Table of Contents
Table of Contents 2
List of Tables 6
Company Snapshot 7
Key Information 7
Company Overview 7
SWOT Snapshot 7
Operational Metrics 8
Ratchaburi Electricity Generating Holding Public Co Ltd, Operational Metrics, By Capacity 8
Ratchaburi Electricity Generating Holding Public Co Ltd, Operational Metrics, By Sales 8
Ratchaburi Electricity Generating Holding Public Co Ltd, Wind Farms 9
Ratchaburi Electricity Generating Holding Public Co Ltd, Wind Farms, Thailand 9
Ratchaburi Electricity Generating Holding Public Co Ltd, Solar PV Parks 10
Ratchaburi Electricity Generating Holding Public Co Ltd, Solar PV Parks, Japan 10
Ratchaburi Electricity Generating Holding Public Co Ltd, Hydro Power Plants 13
Ratchaburi Electricity Generating Holding Public Co Ltd, Hydro Power Plants, Lao People’s Democratic Republic 13
Ratchaburi Electricity Generating Holding Public Co Ltd, Biopower Plants 14
Ratchaburi Electricity Generating Holding Public Co Ltd, Biopower Plants, Thailand 14
Ratchaburi Electricity Generating Holding Public Co Ltd, Thermal Power Plants 15
Ratchaburi Electricity Generating Holding Public Co Ltd, Thermal Power Plants, Thailand 15
Business Description 17
Business Overview 17
Major Products and Services 18
History 19
SWOT Analysis 26
Overview 26
Ratchaburi Electricity Generating Holding Public Co Ltd Strengths 26
Electricity Generation Asset Portfolio 26
Integrated Operations 26
Working Capital Surplus 26
Ratchaburi Electricity Generating Holding Public Co Ltd Weaknesses 27
Operational Performance 27
Ratchaburi Electricity Generating Holding Public Co Ltd Opportunities 27
Renewable Energy Initiatives by Government of Vietnam 27
Prospective Growth in Demand for Electricity: China 27
Energy Policy and Planning: Lao PDR 27
Ratchaburi Electricity Generating Holding Public Co Ltd Threats 27
Environmental Laws and Regulations 27
Natural Gas Concerns: Thailand 28
Operational Issues 28
Financial Ratios – Capital Market Ratios 29
Financial Ratios – Annual Ratios 29
Financial Ratios – Interim Ratios 31
Key Employees 32
Key Employee Biographies 33
Locations And Subsidiaries 35
Head Office 35
Other Locations & Subsidiaries 35
Financial Deals Landscape 36
Ratchaburi Electricity Generating Holding Public Co Ltd, Deals Summary 36
Ratchaburi Electricity Generating Holding Public Co Ltd, Power, Deal Details 37
Asset Transactions 37
RH International Acquires 40% Stake in Hongsa Coal Fired Power Plant from Ratchaburi Electricity Generating for USD29.7 Million 37
Ratchaburi Electricity Generating and Rajburi Sugar to Invest USD145.4 Million in Gas Fired Power Plant in Thailand 38
Consortium Of Four Companies To Invest US$830 Million In Xe-Pian Xe-Namnoy Hydro Project In Laos 39
Ratchaburi Acquires 40% Equity Stake In Biomass Power Project In Songkhla Province, Thailand 40
PTT Public, Nava Nakorn And Ratchaburi Electricity To Invest US$188.3 Million In Nava Nakorn Public Company In Thailand 41
Ratchaburi Electricity Generating Completes Project Financing of USD44.5 Mllion for Collinsville Solar Power Plant in Queensland, Australia 42
Partnerships 43
Ratchaburi Electricity Generating Forms Joint Venture with Huang Ming 43
RH International to Form Joint Venture with Chow International to Develop Solar Power Projects in Japan 44
Ratchaburi Energy to Form Joint Venture with Premier Solution 45
Equity Offering 46
