Thailand Renewable Energy Pipeline Draws Up to US$2.61bn in Investment

Thailand’s ERC has licensed 449 renewable power projects totalling 1,607.58 MW, led by solar, waste-to-energy and biomass investment.

Thailand’s renewable power pipeline is gathering pace, with 449 projects licensed by the Energy Regulatory Commission (ERC) and investment expected to reach up to US$2.61 billion.

The expansion comes as businesses and industries respond to the global energy transition and evolving international trade and sustainability standards. Renewable power is increasingly being used to strengthen energy security, reduce electricity costs and support long-term competitiveness.

According to data collected by the ERC from 2024 to the present, licences have been issued for 449 renewable electricity projects that are either under development or construction. Together, they represent 1,607.58 megawatts of capacity and are expected to generate total investment of around US$2.10 billion to US$2.61 billion.

Solar dominates new renewable investment

Solar power accounts for the largest share of the pipeline, with around 400 projects.

These include 386 solar rooftop projects with combined installed capacity of about 587.30 megawatts and 14 solar farm and floating solar projects with combined installed capacity of 562.83 megawatts.

Based on average investment of US$592,000 to US$740,000 per megawatt, the solar portfolio alone is expected to draw at least US$681.08 million to US$851.35 million.

Major players include WHA Solar, under the WHA group, which has 12 solar rooftop projects with combined capacity of 45.155 megawatts. The projects mainly cover warehouse and large industrial factory rooftops in industrial estates.

Gulf1, under Gulf Development, has 11 projects in progress with total capacity of 33.631 megawatts. These consist of nine solar rooftop projects totalling 23.791 megawatts and two ground-mounted solar farms totalling 9.840 megawatts.

Gulf MP WHA1, a joint venture between Gulf and WHA, is also building five solar rooftop projects with combined capacity of 26.170 megawatts.

B.Grimm’s activity includes Insee B.Grimm Solar, which has four projects under development with combined capacity of 69.415 megawatts. Three are ground-mounted solar farms totalling 63.04 megawatts, while one rooftop project accounts for 6.375 megawatts. The electricity will supply Siam City Cement.

Amata B.Grimm Power Service has another four projects under development with total capacity of 7.125 megawatts, including three rooftop projects totalling 6.025 megawatts.

Gunkul Engineering has positioned itself in southern Thailand, with three solar farm projects representing combined capacity of 176.60 megawatts, as well as solar rooftop projects.

Singaporean and Japanese investors enter the field

Foreign energy groups are also expanding their solar portfolios in Thailand.

BECIS Energy (Thailand), a Singaporean-backed company, holds seven projects with combined capacity of 24.530 megawatts. These include five rooftop projects totalling 11.190 megawatts, one ground-mounted project of 8.140 megawatts and one large floating solar project of 5.200 megawatts.

Singapore Power Energy (Thailand), or SP Group, has seven projects with total capacity of 12.495 megawatts. Six are rooftop projects totalling 11.295 megawatts, while one ground-mounted project has capacity of 1.200 megawatts.

Kansai Energy Solutions (Thailand), a Japanese energy investor, has 12 solar rooftop projects under construction with combined capacity of 41.570 megawatts. Its focus is mainly on Japanese factories in industrial estates.

Industrial and municipal waste power gains momentum

Waste-to-energy is another growing investment area.

The ERC has licensed 12 industrial waste-to-energy projects now in progress, with combined capacity of 118.8 megawatts. Each project has capacity of 9.9 megawatts and is mainly located in industrial zones and estates with heavy volumes of factory waste.

Key locations include:

• Rayong, where Earth Power Plant is active.
• Chonburi, where WHA Industrial Waste to Energy is involved.
• Chachoengsao, where Chonburi Clean Energy is developing a project to support industrial waste management in the Eastern Economic Corridor.
• Phra Nakhon Si Ayutthaya, where Expert Energy is handling non-hazardous waste from factories in major industrial estates.

