Strong Investor Confidence in XPCL Green Financing
Xayaburi Power Company Limited (XPCL), an associate company of CK Power Public Company Limited, recently announced the successful oversubscription of its Thai baht-denominated green debenture offering, a clear signal of strong demand from both institutional and high-net-worth investors. This overwhelming response highlights significant investor confidence in XPCL’s business resilience, robust financial performance, and its unwavering commitment to strengthening Thailand’s renewable energy stability. The offering consisted of two series of green debentures, the Unsubordinated and Unsecured Green Debentures No. 1/2025, and the Unsubordinated and Guaranteed Green Debentures No. 2/2025, both with debentureholders’ representatives. The subscription period, held on July 18, 21, and 22, 2025, was arranged by a consortium of prominent financial institutions, including Bangkok Bank, Krungthai Bank, Siam Commercial Bank, Kiatnakin Phatra Securities, Krungthai XSpring Securities, and Asia Plus Securities. Mr. Vorapote Uchoepaiboonvong, the Managing Director of XPCL, expressed his gratitude for the support, stating that the proceeds from the offering would be strategically used to refinance debentures due in July 2025 and to further propel the company’s commitment to a sustainable energy future in the region.
Leading Renewable Energy Provider in the Region
The successful green debenture issuance was carried out under XPCL’s Green Financing Framework, a robust system that adheres to key international standards, including the Green Bond Principles 2021, Green Loan Principles 2021, and ASEAN Green Bond Standards 2018, with DNV serving as the independent external reviewer. At the heart of the company’s operations is the 1,285 MW Xayaburi Hydroelectric Power Plant, located in the Lao People’s Democratic Republic, which operates under a 29-year concession agreement. This facility is a vital source of clean energy, with nearly all the electricity it generates being sold to the Electricity Generating Authority of Thailand (EGAT) through a long-term power purchase agreement (PPA) that became effective in October 2019. The plant’s annual generation of over 7,000 GWh of renewable electricity is a significant contribution to Thailand’s energy mix and plays a crucial role in its climate goals, helping the country to avoid approximately 3.8 million tonnes of CO₂ equivalent emissions each year, positioning XPCL as a key player in the regional green energy landscape.
Robust Financial Health and Market Leadership
XPCL’s strong financial performance provides a solid foundation for its growth and market leadership. The company reported a total revenue of THB 13.48 billion and an impressive EBITDA of THB 11.93 billion in 2024, with total assets reaching THB 127.6 billion. Demonstrating sound financial management, the company maintained a healthy net interest-bearing debt-to-equity ratio of 1.53 times, a figure well below its covenant threshold. This financial discipline continued into the first quarter of 2025, where XPCL posted a revenue of THB 2.87 billion and an EBITDA of THB 2.52 billion, with the debt-to-equity ratio further improving to 1.48 times as of June 30, 2025. This success is underpinned by the company’s strong ownership structure, with major shareholders including CK Power Public Company Limited with a 42.5% stake, Global Power Synergy Public Company Limited with 25% via a subsidiary, and Electricity Generating Public Company Limited with 12.5%. The successful green debenture offering not only reinforces XPCL’s financial position but also solidifies its leadership in sustainable energy generation, which is pivotal for Thailand’s transition towards a low-carbon economy.