EDL-Generation Completes Private Placement Of Shares For US$19.7 Million 46
Debt Offering 47
Ratchaburi Electricity Generating Holding Completes Public Offering Of 2.72% Bonds Due 2026 For US$194 Million 47
Asset Transactions 48
RH International Acquires 40% Stake in Hongsa Coal Fired Power Plant from Ratchaburi Electricity Generating for USD29.7 Million 48
Acquisition 49
Ratchaburi Electricity Completes Acquisition Of 50% Stake In Koh Kong Power For US$0.5 Million 49
Ratchaburi To Acquire 40% Interest In Songkhla Biomass 50
Ratchaburi Electricity Generating Acquires 40% Stake In Songkhla Biomass For US$2.7 Million 51
Recent Developments 53
Ratchaburi Electricity Generating Holding Public Co Ltd – Recent Developments 53
Jan 07, 2011: EGAT Approves Cogeneration Projects Under Small Power Producer Scheme In Thailand 53
Aug 09, 2016: RATCH redefined business plan, focusing on new business and overseas investment for growth, 2.360-billion-baht profit posted for the first-half of 2016 53
Nov 12, 2015: RATCH announces 2-year business plan and goal, pursuing 3 overseas projects and solar farm project for public sector in Thailand to increase the enterprise value and shareholders’ return 54
Sep 28, 2015: RATCH announces the leader change, pursuing integrated energy business in Asia-Pacific for growing its total shareholder return to 11.3% on par with leading regional energy companies 54
Jun 25, 2015: PTT Group, RATCH to jointly expand SE Asian energy investment 55
Jun 24, 2015: PTT, RATCH Sign Deal To Study LNG Project In Myanmar 56
Feb 18, 2014: RATCH redefines business strategy moving toward to integrated energy company, aiming capacity increase 9,700 MW in 2023 56
Nov 11, 2013: Ratch reviewed growth strategy to boost up its competitive advantage strengthen current bases, access new markets, diversify to new value added power business lines 57
Mar 11, 2013: Ratchaburi Electricity Inaugurates New Office In Thailand 57
Mar 12, 2012: Ratchaburi Electricity Establishes New Subsidiary Company 57
Jun 16, 2011: Ratchaburi Holding Joins With Korean Partners And Lao Holding In Developing Xe-Pian Xe-Namnoy Hydroelectric Power Project 57
Mar 19, 2010: Wind Energy Holding Plans To Develop 800MW Wind Power Projects 58
Aug 11, 2017: RATCH posts 3.56-billion-baht profit for 1H2017, rising 51% Invested three new projects, Expecting 7,500MW target to be achieved this year 58
May 12, 2017: RATCH posts 1.358 bn profits, up 8% in Q1/2017 aiming to achieve 7,500 megawatts in 2017 59
Nov 11, 2016: RATCH announces 3.2-billion-baht profit, rising by 37%, exploring new investment in Thailand and abroad for growth expansion 60
May 13, 2016: RATCH posts 1.259 billion baht profits in Q1/2016, rising 8% NNEG’s revenue to be booked after commercial operation in June 60
Feb 19, 2016: RATCH marks THB4.52-billion profit before FX loss for 2015, 2016 revenue growth likely boosted from Hongsa and NNEG projects 61
Nov 12, 2015: Interim Financial Statements for the three-month and nine-month periods ended September 30, 2015: Ratchaburi Electricity Generating Holding Public Company 62
Aug 13, 2015: Interim Financial Statements for the three-month and six-month periods ended June 30: Ratchaburi Electricity Generating Holding Public Company 63
Aug 13, 2015: Management Discussion and Analysis Quarter 2/2015 64
May 13, 2015: Management Discussion and Analysis Quarter 1/2015 65
