PSG Corporation

Name

PSG Corporation

Legal name

PSG Corporation Public Company Limited (พีเอสจี คอร์ปอเรชั่น จำกัด (มหาชน))

Website

https://psgcorp.co.th

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Engineering, Procurement and Construction (EPC) Services

NAICS

Electric Power Generation (22111), Hydroelectric Power Generation (221111), Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211)

akta.pro primary industry

Thermal Power Plant EPC (Gas/Coal/Oil) (EUAEAAAA)

akta.pro secondary industries

Pumped Storage Hydropower (PSH) (New Build, Expansion, Conversions) (EUAMADAJ), Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA), Substation & Interconnection EPC (Collector/POI Substations, Switchyards) (EUAEADAC), Solar Balance-of-Plant EPC (Piles/Foundations, Trenching, Combiner Networks) (EUAEADAJ)

Keywords

• EPC construction services
• Coal trading logistics
• Hydropower renewable energy
• Mining infrastructure development
• Cross-border resource supply

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Construction Contracts (EPC and Design-Build): Revenue from Engineering Procurement and Construction (EPC) contracts and design-build construction projects, primarily in Lao PDR. Revenue is recognized on a percentage-of-completion basis. The company is a fully integrated construction services provider covering civil works, infrastructure, facilities, building construction, architectural structures, and mechanical and electrical systems. Construction revenue for FY2024 was THB 2,656.9 million.
2. Coal Trading (Sales Revenue): Revenue from coal trading conducted under the government-to-government (G2G) bilateral framework between Lao PDR and Vietnam. Revenue varies with delivery volume and coal price agreed with customers. NT (Nam Tien) has long-term contracts with Vietnam's major state-owned energy enterprises (Vinacomin/TKV, PetroVietnam Power Fuel, and Dong Bac), with a plan to deliver 4 million tons of coal in 2026. Nam Tien is projected to generate USD 740–1,130 million (THB 25,000–38,000 million) in annual revenue by 2030.
3. Logistics and Transportation Services: Coal transportation service fees from the XPPL mine via cross-border truck routes (Lao PDR–Vietnam) and loading at Vietnam ports for delivery to end-users. Transportation fees are included in sales revenue.
4. Other Revenue: Other revenue streams including miscellaneous income. For FY2024, other revenue was THB 67.7 million.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

PSG Corporation is a fully integrated EPC contractor and regional developer of natural resources and energy projects, delivering civil, infrastructure, facilities, building, and complex mechanical/electrical construction services (ISO 9001:2015 accredited). The Resources segment covers coal trading and cross-border logistics from the XPPL mine in Lao PDR to Vietnam under a G2G bilateral framework with state-owned energy enterprises. The Energy segment targets pumped storage hydropower (PSH), hybrid renewable energy, and cross-border electricity partnerships.

