Naru Chon Damrongpiyawut, Chief Executive Officer of GUNKUL Engineering Public Company Limited, revealed that the 2026 annual plan for the green power generation business anticipates signing additional Power Purchase Agreements (PPA) totaling 300 megawatts this year. Furthermore, the company plans to expand investments in solar power projects abroad, currently negotiating large clean energy projects of over 100 megawatts in the promising markets of the Philippines and Taiwan. These negotiations are over 80-90% complete, with deals expected to close within the first half of the year.
The focus will be on joint ventures where the company holds the majority stake, leveraging the expertise of local partners to manage operations and comply with regional regulations. The goal is to grow the green energy portfolio to over 2,000 megawatts by 2027.
In addition, the electrical contracting (EPC) business continues to bid for new projects to replenish its backlog—currently about 8 billion baht—with approximately 70-80% or 5 billion baht expected to be recognized as revenue this year, and the remainder carried over to the next year.
Meanwhile, the electrical equipment manufacturing and sales division is expanding markets for medium to high voltage electrical devices and preparing for low-voltage equipment for incoming Data Centers. The company is also advancing into nationwide inverter and battery markets.
The company is also negotiating to continuously add new backlog, especially for government projects upgrading interprovincial power transmission lines to the Eastern Economic Corridor (EEC) zone and constructing substations for rapidly expanding Data Centers in Thailand. GUNKUL is ready and interested in bidding for multiple components, confident this will drive 2026 revenue growth of 10-15%, targeting 10 billion baht.
Naru Chon further stated that 2026 will be full of challenges and growth aligned with global trends, particularly Thailand’s acceleration of its Net Zero carbon neutrality target by 15 years. This shift is a key driver increasing demand for clean energy continuously, alongside national infrastructure expansion.
Projects such as Data Centers, the growth of the electric vehicle (EV) industry, electricity use in the EEC special development zone, and the high-speed rail project are all crucial elements supporting the robust growth of GUNKUL’s clean energy portfolio.
At the consumer level, GUNKUL sees positive signs from the “Solar for Citizens” program benefiting from a 200,000 baht tax deduction policy, which has resulted in a surge of customer inquiries.
“Overall, the company group’s business is on a bright path, especially in engineering, procurement, and construction, benefiting from rising market demand and declining prices of key raw materials such as steel. Although international instability has caused some cost and dollar exchange rate volatility, the company has mitigated risks by locking in prices for key materials and equipment in advance. For new projects in the second half of the year, the company plans to adjust pricing structures to maintain a double-digit gross profit margin, which is a satisfactory level consistent with the company’s standards,” said Naru Chon.
Looking ahead, the company expects 2026 to mark a clear leap forward as large-scale solar farms begin commercial operation (COD) toward the end of the year, leading to significant electricity sales revenue growth in 2027.
. . . Naru Chon commented that amid the global energy crisis and volatile solar panel prices—which have bottomed out and are now rising due to China’s regulation of price undercutting and removal of export tax subsidies—the company is not affected in the short term thanks to effective cost management.
He views this as a positive opportunity that increases awareness across sectors about the importance of domestic clean energy reliance. Notably, consumer behavior is changing, with more retail customers reaching out, enhancing the company’s trading and residential solar installation business, enabling a more comprehensive market share reach.
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