International Engineering Public

What International Engineering Public does

The International Engineering Public Company Limited (IEC) is a 1922-founded Thai public company listed on the Stock Exchange of Thailand (ticker IEC) since February 1992, headquartered in Bangkok and operating across three business verticals: renewable energy, ICT services, and hospitality real estate.

In renewable energy, IEC owns and operates a diversified portfolio of wholly-owned subsidiaries including solar photovoltaic plants in Chiang Mai (Maemalai 1,2) and Lamphun (Maetha 1,2), a 6.5 MW waste-to-energy plant in Songkhla (Gidec, using Ash Melting Gasification technology, in commercial operation since December 2014), and an 8 MW biomass plant in Sakaeo (IEC Sakaeo 1, using agricultural residue). Electricity is sold to government utilities — primarily the Provincial Electricity Authority — under long-term Power Purchase Agreements. The ICT division provides billing systems, customer management platforms, network infrastructure, and integration services to telecommunications operators in Thailand, and has maintained major IT project management capabilities for over a decade. More recently, IEC has expanded into hospitality real estate with the Maple Mansion apartments in Rayong (opened November 2024) and the upcoming IEC Hotel (expected April 2026 opening).

Revenue is not publicly disclosed in the available sources; the company generates income from electricity sales under PPAs, project-based ICT contracts, and hospitality rentals. The 2019 SET delisting into Cash Balance trading and subsequent capital restructuring (including IEC-W2 warrants issued in 2016) reflect prior capital-market stress, while HQ relocation in April 2025 and active hospitality expansion suggest a company pivoting toward operational consolidation and modest vertical diversification.

Name

International Engineering Public

Legal name

The International Engineering Public Company Limited (บริษัท อินเตอร์แนชั่นเนิลเอนจีเนียริง จำกัด (มหาชน))

Website

https://iec.co.th

Company type

Public

Founded year

1922

Operating status

Operating

Headcount range

1–10 employees

Short description

International Engineering Public Company Limited (IEC) is a 1922-founded Thai SET-listed company that operates renewable energy plants (solar, waste-to-energy, biomass), provides ICT solutions to telecom operators, and runs hospitality real estate in Rayong, primarily under government PPAs.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Electric Power Generation, Transmission and Distribution (2211), Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK)

Keywords

• Renewable energy generation
• Solar power plants
• Waste-to-energy systems
• Biomass power
• ICT systems integration

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Electricity Generation and Sales: IEC generates electricity from renewable sources (solar, waste-to-energy, biomass) and sells power to government utilities under long-term Power Purchase Agreements. Revenue is derived from electricity sales based on installed capacity and energy output.
2. ICT Solutions and Services: Provides comprehensive IT and telecommunications system integration services including billing systems, customer management systems, and enterprise payment solutions to telecommunications operators and enterprise clients.
3. Apartment/Hotel Services: Operating hotel and serviced apartment properties in Rayong province including Maple Mansion apartments

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

IEC generates and sells renewable electricity from solar, waste-to-energy, and biomass power plants to government utilities under long-term Power Purchase Agreements. The company also provides comprehensive ICT systems integration services including billing, customer management, and payment integration solutions to telecommunications operators and enterprise clients. Additionally, IEC operates hospitality properties including serviced apartments and an upcoming hotel in Rayong province.

Product overview

International Engineering Public Company Limited (IEC) operates a diversified portfolio of renewable energy and ICT services. The company's energy business includes three solar power plants (Mae Malai 1&2 in Chiang Mai and Mae Tha 1&2 in Lamphun), a waste-to-energy plant (Gidec in Songkhla using Ash Melting Gasification technology), and a biomass power plant (IEC Sakaeo 1, 8 MW in Sakaeo). The ICT division provides comprehensive technology solutions encompassing hardware, software, network infrastructure, and maintenance services. Additionally, IEC operates hospitality real estate including the Maple Mansion apartment complex in Rayong (monthly and daily rentals) and an upcoming hotel. The company is also exploring waste plastic recycling initiatives and maintains subsidiaries for each operational segment.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Power Plant (Mae Malai 1, 2) Solar photovoltaic power generation facility located in Mae Taeng district, Chiang Mai province. Generates electricity from sunlight and sells power to the Provincial Electricity Authority under long-term Power Purchase Agreements.
• Solar Power Plant (Mae Tha 1, 2) Solar photovoltaic power generation facility located in Mae Taeng district, Lamphun province. Generates electricity from sunlight for sale to the Provincial Electricity Authority under long-term Power Purchase Agreements. ISO 9001:2015 certified for production of electricity from solar cells.
• Waste-to-Energy Power Plant (Gidec) 6.5 MW waste-to-energy power plant in Hat Yai district, Songkhla province, utilizing municipal solid waste to generate electricity using Ash Melting Gasification technology. Operated by Gidec Co., Ltd. (wholly-owned subsidiary). Sells electricity to Provincial Electricity Authority under long-term PPA.
• Information and Communication Technology (ICT) Solutions and Services Comprehensive IT and telecommunications system design, hardware/software integration, network infrastructure, and maintenance services. Includes billing systems, customer management systems (Unified Database), enterprise payment integration solutions, and domestic roaming data processing for telecommunications operators and enterprise clients.
• IEC Green Energy Sakaeo 1 (Biomass Power Plant) 8 MW biomass power plant in Sakaeo province utilizing agricultural residue as fuel. Operated by IEC Sakaeo 1 Company Limited. Generates electricity from biomass combustion and sells to government utilities.
• Maple Mansion Apartment Monthly and daily rental apartment service in Rayong province. Floors 1-6 offer monthly rentals; floors 7-8 offer daily rentals. Two room sizes available: 26 sq.m. and 34 sq.m. Targets business travelers and tourists near Eastern Thailand industrial areas.

