CKPower Raises THB 5 Billion via Oversubscribed Green Bonds to Fund Renewable Expansion

CK Power Public Company Limited , one of Southeast Asia’s leading renewable electricity producers with one of the lowest carbon footprints in the sector, has successfully completed its green bond offering, raising THB 5 billion amid substantial investor demand and oversubscription.

The issuance, conducted over three days — June 5, 6, and 9 — featured four tranches of unsubordinated and unsecured green bonds, all of which attracted strong interest from institutional investors. According to Mr. Thanawat Trivisvavet, Managing Director of CKPower, the robust response reflects market confidence in the company’s financial strength, effective governance, and strategic commitment to advancing the clean energy transition while ensuring sustainable development across its operations.

Proceeds from the offering will primarily support the construction of the Luang Prabang Hydroelectric Power Project. Remaining funds will be used to repay promissory notes tied to the company’s investment in the Xayaburi Hydroelectric Power Plant.

The green bonds were issued across the following tranches:

• Tranche 1: THB 1 billion, 3-year tenure, fixed interest rate of 3.15% per annum.
• Tranche 2: THB 1 billion, 4-year tenure, fixed interest rate of 3.30% per annum.
• Tranche 3: THB 1 billion, 5-year tenure, fixed interest rate of 3.45% per annum.
• Tranche 4: THB 2 billion, 10-year tenure, fixed interest rate of 3.90% per annum, with issuer’s right to early redemption.

All four tranches received an “A-” credit rating with a “stable” outlook from TRIS Rating, aligning with CKPower’s corporate credit rating. The bonds meet international green finance standards, including the Green Bond Principles 2021, Green Loan Principles 2025, and the Thailand Taxonomy 2023. Independent external verification was provided by global certification body DNV.

The offering was arranged exclusively for institutional investors, excluding individual and high-net-worth investors. Bangkok Bank Public Company Limited, Krungthai Bank Public Company Limited, CIMB Thai Bank Public Company Limited, TMBThanachart Bank Public Company Limited, Siam Commercial Bank Public Company Limited, and Kiatnakin Phatra Securities Public Company Limited served as joint lead arrangers.

Expressing gratitude, Mr. Thanawat stated, “We sincerely thank our investors for their confidence in our operations, which are grounded in sound financial management, strong corporate governance, and a firm commitment to social and environmental responsibility. We also acknowledge the efforts of the lead arrangers whose expertise was instrumental in the success of this offering.”

In 2024, CKPower’s renewable energy operations supplied over 8.8 million megawatt-hours (MWh) of clean electricity to Thailand, accounting for approximately 16% of the country’s total renewable electricity consumption. These operations helped avoid an estimated 4.4 million tonnes of carbon dioxide equivalent (tCO₂e) in greenhouse gas emissions over the past year.

Looking ahead, CKPower remains focused on expanding its renewable energy portfolio with an emphasis on hydropower and solar power. The company is also actively pursuing new green finance opportunities such as renewable energy certificates (RECs), while promoting innovation to improve energy efficiency and reduce consumption across its value chain. CKPower has reiterated its long-term commitment to achieving net-zero greenhouse gas emissions by 2050.