In 2024, the renewable energy industry faced volatility due to various factors, including economic conditions, policy changes, and challenging business environments. However, TSE remains confident in its potential and readiness to navigate these challenges. The company has continuously adapted its strategies to align with market conditions, ensuring sustained growth and value creation for shareholders and the Group.
This resilience was demonstrated over the past year, as the Group achieved success in multiple areas. Notably, TSE received the prestigious “ASEAN Renewable Energy Projects Awards 2024” for the Bangsawan Green Biomass Power Plant in Surat Thani Province, reflecting its efficient energy management across economic, environmental, and social dimensions, recognized both nationally and within ASEAN. Additionally, the company’s corporate credit rating was upgraded to “BBB” with a “Stable” outlook by TRIS Rating Co., Ltd., highlighting the Group’s reduced debt burden, stable cash flow, and consistent performance of its solar and biomass power plants. This credit upgrade also aligns with TSE’s long-term plan to secure funding for future business expansion and investment. In terms of governance, the Group remains committed to good corporate governance, transparency, and responsible management for all stakeholders. It continues to prioritize environmental and social responsibility (Environmental, Social, and Governance: ESG), actively supporting anti-corruption efforts and sustainable operations by reducing resource consumption and greenhouse gas emissions (Greenhouse Gas Emissions: GHG). These efforts align with Thailand’s key national goals of achieving carbon neutrality by 2050 and net-zero greenhouse gas emissions by 2065.

As of the end of 2024, the Group operates 62 renewable energy projects in Thailand, with a total capacity of 382.26 MWppa of these, 34 projects, totaling 153.2 MWppa, have already commenced commercial operations, while the 28 projects under the Solar Big Lot Phase 1& Phase 2, with a capacity of 229.06 MWppa, are currently under development. The commercial electricity sales are scheduled to take place between 2027 and 2030. The Group remains committed to executing its strategic plans, with the following key operational initiatives for 2025:
1. Expanding into the Private PPA (Private Power Purchase Agreement) sector – The company aims to facilitate solar power among private sector entities, including Solar Rooftop, Solar Floating, Ground-Mounted Solar, and Solar Carport. Additionally, TSE plans to supply electricity to government agencies through the ESCO Model and Direct PPA in alignment with upcoming government policies.
2. Joint Ventures and New Renewable Energy Projects – TSE plans to collaborate with strategic partners to invest in solar power plants under the Solar Big Lot Phase 3. The company is also exploring new renewable energy projects, such as community waste-to-energy power plants.
3. Diversification into Public Utilities – The company is conducting feasibility studies and engaging with experienced partners to expand into other public utility sectors, further strengthening its business portfolio.
4. Mergers and Acquisitions (M&A) – TSE is actively evaluating investment opportunities in operational renewable energy power plants that can generate stable and consistent cash flow. The company will selectively invest in high-performing projects that offer strong financial returns.
5. Expansion into New Health-Related Businesses – The company has initiated its entry into the healthcare sector, starting with infertility treatment services utilizing advanced reproductive technology (IVF). TSE plans to further expand into beauty, wellness, and pharmaceutical businesses, leveraging growth opportunities in these sectors to establish a new S-Curve and create long-term value for the company and its shareholders.

On behalf of the Board of Directors and executives, I extend my sincere gratitude to our shareholders, business partners, financial institutions, government agencies, and both private and public sector stakeholders for their continued trust and support. Most importantly, I would like to express my appreciation to all employees of the company for their dedication and contributions. I assure you that TSE will continue to operate with integrity, uphold the highest standards of corporate governance, and remain committed to social responsibility as we drive the organization toward long-term sustainability.

Cathleen Maleenont, Ed.D

Chairman of the Board