Wind Energy Holding
Wind Energy Holding is Thailand's largest onshore wind power developer and operator, running eight wind farms (717 MW, 270 turbines) and selling all generated electricity to state utility EGAT under long-term PPAs, with secondary income from certified carbon credits and IRECs.
- Company typePrivate
- Founded2009
- HeadquartersBangkok, Thailand
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Wind Energy Holding does
Wind Energy Holding Company Limited (WEH) is Thailand's largest wind power developer and operator and the single largest wind power portfolio holder in Southeast Asia. Founded in 2009 as a first mover in Thailand's domestic wind industry, WEH secured over 42% of the country's original 1.8 GW wind power quota and built Thailand's first two commercial-scale wind farms. The company operates eight wind farms with 270 turbines across approximately 850 square kilometers in Nakhon Ratchasima and Chaiyaphum provinces, with 717 MW of installed capacity generating 1,927,811 MWh historically. In 2025, WEH secured four additional renewable projects totaling 299.1 MW (including a 30 MW solar-plus-storage project) under Thailand's Feed-in Tariff scheme, raising licensed capacity to 1,016 MW and targeting over 2,000 MW in the development pipeline under the PDP 2024 plan.
WEH operates as a B2B Independent Power Producer (IPP), selling 100% of generated electricity to the Electricity Generating Authority of Thailand (EGAT) under long-term Power Purchase Agreements. Revenue is primarily recurring and contracted through these PPAs, with FY2024 revenue of THB 11.313 billion (fifth consecutive year above THB 10 billion) and net profit of THB 5.388 billion. Secondary revenue streams include Gold Standard- and VERRA-certified carbon credits (810,000 tCO2e sold in 2024, cumulative 3.48 million tCO2e 2021–2024, sold to US and EU clients in aviation and automotive sectors) and International Renewable Energy Certificates (over 500,000 MWh issued 2019–2024). WEH also raises capital through recurring debenture issuances (2024 Series 1 at 6.75%, 2025 Series 1 at 7.00–7.20%) distributed via Beyond Securities. The company's stated mission is to broaden its sustainable energy footprint beyond wind power into solar, storage, and new innovative businesses, with a THB 20 billion investment plan announced in March 2026 to support domestic and international expansion. Ownership changed in March 2026 when UK-based Harbour acquired founder Nopporn 'Nick' Suppipat's 38% beneficial stake, ending more than a decade of legal disputes.
Wind Energy Holding firmographics
Firmographics- Name
- Wind Energy Holding
- Legal name
- Wind Energy Holding Company Limited
- Website
- https://windenergyholding.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Wind Energy Holding is Thailand's largest onshore wind power developer and operator, running eight wind farms (717 MW, 270 turbines) and selling all generated electricity to state utility EGAT under long-term PPAs, with secondary income from certified carbon credits and IRECs.
- Ownership category
- akta.pro rank
Wind Energy Holding industry classification
Industry- Product category
- Wind Power Generation
- NAICS
- Wind Electric Power Generation (221115), Solar Electric Power Generation (221114)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF)
- akta.pro secondary industries
- Onshore Wind Power Generation (Utility-Scale) (EUACAFAA), Wind Operations, Maintenance & Asset Management (Scheduled/Unscheduled) (EUAMACAH)
Keywords
Where Wind Energy Holding is headquartered
LocationHeadquarters
- HQ city
- Bangkok
- HQ country
- Thailand
- HQ region
- Asia
Offices2 records
Markets served
Wind Energy Holding business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Personnel, Supply Chain, Others
Revenue model
- Electricity Sales to EGAT: WEH generates electricity from wind and solar projects and sells it to the Electricity Generating Authority of Thailand (EGAT) under long-term Power Purchase Agreements (PPAs). This is the primary revenue stream with consistent income throughout the terms of the power purchase agreements.
- Carbon Credit Sales: WEH sells carbon credits under Gold Standard and VERRA certifications. In 2024, the company sold 810,000 tCO2e in carbon credits. Cumulative sales from 2021-2024 totaled 3.48 million tCO2e. Credits are sold to clients in the US and EU, particularly in aviation and automotive sectors.