Product overview

PSG Corporation is a fully integrated construction services provider transitioning from a traditional contractor to a regional developer of natural resources and energy projects. The company operates across three core business segments: Construction Services (EPC), Natural Resources (coal trading and logistics), and Energy (hydropower and renewable energy development). The Construction segment provides civil works, infrastructure, facilities, building construction, and complex mechanical/electrical systems. The Resource segment includes coal trading under G2G agreements with Vietnam and logistics services across the Lao PDR-Vietnam border. The Energy segment focuses on pumped storage hydropower, hybrid renewable energy, and cross-border electricity partnerships. Key projects include the XPPL Expansion Phase 1 (USD 239.9M) in Lao PDR and the Nam Tien subsidiary investment in Vietnam for integrated energy resource supply chain operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Construction Services (EPC and Design-Build) Full-service Engineering, Procurement and Construction (EPC) and Lump Sum Turnkey (LSTK) delivery covering civil works, infrastructure, facilities, building construction, architectural structures, and complex mechanical and electrical systems requiring specialized expertise. ISO 9001:2015 accredited. Sold to government entities, state-owned enterprises, and large private sector project owners, primarily in the CLMVT region.
• XPPL Expansion Phase 1 Project EPC project for Xekong Power Plant Limited (XPPL) in Sekong province, Lao PDR, covering road construction, warehouse facilities, permanent camps, canteen building, and accommodation facilities to support transportation and coal production capacity expansion at the XPPL mine. Project value USD 239.9 million (approx. THB 8,082 million); 95% complete as of December 31, 2025; period of 51 months (April 2022 – June 2026).
• Resettlement Development Project New community development and basic infrastructure construction project serving populations affected by large-scale projects in northern Lao PDR. Project value THB 5,000 million; 21% complete as of Q1/2025.
• Coal Trading Business Coal trading conducted under the Government-to-Government (G2G) bilateral framework between Lao PDR and Vietnam (signed February 2025). NT (Nam Tien) holds long-term contracts with Vietnam's major state-owned energy enterprises — Vinacomin (TKV), PetroVietnam Power Fuel (PVPF), and Dong Bac — using exclusive operational and offtake rights tied to XPPL's 600+ million tons of reserves. Plans call for delivery of 4 million tons in 2026 and 4–5 million tons per year under 10-year offtake agreements, with capability to scale to 10 million tons per year; projected revenue USD 740–1,130 million (THB 25,000–38,000 million) annually by 2030.
• Logistics Business Coal transportation services from the XPPL mine in Lao PDR to Vietnamese ports via cross-border truck routes, including loading at the Vietnamese port, for delivery to end-users. Transportation service fees are included in sales revenue.
• Energy Business (PSH, Hybrid Renewable Energy, and Cross-Border Electricity) Strategic expansion into the energy sector covering pumped storage hydropower (PSH) feasibility (retrofitting existing hydropower plants, integrating solar/wind into the national grid for stability and resilience), the 7,000-hectare exclusive solar project rights in Attapeu Province (up to ~10,000 MW potential), the 1,800 MW Xekong Thermal Power Plant (XTPPL) being developed under a Power Purchase Agreement with Electricité du Cambodge (EDC) with a 253-km 500 kV transmission line, and MoUs with regional energy authorities for electricity exports to Cambodia, Singapore, and China. Partner is Electricité du Laos (EDL).

Quantifiable outcome

• Backlog of THB 3,900+ million as of Q3/2025, with THB 1.0 billion expected recognition in Q4 2025
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

