WEH issues bonds to major investors and institutions, with interest rates of 6.90% – 7.10% per year, payable quarterly.
Wind Energy Holding Public Company Limited (WEH), a wind power producer, has filed for an IPO to sell 2-year and 6-month debentures, maturing in 2028, with a fixed interest rate of 6.90% – 7.10% per annum, payable quarterly. The debentures will be offered to large investors and institutions, with the subscription period expected to be from March 24-26.
February 18, 2569 – Mr. Natthaphasin Chettudomlap, Chief Executive Officer of WEH. It was revealed that on February 17th, the company filed a registration statement (filing) with the Securities and Exchange Commission (SEC) to request permission to issue and offer for sale the aforementioned bonds. These are long-term, registered, unsecured, unsubordinated bonds with a bondholder representative, to high-net-worth individuals and institutional investors, with a fixed interest rate of 6.90 – 7.10% per annum.
In terms of performance, in 2024, the company had total revenue of 11,313 million baht and a net profit of 5,388 million baht. It expects to maintain this strong revenue performance for the sixth consecutive year, with total revenue for the first six months of 2025 projected at 5,198 million baht, an increase of 2.68% compared to the same period last year. Meanwhile, the debt-to-equity ratio (D/E Ratio) continues to decline, remaining at a low level of 0.70 times from 0.74 times at the end of 2024, which is lower than the industry average of 1.50 times, and the company has never defaulted on debt payments.
This performance resulted from electricity production exceeding the target, due to average wind speeds being at a high level similar to the previous year, as well as consistently high wind turbine availability throughout the year.
Key strengths of the company. คือ A stable and resilient income structure, unaffected by economic fluctuations. Due to long-term power purchase agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) covering all eight wind power projects, cash flow from operations remains consistently high.
In addition to revenue from electricity sales, five out of eight wind power projects also receive an electricity purchase price adder, the duration of which covers the term of this bond issue.
In addition, the company won bids for four new renewable energy power plant projects with a total contracted capacity of 299 megawatts, comprising three wind power projects and one solar power project with energy storage.
The projects are scheduled to gradually commence commercial operation (COD) and begin recognizing revenue from 2027 onwards, with full revenue recognition from all four projects by 2030. This will increase the total authorized wind power capacity from the government to 1,016 megawatts from the previous 717 megawatts, thus achieving the planned target. In addition, the company is developing several more wind power projects in preparation for participating in the next selection round.
This The company has appointed eight securities firms as underwriters for this new bond issuance. together with
- DAOL Securities (Thailand) Public Company Limited (DAOL)
- Beyond Securities Public Company Limited (BYD)
- UOB Kay Hian Securities (Thailand) Public Company Limited (UOBKH)
- Globex Securities Company Limited (GBS)
- Maybank Securities (Thailand) Public Company Limited (MAYBANK)
- Trinity Securities Company Limited (TRINITY)
- Phillip Securities (Thailand) Public Company Limited (PST)
- Apollo Wealth Securities Company Limited (APW)
This bond issue has DAOL Securities (Thailand) Public Company Limited as the bondholder representative and Bangkok Bank Public Company Limited as the bond registrar.
The purpose of issuing these bonds is to...
- Purchase assets, invest, or spend on business related to the current business.
- For lending or debt repayment within the group of companies.
- Used as short-term working capital.
Currently, WEH operates eight wind power plants with a total installed capacity of 717 megawatts, the largest in Thailand. These projects cover a combined project area of approximately 850 square kilometers in Nakhon Ratchasima and Chaiyaphum provinces. All power plants are operational and selling electricity to the Electricity Generating Authority of Thailand (EGAT) under long-term Power Purchase Agreements (PPAs), with a total contracted capacity of 690 megawatts.
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