• June 3, 2023

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WHA Utilities and Power (WHAUP), owned by tycoon Jareeporn Jarukornsakul, said on Wednesday it had issued two tranches of bonds amounting to 2.8 billion baht ($81.5 million). The two tranches consist of a three-year green bond of 1.8 billion baht with a fixed coupon rate of 3.06% per annum and a five-year plain vanilla bond of 1 billion baht with a fixed coupon rate of 3.71% per annum. The bonds were rated A- by local agency TRIS Rating.

WHAUP CEO Somkiat Masunthasuwun said the bonds were bought by institutional and high-net-worth investors based on their confidence in the company’s business fundamentals, financial strengths and growth potential.


“The company will continue developing businesses and stay focused on sustainable growth both in Thailand and internationally,” he said in a statement from the company.

The bonds were offered at the end of May and arranged by two joint managers, Kasikorn Bank and Siam Commercial Bank. The green bond will be used to fund WHAUP’s investment in solar energy-related projects, while the plain vanilla bond will be used to repay the company’s existing debt.

In January, WHAUP had issued a one-year bond of 1 billion baht at 1.48%. WHAUP has been expanding its investment into solar energy-related projects as it saw that the technology can improve efficiency and provide renewable energy for customers.

In the first quarter of 2022, WHAUP invested 30 million baht to install a ground-mounted solar power system for data center firm Supernap (Thailand). The installation will help reduce electricity costs and lessen carbon dioxide emissions by up to 18,250 tonnes.

As of December 2021, WHAUP’s power plants had a combined capacity of 607 megawatts, including 55 MW of operating solar power plants and another 35 MW of solar projects under construction.


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