GPSC joins hands with Keppel to enter the Cooling as a Service market in Thailand

GPSC joins hands with Keppel to establish a new joint venture to develop energy service innovations (Energy-as-a-Service) to penetrate the Cooling as a Service market in Thailand to support the increasing demand for cooling by commercial and industrial customers, responding to the development of the country's economy along with customers and moving towards a low-carbon society for sustainability. Mr. Worawat Pitayasiri, Chief Executive Officer and President of Global Power Synergy Public Company Limited (GPSC), the innovation leader of the power business of PTT Group, revealed that on August 13, 2024, GPSC signed a business cooperation agreement and a joint venture agreement with Keppel Ltd., Infrastructure Division to develop a comprehensive energy service business, Energy-as-a-Service, through cooperation from both parties to jointly explore business development opportunities in 3 areas: 1. Cooling as a Service (CaaS) business in both Thailand and India; 2. Development of renewable energy projects in Sout heast Asia; and 3. Development of an integrated EV charging platform between Thailand and Singapore, using the strengths and expertise of both parties to support business development for strong growth. The signing of the joint venture agreement will be an extension of the Business Collaboration Agreement, whereby Combined Power and Power Producing Company Limited (CHPP) and Keppel EaaS (Thailand), a subsidiary of both parties, will jointly conduct business under the establishment of a new joint venture company, with CHPP holding 51% of the shares and Keppel EaaS (Thailand) holding 49% of the shares, to develop and expand the business of providing Cooling as a Service (CaaS) solutions with innovations in new energy management covering both centralized (District Cooling) and non-centralized (Retail Cooling) water chilling businesses in Thailand. Both parties will bring their expertise in resources, knowledge, and networks to support the business opportunities of the joint venture company in expanding the custo mer base in both the PTT Group and other industrial and commercial customers, along with the introduction of Keppel's modern Smart AI system to enhance project management efficiency and increase competitiveness. This business collaboration is an important step in expanding the water chilling service business by integrating innovation and technology to create new solutions, in line with the S4 strategic direction: Shift to Customer-Centric Solutions under the business operations of GPSC and its subsidiaries in providing innovative solutions. To increase efficiency in the country's energy management, with the goal of developing sustainable businesses. Ms. Cindy Lim, Chief Executive Officer of Keppel Ltd, Infrastructure division, said that the company will leverage its expertise in chilled water production technology and provide various energy solutions with GPSC to develop sustainable new energy management innovations through business collaboration and joint ventures in developing chilled water production busi nesses in Thailand, as well as expanding other businesses under the Business Collaboration Agreement, such as developing renewable energy under the ASEAN power grid and developing an integrated international electric vehicle charging platform. Keppel Ltd, Infrastructure division is a leading company in Singapore in renewable energy, environment and new energy businesses, using its technical expertise, self-developed and continuously improved technology as business solutions tools. Meanwhile, Keppel EaaS (Thailand) is a provider of energy solutions tailored to customer needs, especially in providing services related to the production of chilled water (District Cooling and Retail Cooling) in the form of Cooling as a Service, which is part of helping customers effectively reduce their carbon dioxide emissions. -517 Source: Thai News Agency