Feb 24, 2015: Description and analysis of financial position and financial performance for 2014 65
Nov 13, 2014: RATCH announced THB 6.167 billion profit for the first nine months of 2014 11% revenue growth due to effective asset management 66
Aug 19, 2014: RATCH announced THB 1.595 billion interim dividend The payment of THB 1.10/share made on 17 September 2014 66
May 15, 2014: RATCH emphasized on asset management to achieve the goal of BHT280 billion enterprise value in 2023,Recorded 2.4 billion Baht profit in Q1/2014 67
Apr 03, 2014: RATCH pays THB 3.292 billion dividend of 2013 at THB 2.27 /share The remaining payment of THB 1.17 /share will be paid on 11 April 67
Nov 14, 2013: Ratch announced THB 5,831 Million 9-month operating profit 68
Aug 13, 2013: RATCH announces 3.7 billion baht profits in 1st half of 2013 Emphasizing overseas investment for driving revenue growth 68
May 15, 2013: Ratchaburi Electricity Reports Revenue Of THB12 Billion In Q1 2013 69
Feb 19, 2013: Ratchaburi Electricity Reports Revenue Of THB55.4 Billion In 2012 69
Nov 15, 2012: Ratchaburi Electricity Reports Revenue Of THB2.5 Billion In Q3 2012 69
Aug 14, 2012: Ratchaburi Electricity Reports Revenue Of THB17.1 Billion In Q2 2012 69
May 14, 2012: Ratchaburi Electricity Reports Revenue Of THB11.8 Billion In Q1 2012 69
Feb 14, 2012: Ratchaburi Electricity Reports Revenue Of THB43.5 Billion In 2011 69
May 12, 2011: Ratchaburi Electricity Reports Total Revenue Of THB8.5 Billion In Q1 2011 70
Feb 15, 2011: Ratchaburi Holding Reports Net Profit Of THB5,220m For 2010 70
Oct 30, 2010: Ratchaburi Electricity Reports Net Profit Of THB1.25 Billion For Q3 2010 71
Apr 29, 2010: Ratchaburi Electricity Reports Revenue Of THB9.88 Billion In Q1 2010 71
Feb 15, 2010: Ratchaburi Electricity Reports Revenue Of THB35.35 Billion In 2009 71
Nov 13, 2009: Ratchaburi Electricity Reports Revenue Of THB10.26 Billion In Q3 2009 71
Jul 29, 2009: Ratchaburi Electricity Reports Net Profit Of THB2.05 Billion In Q2 2009 71
Apr 30, 2009: Ratchaburi Electricity Reports Net Profit Of THB81.84 Billion In Q1 2009 72
Feb 18, 2009: Ratchaburi Electricity Reports Net Profit Of THB6.49 Billion In 2008 73
Oct 30, 2008: Ratchaburi Electricity Reports Net Profit Of THB2.07 Billion In Q3 2008 73
Jul 30, 2008: Ratchaburi Electricity Reports Net Profit Of THB1.26 Billion In Q2 2008 74
Apr 30, 2008: Ratchaburi Electricity Reports Net Profit Of THB1.7 Billion In Q1 2008 75
Sep 04, 2017: B Grimm goes big with power projects in Laos 75
Mar 24, 2017: RATCH announced newly appointed CEO, Mr. Kijja Sripatthangkura, to be effective on April 6, 2017 75
Feb 16, 2017: Ratch aims 7,500 megawatts investment expansion in 2017, announces 6.166- billion-baht profit of 2016, up 93% 75
Jul 27, 2016: RATCH-NNCL-GPSC officially cerebrate NNEG operation, aiming to secure power and steam supply for industrial users in Nava Nakorn industrial zone 76
Mar 28, 2016: Ratchaburi to bid for $350m power plant project in Indonesia 77
Dec 21, 2015: Ratchaburi Electricity Generating Hldg: Change of the Chairman of the Board of Directors 77
Jul 21, 2015: RATCH appoints Mr. Rum Herabat as new CEO, to be effective from 1 October 2015 77
May 14, 2015: RATCH moves forward 180-MW wind farm project in Australia, after Development Approval granted, THB 1,163 million profits recorded in Q1/2015 77
May 08, 2015: Registration of Subsidiary Dissolution 78
