Wind Energy Holding

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.

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

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

• Wind power generation
• Renewable energy
• Independent power producer
• Carbon credit trading
• Solar power projects

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Others

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core 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

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered minor, core and major.

• Digital Economy Promotion Agency (DEPA)minorStrategic or Co-development Partner · 16 July 2021WEH 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.
• VestascoreTechnology or IntegrationVestas is listed as a partner, likely providing wind turbine technology and maintenance services for WEH's wind farms.
• Siemens GamesacoreTechnology or IntegrationSiemens Gamesa is listed as a partner, providing wind turbine technology for WEH's projects.
• Electricity Generating Authority of Thailand (EGAT)coreStrategic or Co-development PartnerEGAT is WEH's primary customer, purchasing all electricity generated from WEH's wind farms under long-term Power Purchase Agreements.
• Grid SolutionsmajorTechnology or IntegrationGrid Solutions is listed as a partner, likely providing grid connection and power transmission solutions.
• DNV GLmajorTechnology or IntegrationDNV GL is listed as a partner, providing technical certification, advisory, and risk management services for WEH's projects.
• TractebelmajorTechnology or IntegrationTractebel is listed as a partner, providing engineering and consulting services for energy projects.
• Provincial Electricity Authority (PEA)majorStrategic or Co-development PartnerPEA is listed as a partner, collaborating on electricity distribution and grid connections for WEH's projects in provincial areas.
• Beyond Securities Public Company LimitedmajorChannel Partner/ Reseller/ DistributorBeyond 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

Direct 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

• Instagraminstagram.com/windenergyholding

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wind Energy Holding