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Investment Allocation Strategy for Sustainable Clean Energy Projects
With an investment vision aimed at achieving the complete replacement of coal with waste-derived fuel, the Company is expected to become a 100% “Coal-Free Power Plant Producer” by early 2026. The Company will have a total installed capacity of 507.2 megawatts, consisting of 400 megawatts from waste-fueled power plants, 40 megawatts from waste heat power plants, 57.3 megawatts from solar power plants, and 9.9 megawatts from community waste power plants, thereby enhancing diversification of energy-related risks.
These initiatives, together with improvements in the waste fuel separation process and the implementation of artificial intelligence technology to control the production process for stable combustion and significantly lower fuel costs, have enhanced the Company’s profitability. This helps offset the impact from the expiration of the additional electricity purchase price incentive (Adder).
Sustainable Operating Performance
In 2025, the Company and its subsidiaries recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of Baht 3,953 million, compared to Baht 4,788 million in 2024, representing a decrease of Baht 835 million, primarily due to the expiration of the additional electricity purchase price incentive (Adder).
The Company and its subsidiaries recorded a net profit of Baht 2,266 million in 2025, consisting of Baht 2,278 million from normal business operations, a net foreign exchange gain of Baht 89 million, and income tax expenses of Baht 101 million. In comparison, in 2024, the Company recorded a net profit of Baht 3,302 million, consisting of Baht 3,478 million from normal business operations, a net foreign exchange gain of Baht 21 million, and income tax expenses of Baht 197 million.
However, the ESG investment projects that have been continuously implemented in previous years are expected to enable the Company to increase revenue, reduce production costs, and enhance profitability, thereby supporting sustainable growth in the Company’s operating performance going forward.
The Company also continues to maintain a strong financial position. As of the end of 2025, the Company had total assets of Baht 68,821 million and shareholders’ equity of Baht 36,415 million, with a Net Interest-Bearing Debt to Equity Ratio (Net IBD/Equity Ratio) of only 0.66 times. This reflects the Company’s solid financial position and demonstrates its readiness and capability to support future investment expansion in order to create sustainable value for shareholders.
Fundraising through the Issuance of Green Debentures
During the period from 2025 to early 2026, the Company raised funds through the issuance of green debentures totaling Baht 6,500 million to be invested in environmentally friendly clean energy power plant projects. These green debentures have consistently received strong and rapid responses from investors.
Energy System Stability and Stable Revenue
In 2025, the Company not only played a prominent role in clean energy power generation but also served as a key mechanism in driving the country’s circular economy by transforming the burden of community waste into an energy resource. The successful commercial operation of the community waste-to-energy power plant project in Songkhla Province on December 8, 2025, together with the progress of the community waste-to-energy power plant project in Mukdahan Province, demonstrates the Company’s expertise in converting the social burden of waste disposal into national energy security. This achievement has led to the creation of “carbon assets”, including carbon credits and Renewable Energy Certificates (RECs), which are considered hidden assets that have not yet been recorded in the accounting records but are ready to generate additional economic value in the era of the Green Economy.
Moreover, the Company has commenced commercial operations of a 20-megawatt battery energy storage project and solar power plant projects (ground-mounted systems in Zones 1–3 and rooftop installations) with a combined capacity of 66.90 megawatts. These projects represent low-cost electricity generation sources, supplying electricity to the TPI Polene Public Company Limited cement plant.
In 2026, the Company has a policy to make further investments in the installation of boilers and related equipment to utilize waste heat energy from the cement production process of TPI Polene Public Company Limited for increased electricity generation. The project is expected to be gradually completed by 2027.
Tangible ESG Achievements and Value Creation from Carbon Assets
The Company recognizes that, for investors, “sustainability must be measurable.” In 2025, the Company successfully advanced its ESG strategy with measurable outcomes that strengthen its financial performance and create premium valuation potential for shareholders in the long term, as follows:
- The Company successfully reduced greenhouse gas emissions, a key cause of global warming, by converting more than 3.40 million tons of community waste into energy in 2025. This initiative reduced greenhouse gas emissions from landfill disposal by approximately 7.89 million tons of CO2e. In addition, engineering efficiency improvement measures further reduced greenhouse gas emissions by 7.71% and decreased energy consumption by 10.69% compared to 2024.
- The Company has generated and accumulated carbon credits and Renewable Energy Certificates, which are considered hidden assets with significant economic value that have not yet been recorded in the accounting records. These assets have strong potential to create new revenue streams in the future through carbon market mechanisms. The Company has registered T-VER carbon credits with the Thailand Greenhouse Gas Management Organization (TGO), totaling more than 2.02 million tons of CO2e, and has accumulated more than 3.87 million Renewable Energy Certificates (RECs). These assets are increasing in value in line with global market price trends and are well-positioned to generate revenue from the growing demand of leading organizations pursuing 100% renewable energy targets (RE100 – Renewable Energy 100%).
- The Company is committed to good corporate governance, as evidenced by its Corporate Governance Report (CGR) rating of “Very Good” (4 Stars) from the Thai Institute of Directors (IOD) and its SET ESG Ratings of AA from the Stock Exchange of Thailand.
These figures are not merely environmental statistics but represent “New Business Capital”, which will strengthen the Company’s financial position and generate premium valuation for shareholders in the long term.
Strategy Toward Net Zero and International Recognition of Excellence
Under its vision to become a leader in the energy transition, the Company has established a clear Decarbonization Roadmap to achieve carbon neutrality by 2037 and net zero greenhouse gas emissions by 2050. The Company adopts the Task Force on Climate-related Financial Disclosures (TCFD) as the framework for managing risks and opportunities.
The successful implementation of this strategy has been affirmed through recognition at both global and national levels, serving as a mark of excellence in management quality. These accolades reflect the Company’s capability to drive the green energy business while creating shared value for society and the environment, as evidenced by the 2025 honor roll, including: Global Good Governance Awards (3G Awards) 2025 (for leadership in Green Innovation and Environmental Responsibility); ASEAN Energy Awards 2025 (for achievements in Renewable Energy Technology at the ASEAN regional level); Thailand Energy Awards 2025 (for engineering excellence in Energy Efficiency and Grid Stability); Plaque of Honor for Outstanding Carbon Credit Project (T-VER) (for tangible achievements in Climate Change Mitigation); Outstanding Organization of the Year 2025 Award, among others.
The aforementioned awards are not only a source of pride but also serve as “Management Quality Verification,” demonstrating that the Company operates in accordance with internationally recognized sustainability standards and is well positioned to achieve stable long-term growth.
On behalf of the Board of Directors, I would like to express sincere appreciation to our shareholders, business partners, financial institutions, stakeholders, and all employees for their continued confidence, trust, and steadfast support. The Company firmly believes that its strong engineering foundation, financial discipline, and ESG-driven strategy will serve as an important economic stronghold in safeguarding and advancing TPI Polene Power toward sustainable growth, becoming a leader in the region’s energy transition, and continuing to generate sustainable returns.
On behalf of the Board of Directors of TPI Polene Power Public Company Limited, we would like to express our sincere gratitude to our shareholders, debenture holders, financial institutions, executives, employees, and all stakeholders for their support of the company's operations over the past year. The collaboration of communities, employees, investors, and business partners has been a key driver in advancing the company toward its sustainability goals. Looking ahead, the company remains committed to expanding renewable energy projects and clean energy innovations, while enhancing power generation capacity to meet growing demand and support sustainable development goals at both the corporate and national levels.
Sincerely Yours,
Mr. Prachai Leopairatana
Chairman