Apr 23, 2015: Hongsa Power Plant reaches 90% completion of efficiency test, generated electricity helped securing national grid during Myanmar natural gas field shutdown Its COD schedules in upcoming June 78
Feb 26, 2015: RATCH aims to achieve enterprise value of 133 billion baht for 2015 78
Nov 17, 2014: RATCH prepared new investment aboard driving its enterprise value to reach THB 121 billion target in 2014 79
Oct 09, 2014: RATCH entered MOU with Myanmar’s Ministry of Electric Power to start feasibility study on 2,600-megawatte Myeik power plant project 80
Jun 03, 2014: Ratchaburi Electricity disclosed NNEG’s BHT4.77 billion loan deal Heading for project construction and dispatch target in 2016 80
Mar 31, 2014: RATCH prepares for Hongsa Power Plant’s commissioning test Approaching 80% construction progress and dispatch target to Thailand in 2015 81
Dec 23, 2013: RATCH Pursues development of the 4th Wind Farm in Australia Beginning Construction in 2014 and Targets COD in 2016 81
Sep 30, 2013: RATCH assured its power plants’ efficiency to secure national power grid 82
Aug 26, 2013: RATCH turns for synergy with EGAT Group to extend its international presence, aiming Myanmar and other Asian countries to reinforce Thailand leading IPP in the region 83
Jun 24, 2013: RATCH appointed Mr. Pongdith Potchana acting as a new Chief Executive Officer effective on 1 July 2013 83
Feb 08, 2013: Ratchaburi Electricity Announces Commercial Operation Of Huay Bong 2 Wind-turbine Power Project In Thailand 83
Oct 22, 2012: PNPC To Construct And Operate Hydroelectric Power Plant In Lao 84
Mar 09, 2012: RATCH Commences Operations Of Korat3 Solar Farm In Ayutthaya Province Thailand 84
Jan 17, 2012: Ratchaburi Holding Appoints Thana Putarungsi As New Director 84
Jan 10, 2012: Myanmar Decides To Halt Construction Of 4 GW Coal-fired Power Station At Dawei Special Industrial Zone 84
Nov 03, 2011: ADB Plans To Provide $465m For 440 MW Hydropower Plant In Thailand 85
Apr 26, 2011: Conergy And Annex Power To Set Up Third Solar Park In Thailand 85
Dec 28, 2010: Ratchaburi Electricity Intends To Invest $530 Million On Renewable Power Facilities 86
Apr 30, 2010: Ratchaburi Electricity Intends To Spend $511 Million On Power Generation 86
Apr 08, 2010: Ratchaburi Electricity Announces Resignation Of Chulasingh Vasantasingh As Director 86
Feb 01, 2010: Laos Holding’s Consortium TO Start Construction Of 1,800 MW Hongsa Power Plant In November 2010 86
Jul 11, 2009: Ratchaburi Electricity Hopes To Complete Wind Power Plant By 2011 87
Apr 02, 2009: Ratchaburi Electricity Announces Reduction Of Waste Water From Ratchaburi Power Plant 87
Sep 26, 2008: Ratchaburi Appoints Noppol Milinthanggoon As New Managing Director 88
Jan 22, 2008: Ratchaburi Electricity Appoints Suchat Chanlawong As New Independent Director 88
Apr 10, 2017: RATCH – MPI won a 275-MW power plant in Indonesia The joint operating company already established and signed PPA, Commercial generation scheduled in 2021 89
Jan 21, 2014: RATCH updated RW Co-generation project development Progressing for COD by end of 2014 89
Feb 07, 2013: PNPC Signs Power Purchase Agreement With EGAT For Xe-Pian Xe-Namnoy Hydroelectric Power Plant In Lao 89
Aug 09, 2012: Ratchaburi Electricity To Supply Power To PEA From Songkhla Biomass Power Plant Project In Thailand 90