- International Renewable Energy Certificates (IRECs): WEH issues IRECs to support global corporate goals for verified renewable energy usage. From 2019 to 2024, over 500,000 MWh were issued under the IREC framework.
- Debenture Issuances: WEH raises capital through bond issuances. The 2024 Series 1 bonds mature in 2026 with 6.75% interest rate paid quarterly. The 2025 Series 1/2025 bonds mature in 2028 with 7.00-7.20% interest rate paid quarterly.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Debenture Series 1/2567 (2024) |
| Other | Multi-year contract | Debenture Offering No. 1/2025 |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Wind Energy Holding product offering
Product offeringCore offering
Wind Energy Holding develops, owns, and operates utility-scale wind and solar power generation assets in Thailand, with 717 MW of operational wind capacity across 8 wind farms and 270 turbines. It sells all generated electricity to the Electricity Generating Authority of Thailand (EGAT) under long-term Power Purchase Agreements and also issues Gold Standard, VERRA-certified carbon credits and International Renewable Energy Certificates (IRECs) to international corporate buyers.
Product overview
Wind Energy Holding operates as Thailand's leading wind power producer with 8 operational wind farms generating 717 MW through 270 turbines. The company is expanding into solar power with energy storage under Thailand's Feed-in Tariff scheme. Its portfolio includes carbon credit trading (Gold Standard, VERRA) and International Renewable Energy Certificates (IREC). With the addition of four new projects (299.1 MW), the company has reached 1,016 MW of licensed capacity. Future plans include over 2,000 MW in development for upcoming bidding rounds.
Differentiator
Problem solved
Functional benefit
Products and services
- Wind Power Generation (8 Wind Farms)
- Solar Power Projects with Energy Storage
- Verified Carbon Credits (Gold Standard and VERRA)
- International Renewable Energy Certificates (IREC)
Quantifiable outcome
- 938,943 tons of CO2 equivalent avoided in 2024
- +4 more outcomes
Companies that use Wind Energy Holding
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Wind Energy Holding technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Wind Energy Holding partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered minor, core and major.
- Digital Economy Promotion Agency (DEPA)minorWEH signed MoU with DEPA to promote digital skills for students in northeastern Thailand through coding, STEM education, IoT, and AI training. The pilot program covered 4 schools in Nakhon Ratchasima and Chaiyaphum provinces.
- VestascoreVestas is listed as a partner, likely providing wind turbine technology and maintenance services for WEH's wind farms.
- Siemens GamesacoreSiemens Gamesa is listed as a partner, providing wind turbine technology for WEH's projects.
- Electricity Generating Authority of Thailand (EGAT)coreEGAT is WEH's primary customer, purchasing all electricity generated from WEH's wind farms under long-term Power Purchase Agreements.
- Grid SolutionsmajorGrid Solutions is listed as a partner, likely providing grid connection and power transmission solutions.
- DNV GLmajorDNV GL is listed as a partner, providing technical certification, advisory, and risk management services for WEH's projects.
- TractebelmajorTractebel is listed as a partner, providing engineering and consulting services for energy projects.
- Provincial Electricity Authority (PEA)majorPEA is listed as a partner, collaborating on electricity distribution and grid connections for WEH's projects in provincial areas.
- Beyond Securities Public Company LimitedmajorBeyond Securities serves as the lead manager and distributor for WEH's bond issuances, including the 2024 Series 1 and 2025 debenture offerings.
Scale indicators12 records
Recent moves6 records
Expansion highlights5 records
Wind Energy Holding competitors and assessment
Company assessmentDirect peers
- Gunkul Engineering Public Company Limited: Thai renewables and power infrastructure developer-operator with solar and wind generation in Thailand and ASEAN; comparable scale and customer profile for utility-scale renewable generation.
- B.Grimm Power Public Company Limited: One of Thailand's largest private IPPs operating gas, solar and wind capacity under PPAs with EGAT; matches WEH's IPP business model, generation mix and Thai policy exposure.