Quantifiable outcome

• 6.5 MW waste-to-energy capacity operational since December 2014
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Provincial Electricity Authority (PEA)coreOthers · 1 December 2014Long-term Power Purchase Agreement for Gidec waste-to-energy project (6.5 MW capacity). PEA purchases all electricity generated from the municipal solid waste conversion facility in Hat Yai, Songkhla province.
• International Business Partners (ICT)coreTechnology or IntegrationIEC's ICT division maintains partnerships with internationally recognized technology vendors for hardware, software, and network infrastructure solutions. These partnerships enable delivery of total ICT solutions and services to telecommunications clients.
• Ash Melting Gasification Technology ProvidercoreTechnology or IntegrationTechnology partnership for waste-to-energy conversion using Ash Melting Gasification system at Gidec facility in Songkhla, operational since December 2014.

Scale indicators5 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• BCPG: BCPG Public Company Limited is a Thai-listed renewable energy developer and operator with solar, wind, biomass, and waste-to-energy assets across Thailand and the region. It is the closest pure-play Thai RE peer to IEC, selling electricity under government PPAs with a similar small-to-mid cap profile.
• SPCG: SPCG Public Company Limited is a Thai solar power producer operating ground-mounted PV plants selling to PEA and other utilities under PPAs. Directly comparable to IEC's solar subsidiary business model (Mae Malai and Mae Tha projects).
• Gunkul Engineering: Gunkul Engineering Public Company Limited is a Thai company engaged in solar PV power generation, electrical equipment manufacturing, and renewable energy EPC. Comparable to IEC's combination of generation assets and broader electrical engineering activities.
• Energy Absolute: Energy Absolute Public Company Limited is a major Thai renewable energy company operating solar farms, wind power, biomass, and EV/energy storage businesses. Comparable to IEC in its multi-technology Thai RE portfolio under long-term PPAs, though at materially larger scale.
• CSL (Communication & System Solutions): CSL is a Thai telecom IT services and system integrator providing billing, CRM, and network solutions to telecom operators. Comparable to IEC's ICT Business division serving telecommunications operators with billing and customer management systems.

Broad incumbents

• RATCH Group: RATCH Group Public Company Limited is one of Thailand's largest power producers with a diversified portfolio including renewables, conventional thermal, and international IPP investments. A broad incumbent that competes with IEC for Thai utility-scale renewable concessions but operates at far greater scale.
• Banpu Power: Banpu Power Public Company Limited operates combined-heat-and-power and renewable generation assets primarily in Thailand. A broader incumbent in the Thai IPP space with overlapping PPA-driven economics to IEC's renewable operations.
• Glow Energy (Engie Thailand): Glow Energy, now part of Engie, is a major Thai IPP with combined-cycle gas and renewable cogeneration plants selling to EGAT and industrial off-takers. A broad incumbent comparable to the off-take structure IEC relies on with PEA, though at materially larger scale.

Regional players

• TPI Polene Power: TPI Polene Power Public Company Limited is a Thai power producer with biomass, waste-to-energy, and conventional generation assets. Comparable to IEC's biomass (IEC Sakaeo 1) and waste-to-energy (Gidec) operations under Thai utility PPAs.

Emerging players

• MFEC: MFEC Public Company Limited is a Thai IT services and systems integrator serving enterprise and telecom clients. Comparable to IEC's Total ICT Solutions & Services offering, though MFEC operates at a substantially larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/857180000962304
• LinkedInlinkedin.com/company/the-international-engineering-public-company-limited

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about International Engineering Public