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

• Nam Tien Limited Liability Company (NT)coreStrategic or Co-development Partner · 12 February 2026PSGC acquired a 64% stake in Nam Tien, a Vietnamese company established in 2006, for USD 23 million (THB 750.21 million). NT operates an integrated energy resource supply chain — mining operations, logistics, and cross-border coal delivery between Lao PDR and Vietnam. NT holds exclusive operational and offtake rights connected to XPPL (largest coal mine concession in Lao PDR, 600+ million tons reserves) and exclusive selling/distribution rights for XPPL coal in both Lao PDR and Vietnam markets. The transaction was completed on February 12, 2026, and NT became a consolidated subsidiary from Q1/2026.
• Electricité du Laos (EDL)coreStrategic or Co-development Partner · 20 May 2025PSGC and EDL signed an MoU to explore retrofitting EDL's existing hydropower plants into pumped storage hydropower (PSH) facilities, and integrating solar and wind energy into the national grid. The signing took place at EDL Headquarters in Vientiane, Lao PDR, on May 20, 2025, signed by Dr. Akhomdeth Vongsay (Managing Director of EDL) and Mr. David Van Dau (CEO of PSGC). The scope may extend to a prior MoU with the Government of Lao PDR (June 22, 2022) for PSH feasibility studies and exclusive rights for a 7,000-hectare solar project in Attapeu Province.
• Government of Lao PDR – Vietnam (G2G Framework)coreStrategic or Co-development Partner · 1 February 2025Coal trading conducted under the government-to-government (G2G) bilateral framework between Lao PDR and Vietnam, signed in February 2025. Under this framework, NT (Nam Tien) holds long-term contracts with Vietnam's major state-owned energy enterprises: Vinacomin (TKV), PetroVietnam Power Fuel (PVPF), and Dong Bac. Vietnam coal import demand is approximately 30–35 million tons per year.
• Government of Lao PDRcoreStrategic or Co-development PartnerMoU with the Government of Lao PDR signed on June 22, 2022, to undertake feasibility studies for the development of Pumped Storage Hydropower (PSH) projects across Lao PDR. The Government of Lao PDR has granted exclusive rights to conduct feasibility studies for a solar power project covering approximately 7,000 hectares in Attapeu Province, southern Lao PDR.
• Electricité du Cambodge (EDC)majorStrategic or Co-development PartnerPower Purchase Agreement (PPA) signed with Electricité du Cambodge (EDC), Cambodia's state-owned utility, for the Xekong Thermal Power Plant (XTPPL) — a 1,800 MW power plant in Kaleum, Xekong Province, Lao PDR. The project also includes an integrated mine and a 253-km, 500 kV transmission line connecting to the Laos–Cambodia border. Construction scheduled from Q4/2025 to Q1/2030.
• Regional Energy Authorities (Cambodia, Singapore, China)minorStrategic or Co-development PartnerPSGC signed MOUs with regional energy authorities to explore electricity exports from Lao PDR to Cambodia, Singapore, and China, supporting cross-border power trade.
• State-owned Energy Enterprises of Vietnam (Vinacomin/TKV, PetroVietnam Power Fuel, Dong Bac)coreChannel Partner/ Reseller/ DistributorOff-take agreements with three Vietnamese state-owned energy enterprises — Vinacomin (TKV), PetroVietnam Power Fuel (PVPF), and Dong Bac — for the supply of coal from XPPL mine under the G2G framework. Support approximately 4–5 million tons per year under long-term 10-year agreements, with capability to scale to 10 million tons per year. Plan to deliver 4 million tons in 2026.

Scale indicators19 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• BCPG: Thai-listed renewable energy developer and operator with regional solar, wind, and hydro assets. Comparable to PSG's renewable energy development pipeline, particularly the 7,000-hectare Attapeu solar project and PSH feasibility work.
• CH. Karnchang: Large Thai-listed EPC contractor with energy infrastructure, power, and large-scale civil works projects, including hydropower. Closely comparable to PSG's EPC construction business and its transition into energy project development in Southeast Asia.
• Banpu: Thai-listed integrated energy company with coal mining, trading, and power generation operations across the Asia-Pacific region. Directly comparable to PSG's coal trading/logistics business and energy segment.
• RATCH Group: Thai-listed IPP and power infrastructure investor with cross-border projects and renewable energy exposure. Comparable to PSG's energy development strategy targeting thermal, hydro, and renewable projects in Lao PDR and the wider CLMVT region.
• Italian-Thai Development: Major Thai construction and infrastructure developer with regional operations across Southeast Asia, including energy and mining-related projects. Comparable to PSG on cross-border EPC execution and regional infrastructure development.
• EGCO Group: Thai-listed independent power producer with regional generation assets including thermal and renewables. Comparable to PSG's transition toward owning and developing power generation assets across Southeast Asia.
• Sino-Thai Engineering & Construction (STECON): Thai-listed EPC contractor delivering large-scale civil, infrastructure, and energy projects. Comparable to PSG's core construction services segment and project execution capability.
• Energy Absolute: Thai-listed renewable energy and EV infrastructure developer with solar, wind, biomass, and battery operations. Comparable to PSG's energy diversification into renewables and integrated energy value chain.
• Gulf Energy Development: Thai-listed power producer and IPP developer with large-scale thermal and renewable projects. Comparable to PSG as a regional power developer pursuing generation assets, including through partnerships with state utilities.

Regional players

• PT Adaro Energy Indonesia: Indonesian-listed integrated coal mining and energy company with large reserves and export-oriented trading operations. Regionally comparable to PSG's coal trading and resource segment, though focused on a different geography and customer mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 PSG Corporation