Renewable Energy Corp from former majority shareholder

Nop Narongdej, President of KPN Group. Image from KPN website

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.

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Oversea private funds looking to acquire Suppipat’s WEH stake?

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.