GPSC unit to lease IRPC land for Bt400.9m solar project

Lease runs 1 May 2026 to 30 April 2056 for 716 rai in Songkhla.

Global Power Synergy (GPSC) disclosed a connected transaction involving its subsidiary IRPC Clean Power Co (IRPCCP) leasing land from IRPC to develop a ground-mounted solar power project, following board approvals.

GPSC said the lease covers 716 rai, 3 ngan, and 83 square wah, about 283.5 acres, in Natup subdistrict, Chana district, Songkhla province, for 30 years from 1 May 2026 to 30 April 2056.

It said the total lease value will not exceed Bt400.87m, excluding land and building tax.

GPSC said the lease rate is Bt12,375 per rai per year, payable annually, with a 10% rental escalation every three years starting 1 Jan. 2031. It said pricing was assessed by independent appraisers and referenced to market lease rates.

GPSC said the land will support a solar project with a contracted capacity under a power purchase agreement of 74.88MW under Thailand’s FiT renewable procurement programme, the 2022 to 2030 additional round.

GPSC said the transaction is classified as connected because GPSC and IRPC share the same major shareholder, PTT, and IRPCCP is a GPSC subsidiary in which GPSC holds 51%.

It said the transaction size, calculated against net tangible assets as at 31 Dec. 2025 and including the past six months’ transactions, exceeds 0.03% but is below 3%, requiring board approval and disclosure to the Stock Exchange of Thailand.

GPSC said it included a prior connected transaction disclosed on 19 Dec. 2025 for IRPCCP’s land acquisition in Rayong valued at about Bt309m in the calculation.

It said the combined value with the lease totals about Bt735m, or about 0.7% of net tangible assets.

GPSC said IRPCCP will fund the lease through internal funds and or external financing from financial institutions.

It added that directors considered the transaction appropriate for the subsidiary’s operations, with no conflict of interest among directors voting, and the audit committee had no differing opinion.