Private funds from the United States and Singapore are likely to buyout the entire stake that chairman Nopporn Suppipat owns in Thailand-based Wind Energy Holding (WEH), said a source with direct knowledge of the development. This executive also declined to be named.
Suppipat, who owns the majority stake of 75-per-cent in the Renewable Energy Corp that in turn holds 63 per cent of WEH, has fled the country after being charged with a series of criminal offences related to loan sharks.
WEH is one of the largest wind farm operator in the ASEAN.
In the WEH’s shareholders’ extraordinary general meeting in January, the shareholders agreed to release Suppipat from the post of the chairman and director of the company and allow private funds and investors to buy his shares in the WEH.
According to the source quoted above, several companies and funds were interested in buying his (Suppipat’s) shares as the company generates revenues to the tune of 2-3 billion baht a year, and profit of around 900 million baht a year. Also, its future value is expected to be worth 10 billion baht in cash flow annually over the next 20 years.
“Right now it comes to the final round. Apart from two private funds from overseas, two or three listed firms are also being considered. I think the company will be able to announce the new shareholder by the end of June,” the source added.
Currently, WEH has 12 wind-power projects with a combined electricity generating capacity of 930 megawatts.
Of that, two projects have completed the construction and they are supplying electricity to the system, two are under construction, and four were granted power-purchase agreements but have not started the construction yet.
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