With average investment estimated at US$4.44 million to US$5.33 million per megawatt, these 12 industrial waste-to-energy projects could generate around US$527.10 million to US$630.74 million in investment.

Municipal waste-to-energy is also expanding, with 12 licensed projects in progress and combined capacity of 99.8 megawatts. The projects are spread across municipalities in several provinces to help ease urban waste pressure.

They include Baisel Waste Energy in Surat Thani, with capacity of 9.9 megawatts; Chiang Mai Waste to Energy in Chiang Mai, with capacity of 9.5 megawatts; Thachang Energy Solution (Chai Nat) in Chai Nat, with capacity of 8.0 megawatts; and Nakhon Ratchasima Waste to Energy, with capacity of 9.9 megawatts.

Absolute Power Plant also has a 9.9-megawatt project in Nakhon Ratchasima.

Biomass and biogas continue to grow

Biomass power remains active, particularly in agro-processing industries. Nine projects are currently in progress, with combined capacity of 130.16 megawatts.

Notable projects include Khon Kaen Sugar Power Plant in Sa Kaeo, with installed capacity of 45.00 megawatts. The project uses bagasse and residues from sugar production as its main fuel.

Saraburi Sugar has a 32-megawatt project in Saraburi to support its move towards a green industrial ecosystem.

Phitsanulok Electricity Generating has a 20-megawatt project in Phitsanulok, using agricultural residues from areas around the Yom and Nan river basins.

The Siam Cement (Thung Song) has a 9.90-megawatt project in Nakhon Si Thammarat to support cleaner energy use in cement production.

Based on average investment of US$2.07 million to US$2.37 million per megawatt, the nine biomass projects are expected to generate around US$266.51 million to US$307.97 million in investment.

The biogas portfolio is smaller, with four projects in progress and combined capacity of 6.919 megawatts. Based on average investment of US$1.63 million to US$1.78 million per megawatt, the projects are expected to attract around US$11.25 million to US$12.29 million.

Waste heat and solar thermal add new options

Industrial energy-saving technologies are also being used to produce electricity from waste heat, or hot exhaust air, from production processes.

Four waste heat recovery projects have been licensed and are in progress, with combined capacity of 71.75 megawatts. Most are backed by large operators in heavy industry, energy and chemicals.

With average investment estimated at US$1.04 million to US$1.48 million per megawatt, these projects could generate about US$74.33 million to US$106.31 million.

Solar thermal power is another emerging segment. Five projects have been licensed, with combined capacity of 24.03 megawatts. The technology uses heat from sunlight to produce electricity for use inside business premises.

Projects include SCG Cleanergy in Nakhon Ratchasima, with capacity of 17 megawatts, and Gulf1 in Phra Nakhon Si Ayutthaya, with capacity of 1.50 megawatts.

Average investment in solar thermal power is estimated at US$1.04 million to US$1.33 million per megawatt, putting total investment across the five projects at around US$24.87 million to US$31.98 million.

EGAT advances small hydropower projects

Hydropower remains part of the renewable portfolio through small plants built downstream of irrigation dams.

The Electricity Generating Authority of Thailand (EGAT) has three projects under construction, with combined capacity of 6.03 megawatts.

They are:

• Lam Pao Dam hydropower project in Kalasin, with capacity of 2.870 megawatts.
• Krasiao Dam hydropower project in Suphan Buri, with capacity of 1.676 megawatts.
• Huai Mae Tho Dam hydropower project in Tak, with capacity of 1.488 megawatts.

Together, the three hydropower projects are expected to involve total investment of about US$14.92 million.

The figures underline how Thailand’s renewable energy sector is moving beyond policy ambition into concrete investment across solar, waste-to-energy, biomass, biogas, waste heat and hydropower. 

As more projects move from licensing to construction, the pipeline is expected to play a larger role in strengthening power security, lowering long-term energy costs and supporting the country’s shift towards cleaner industrial growth.