Gunkul Engineering Public Company Limited (SET: GUNKUL), led by CEO Ms. Naruechon Dhumrongpiyawut, is positioning itself to capitalize on new opportunities presented by Thailand’s forthcoming Power Development Plan (PDP 2026). The Ministry of Energy is set to hold a public hearing on the plan on September 8, with a strong focus on increasing clean energy’s share to over 60%, potentially reaching 90%.
Key opportunities for GUNKUL stem from the removal of the quota on Direct Power Purchase Agreements (Direct PPAs), previously limited to 2,000 MW and restricted to data centers. The policy now extends to all industries, setting the stage for increased participation in renewable energy projects, particularly in solar and wind power, with the PDP targeting 60,000-100,000 MW of additional installed capacity.
Grid modernization will be critical as the sector responds to growing demand from emerging data centers. GUNKUL expects related project budgets to gain approval within this year, paving the way for increased tender opportunities and construction activities in 2027, especially in collaboration with the Electricity Generating Authority of Thailand (EGAT), which is planning THB 100 billion in transmission line upgrades.
Additionally, the community solar quota stands at 1,500 MW, with bidding set for 4Q26 and construction expected in late 2027 through 2028. GUNKUL also notes growth potential in the Eastern Economic Corridor (EEC), where electricity demand from data centers could reach 3,800 MW, representing over THB 30 billion in project values.
Internationally, GUNKUL will commence construction of a 784 MW floating solar project in the Philippines in 4Q26 and expects additional 88 MW projects to come online in the same period. This activity is expected to drive a surge in EPC, construction, and equipment sales throughout 2027.
As of now, GUNKUL’s commercial operations cover 600 MW of its 2,121 MW clean energy portfolio, with 1,502 MW in projects under development set for revenue recognition from 2026 to 2030. The project backlog is currently THB 4.5 billion, anticipated to rise to THB 5-6 billion by year-end, excluding new PDP projects. The company targets a 15% market share and plans a debenture issuance of THB 1–2 billion by the end of 2026.
