Thailand's PTT to acquire majority stake in Glow Energy for $3.05b

The deal is set to be done through PTT’s unit, GPSC.

Oil and gas conglomerate PTT through its power and utilities unit Global Power Synergy (GPSC) is acquiring a 69.11% stake in power generating company Glow Energy for more than $3.05b (THB100b). 

Also read: Thailand's BCPG eyes US$300m expansion

Glow is Thailand’s largest private electricity generator with total capacity of 3,207 MW of electricity and 1,206 tons per hour of steam. It supplies power for most of the country’s industrial estates as well as those to neighbour countries.

The deal is set to expand the conglomerate’s power generating and utilities business as it moves to curb risk from volatile oil price fluctuations through diversification.

The acquisition is also largely in line with the country’s power development plan aimed at increasing the proportion of power generated through renewables to 30% of the country’s energy mix in fifteen years.