WHAUP Unveils 2025 Plan to Expand Water & Power Businesses, Supporting Data Centers Targeting ฿35 Billion in Revenue and Profit Share Over the Next Five Years

Bangkok – WHA Utilities and Power Public Company Limited or “WHAUP” has unveiled its 2025 business plan, outlining strategies to accelerate domestic and international growth through innovation and the adoption of the new technologies. The Company aims to become a tech-driven organization, addressing the increasing demand, particularly from data center clients in WHA Industrial Estates. With an investment budget of 29 billion Baht for the year 2025-2030 period, WHAUP projects total revenue and normalized profit share of 35 billion Baht over the same period while maintaining an EBITDA margin of no less than 50%.

Mr. Somkiat Masunthasuwun, Chief Executive Officer of WHA Utilities and Power PLC. (WHAUP), unveils the company’s 2025 business expansion plan, emphasizing the company’s commitment to driving growth through innovation and new technologies, with the goal of becoming a “Tech-Driven Organization”. WHAUP’s core strategy focuses on strengthening its leadership in utilities and power businesses by integrating technology to enhance operational efficiency while exploring New S-Curve business opportunities. This approach aims to drive sustainable growth by expanding both within and beyond WHA Group’s industrial estates in Thailand and internationally. The company’s strategic plan and business objectives are as follows:

Utilities Business (Water): In 2024, WHAUP recorded a total water sales and management volume of 166 million cubic meters, an increase of 7% year-on-year. Domestic water sales and management accounted for 128 million cubic meters, a 6% increase, while Vietnam operations reached 38 million cubic meters, up 13% from the previous year. Looking ahead to 2025, WHAUP remains focused on expanding its services to customers in WHA industrial estates, particularly in the fast-growing technology sector, such as data centers with high water demand. The company will prioritize the production of value-added water to better serve customer requirements while also seeking alternative raw water sources to enhance supply security and meet rising demand. WHAUP will also explore new opportunities for expanding its utilities business beyond WHA industrial estates, including participation in government and local administrative projects related to water supply and wastewater management.

For 2025, WHAUP has set a target of 173 million cubic meters for total water sales and management, both domestically and internationally, reflecting a 4% increase from the previous year. This includes approximately 132 million cubic meters in domestic operations and 41 million cubic meters in Vietnam.

Power Business: In 2024, WHAUP successfully secured 76 new Private Power Purchase Agreements (PPAs) for solar energy projects with industrial customers, totaling 106 MW. By the end of 2024, the company’s total power purchase agreements across all power plant types reached 965 MW. For 2025, WHAUP will continue expanding its renewable energy investments both within and beyond WHA industrial estates, domestically and internationally. The company will focus on solar rooftop projects, feed-in-tariff renewable energy projects, and direct PPAs. Additionally, WHAUP has commenced the study and development of a Micro Grid Project (Phase 1) at the WHA Smart Technology Zone 1 in Thanh Hoa Province, Vietnam, which is expected to begin commercial operations in 2026. In 2025, WHAUP aims to increase its cumulative signed power generation capacity to 1,185 MW, with 657 MW from renewable sources, accounting for approximately 55% of its total power generation capacity.

Mr. Akarin Prathuangsit, Deputy Chief Executive Officer and Chief Operating Officer of WHA Utilities and Power PLC. (WHAUP), stated that the company is committed to continuously integrating technology and innovation into its utilities and power businesses to enhance efficiency, reduce costs, and promote sustainability within the industry. In the utilities business, the company is advancing Smart Water Solutions by incorporating artificial intelligence (AI) into its intelligent water management systems. This innovation enhances operational efficiency, improves customer service, reduces water loss, and streamlines processes for greater accuracy and sustainability. In the power business, WHAUP has applied AI to develop innovations such as the Solar Anomaly system, which accurately detects abnormalities in solar panels, enabling quick maintenance and problem resolution. In addition, the Solar Forecasting system efficiently predicts solar energy production, aiding in maintenance planning, reducing costs, and improving grid stability. Moreover, the company has developed a Peer-to-Peer (P2P) Energy Trading platform and a marketplace for trading International Renewable Energy Certificates (I-REC), which supports the promotion of clean energy use and aligns with the company’s sustainability goals. Looking ahead, the company is exploring potential investments in "New S-Curve" businesses that will drive the future of the energy industry. These ventures include:

• Small Modular Reactor (SMR) technology, a clean and highly stable energy source.
• Battery Energy Storage System (BESS) for enhancing grid stability.
• Carbon Capture, Utilization, and Storage (CCUS) technology, which helps reduce greenhouse gas emissions and supports the Net Zero goal.

Mr. Prapon Chinudomsub, Chief Financial Officer of WHA Utilities and Power PLC. (WHAUP), added that for its 5-year business plan (2025-2029), the company has allocated an investment budget of 29 billion baht to support business expansion in both utilities and energy. The plan aims to achieve a 2.5-fold increase in revenue and normalized share of profit from 2024 levels, with a target of 35 billion baht in total revenue and normalized share of profit over the next five years. Additionally, the company intends to maintain an EBITDA margin of no less than 50%.

In conclusion, Mr. Somkiat reiterated that WHAUP is committed to driving growth through innovation while prioritizing environmental responsibility and creating value for society. By 2029, the company aims to increase its renewable energy generation capacity to approximately 1,200 MW, which will reduce greenhouse gas emissions by around 683,000 tons of carbon dioxide equivalent per year. Additionally, the company plans to reduce natural water consumption by 25 million cubic meters annually, equivalent to the water usage of over 685,000 households.

WHAUP was awarded the highest AAA rating in the SET ESG Ratings for the second consecutive year in 2024, underscoring its commitment to sustainable business practices. This recognition aligns with WHA Group’s mission: "WHA: WE SHAPE THE FUTURE."