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EGAT Group And Saudi Arabia’s Ministry Of Investment Signs MOU On Clean Energy

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Mr. Boonyanit Wongrukmit, Governor of the Electricity Generating Authority of Thailand (EGAT) revealed that on November 17, 2022, the Ministry of Investment of Saudi Arabia (MISA) represented by Mr. Fahad J. Alnaeem, Ministry Deputy for Investments Development together with EGAT Group comprising EGCO Group Public Company Limited by Mr. Thepparat Theppitak, RATCH Group Public Company Limited by Ms. Choosri Kietkajornkul, EGAT International Company Limited by Mr. Bundit Umpornsrisupap, and INNOPOWER Company Limited by Mr. Athip Tantivorawong signed the Memorandum of Understanding on Clean Energy. The MOU aims to promote collaboration on energy transition, EV ecosystem, operation, and maintenance service, and other related operations to achieve the two countries’ goal of decarbonization.

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Mr. Thepparat Theppitak representing EGAT Group said that this collaboration is another driving force to switch from fossil fuels to clean energy to achieve Thailand’s Carbon Neutrality. Although the energy transition is a great challenge for the two countries, the collaboration between Saudi Arabia and Thailand will accelerate the concrete achievement of the decarbonization policy. People of both countries will have more chances for selecting products of clean energy. Most importantly, collaboration is a key mechanism to move toward a green society and the carbon reduction goal as planned for the future.  

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Mr. Fahad J. Alnaeem expressed his thanks to EGAT Group for signing MOU with MISA with the aim to support clean energy use and transition. The two countries will step forward together to achieve the goal of the MOU. Although Saudi Arabia mostly relies on oil, it aims to achieve a clean energy transition by 2030. Nowadays, the country invests in the green hydrogen plant with a generating capacity of 650 tons per day and plans for renewable energy, accounting for 50% of the energy mix. Moreover, a mega project with smart city technologies, Neom City of the Future, whose power consumption will rely on renewable energy for 100% is being developed. Saudi Arabia has also promoted EV deployment by building its  EV manufacturing plants. With its determination to the energy transition, MISA is pleased to work with EGAT Group, a great partner, to sustainably drive the collaboration for business success in the future.

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“This MOU singing is a great opportunity for EGAT Group to start business and investment as well as share experiences, knowledge, technologies, and innovations with the government and private sectors of Saudi Arabia. Also, it is a good chance to strengthen our relationship with our great partner,” ended Mr. Boonyanit Wongrukmit.

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