- Energy Absolute Public Company Limited: Thai renewables and battery developer-operator with operational wind, solar and storage assets and PPAs with EGAT, directly comparable to WEH's onshore wind IPP model in the same domestic market.
- BCPG Public Company Limited: Bangchak-linked Thai renewables IPP with wind, solar and biomass assets selling electricity under Thai government PPAs; closely comparable on portfolio mix and EGAT off-take structure.
- Sermsang Power Corporation Public Company Limited: Thai solar-focused IPP expanding into wind and biomass with FiT-backed projects; comparable renewable IPP model targeting the same EGAT off-take and Thai policy framework.
- Super Energy Corporation Company Limited: Thailand-based renewable and power producer with wind, solar and waste-to-energy assets under government and corporate PPAs; directly aligned with WEH's renewable IPP focus.
Broad incumbents
- RATCH Group Public Company Limited: State-linked major Thai IPP with a diversified portfolio across gas, wind, solar and transmission assets selling electricity to EGAT; a much larger but structurally comparable Thai IPP.
- Ørsted A/S: World-leading offshore and onshore wind developer-operator with utility-scale renewable generation, long-term PPAs and Green Energy Certificates; relevant as a global mature equivalent of WEH's wind IPP model.
- Gulf Energy Development Public Company Limited: Thailand's largest private IPP with combined-cycle gas and growing renewables capacity under government PPAs; provides a broad incumbent benchmark for Thai IPP economics and scale.
- Iberdrola S.A. Global utility-scale wind and renewables operator with onshore wind farms, PPAs and carbon credit trading capabilities; benchmark for a mature multi-market wind IPP comparable to WEH's growth ambitions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Wind Energy Holding social profiles
Digital presenceWind Energy Holding compliance and trust
Trust signalCompliance3 records
Wind Energy Holding financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wind Energy Holding leadership team
Management profileNumber of profiles
Profiles8 records
Wind Energy Holding subsidiaries and ownership
Company hierarchySubsidiaries1 record
Wind Energy Holding funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wind Energy Holding M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wind Energy Holding
What does Wind Energy Holding do?
Wind Energy Holding develops, owns, and operates utility-scale wind and solar power generation assets in Thailand, with 717 MW of operational wind capacity across 8 wind farms and 270 turbines. It sells all generated electricity to the Electricity Generating Authority of Thailand (EGAT) under long-term Power Purchase Agreements and also issues Gold Standard, VERRA-certified carbon credits and International Renewable Energy Certificates (IRECs) to international corporate buyers.
Is Wind Energy Holding a public or private company?
Wind Energy Holding is a private company. It is classified as corporate owned and is currently operating.
When was Wind Energy Holding founded?
Wind Energy Holding was founded in 2009. It employs 51 to 100 people.
Where is Wind Energy Holding based?
Wind Energy Holding is headquartered in Bangkok, Thailand, in the Asia region.
How does Wind Energy Holding make money?
Four revenue lines are on record. Electricity Sales to EGAT is the primary driver. The others are carbon Credit Sales, international Renewable Energy Certificates (IRECs) and debenture Issuances.
Who are Wind Energy Holding's main competitors?
Direct peers on record are Gunkul Engineering Public Company Limited, B.Grimm Power Public Company Limited, Energy Absolute Public Company Limited, BCPG Public Company Limited, Sermsang Power Corporation Public Company Limited and Super Energy Corporation Company Limited. Broad incumbents are RATCH Group Public Company Limited, Ørsted A/S, Gulf Energy Development Public Company Limited and Iberdrola S.A..
Does Wind Energy Holding have an API?
No public API is recorded for Wind Energy Holding.
What industry is Wind Energy Holding in?
Wind Energy Holding's product category is Wind Power Generation. Its primary akta.pro industry code is EUACAFAF, Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations), with a secondary code of EUACAFAA, Onshore Wind Power Generation (Utility-Scale). Its NAICS code is 221115 and its SIC code is 4911.