On Wednesday at 11:50 AM (Bangkok time), the share price of Gunkul Engineering Public Company Limited (SET: GUNKUL) rose by 1.12% or THB 0.02 to THB 1.81, with a trading value of THB 15.95 million.
GUNKUL expects the company’s outlook for the third quarter of 2025 to improve, with its wind farm projects benefiting from particularly strong wind conditions since June. Additionally, revenue recognition from the company’s electrical engineering procurement and construction (EPC) business will contribute to growth, as GUNKUL currently holds a project backlog worth THB 4 billion, with half of this expected to be realized within this year.
Overall, the company anticipates continued growth throughout the second half of the year, setting the stage to reach the revenue target of THB 10 billion for 2025, representing a 10-15% increase from the previous year.
GUNKUL’s growth is being driven primarily by its electricity generation segment, with a total installed capacity currently at 1,260 megawatts. The company recently finalized a Power Purchase Agreement (PPA) with the Electricity Generating Authority of Thailand (EGAT) for the first phase of a wind farm project with a capacity of 180 megawatts.
Solar farms, hybrid solar-plus-battery projects, and wind farms—spanning 17 projects and totaling 832.4 megawatts—are set to gradually commence commercial operations beginning in 2026.
At the same time, GUNKUL has approved the signing of a PPA for the phase 2.1 wind farm projects, comprising four separate projects with a combined capacity of 284 megawatts, with agreements expected to be finalized soon. Once both wind farm phases are fully operational by 2030, the company projects an annual revenue increase of THB 6.65 billion, with THB 4.8 billion coming from the first phase and THB 1.85 billion from phase 2.1.
GUNKUL is also in negotiations for overseas investments, particularly solar projects in the Philippines, which are anticipated to see progress within this year. Additional projects in Taiwan, Vietnam, and Japan may also see positive developments. Furthermore, government measures to encourage solar rooftop installations are expected to support the company’s business growth.