Aug 04, 2011: SCHOTT Solar To Supply 67,000 Solar Modules To Thailand 90
Jun 14, 2011: Phoenix Solar Signs Contract For Two Solar Parks In Thailand 90
Mar 08, 2011: Hongsa Power Signs 18 Year Operation And Maintenance Agreement 91
Jan 06, 2011: Ratchaburi Holding Wins Three SPP Projects With Combined Generation Of 350 MW 91
Jun 26, 2009: Ratch-Lao Signs Subcontract Agreement With EGAT For Operation And Maintenance Of Nam Ngum 2 Hydro Power Plant 91
Appendix 93
Report Scope 93
GlobalData Coverage 93
Benchmarking 93
GlobalData’s Methodology 93
Secondary Research 93
Primary Research 94
Contact Us 94
Disclaimer 94
Ratchaburi Electricity Generating Holding Public Co Ltd, Key Facts 7
Ratchaburi Electricity Generating Holding Public Co Ltd, Operational Metrics, Capacity 8
Ratchaburi Electricity Generating Holding Public Co Ltd, Operational Metrics, Sales 8
Ratchaburi Electricity Generating Holding Public Co Ltd, Wind Farms, Thailand 9
Ratchaburi Electricity Generating Holding Public Co Ltd, Solar PV Parks, Japan 10
Ratchaburi Electricity Generating Holding Public Co Ltd, Hydro Power Plants, Lao People's Democratic Republic 13
Ratchaburi Electricity Generating Holding Public Co Ltd, Biopower Plants, Thailand 14
Ratchaburi Electricity Generating Holding Public Co Ltd, Thermal Power Plants, Thailand 15
Major Products and Services 18
Ratchaburi Electricity Generating Holding Public Co Ltd, SWOT Analysis 26
Ratchaburi Electricity Generating Holding Public Co Ltd, Ratios based on current share price 29
Ratchaburi Electricity Generating Holding Public Co Ltd, Annual Ratios 29
Ratchaburi Electricity Generating Holding Public Co Ltd, Interim Ratios 31
Ratchaburi Electricity Generating Holding Public Co Ltd, Key Employees 32
Ratchaburi Electricity Generating Holding Public Co Ltd, Subsidiaries 35
Ratchaburi Electricity Generating Holding Public Co Ltd, Deals Summary 36
RH International Acquires 40% Stake in Hongsa Coal Fired Power Plant from Ratchaburi Electricity Generating for USD29.7 Million 37
Ratchaburi Electricity Generating and Rajburi Sugar to Invest USD145.4 Million in Gas Fired Power Plant in Thailand 38
Consortium Of Four Companies To Invest US$830 Million In Xe-Pian Xe-Namnoy Hydro Project In Laos 39
Ratchaburi Acquires 40% Equity Stake In Biomass Power Project In Songkhla Province, Thailand 40
PTT Public, Nava Nakorn And Ratchaburi Electricity To Invest US$188.3 Million In Nava Nakorn Public Company In Thailand 41
Ratchaburi Electricity Generating Completes Project Financing of USD44.5 Mllion for Collinsville Solar Power Plant in Queensland, Australia 42
Ratchaburi Electricity Generating Forms Joint Venture with Huang Ming 43
RH International to Form Joint Venture with Chow International to Develop Solar Power Projects in Japan 44
Ratchaburi Energy to Form Joint Venture with Premier Solution 45
EDL-Generation Completes Private Placement Of Shares For US$19.7 Million 46
Ratchaburi Electricity Generating Holding Completes Public Offering Of 2.72% Bonds Due 2026 For US$194 Million 47
RH International Acquires 40% Stake in Hongsa Coal Fired Power Plant from Ratchaburi Electricity Generating for USD29.7 Million 48
Ratchaburi Electricity Completes Acquisition Of 50% Stake In Koh Kong Power For US$0.5 Million 49
Ratchaburi To Acquire 40% Interest In Songkhla Biomass 50
Ratchaburi Electricity Generating Acquires 40% Stake In Songkhla Biomass For US$2.7 Million 51
