Global Power Synergy
Global Power Synergy (SET: GPSC) is PTT Group's listed independent power producer — FY2024 revenue approximately THB 80B. Core business is 7GW+ installed capacity across Thailand, Taiwan, India, and Laos, anchored by the 2019 Glow Energy acquisition that doubled scale. GPSC sits inside the PTT ecosystem alongside PTT Global Chemical (upstream), PTTEP (oil, gas), and PTT OR (retail, EV charging via Arun Plus), making it the generation asset manager for PTT's broader energy-transition strategy. Renewable pivot includes solar, wind, energy storage, smart-energy positioning.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 80B
FY2024
Installed capacity
7GW+
FY2024
Across Thailand, Taiwan, India, Laos
Parent group
PTT Group
Since 2013
Key acquisition
Glow Energy (2019)
Scale-doubling deal
Listing
SET: GPSC
2015
What this company actually does
GPSC operates as PTT Group's generation asset manager across four geographies. Thailand is the core — gas-fired plants supporting industrial estates, Bangkok-metro load, solar, wind, renewable capacity. Taiwan adds offshore wind, solar through JV structures. India is a solar-heavy portfolio. Laos is primarily hydro JVs. The 2019 Glow Energy acquisition (from Engie) was the defining transaction — it took GPSC from a mid-scale IPP to a multi-GW cross-border operator overnight.[]
The strategic thesis is PTT ecosystem integration. GPSC generates the electrons; PTT OR's Arun Plus subsidiary builds the EV charging network; PTTEP handles upstream gas, carbon capture; PTT Global Chemical runs downstream petrochemicals. This vertical integration is a Thai-market differentiator — no other listed operator has this ecosystem. For investors, GPSC is the listed proxy for PTT's energy-transition execution.[, ]
Portfolio geography and fuel mix
Thailand (core)
Gas-fired plants (SPP, IPP), solar, wind supplying EGAT grid and industrial-estate captive loads. Glow Energy portfolio anchors Thai capacity.
Taiwan
Offshore wind, solar JVs through Taiwanese partners. Taiwan's renewable expansion provides higher IRR versus Thai PPA rates.
India
Solar-heavy portfolio through Indian renewable JV partnerships. High-growth market with favourable solar irradiation.
Laos
Hydro JV projects supplying Laos grid and cross-border Thai export. Lower capex vs gas or wind.
Energy storage and EV
Battery storage systems for grid ancillary services. ELeX JV with Gulf Energy for Thai EV charging network.
Thailand major IPPs — capacity and revenue comparison
FY2024 revenue and installed capacity for the four largest listed Thai independent power producers.
| Company | Ticker | FY2024 revenue | Installed capacity | Parent group |
|---|---|---|---|---|
| Gulf Energy Development | SET:GULF | ~ $3.19B | ~14GW | Ratanavadi family |
| GPSC | SET:GPSC | ~ $2.32B | ~7GW+ | PTT Group |
| EGCO Group | SET:EGCO | ~ $1.59B | ~5.5GW | EGAT, KBank |
| B.Grimm Power | SET:BGRIM | ~ $1.01B | ~3GW | B.Grimm family |
Watchpoints for the next annual report
Cross-border capex pace
Taiwan offshore wind, India solar additions signal growth velocity.
PTT ecosystem integration
Arun Plus, PTT Global Chemical, PTTEP coordination milestones.
Energy-storage deployment
Battery, grid-ancillary services scale, revenue.
Coal exposure retirement
Legacy Glow coal portfolio phase-out timing.
Related Market profiles
Peers, parents, partners, agencies, and other Renewable Energy actors.
Competitor
Gulf Energy Development
Largest listed IPP peer with data-centre, SingTel diversification.
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Competitor
B.Grimm Power
Industrial-estate SPP peer.
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Sector peer
BCPG Public Company Limited
Bangchak-linked listed renewable power developer and operator.
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Sector peer
B.Grimm renewable-power platform
SET-listed Thai SPP / IPP; SET:BGRIM; gas-fired cogeneration, renewable portfolio; B.Grimm family-controlled.
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Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Global Power Synergy (SET: GPSC) FY2024 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Global Power Synergy (SET: GPSC) FY2024 56-1 | Global Power Synergy PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Floating Solar & Hybrid Hydro 2027 Market Intelligence
Global Power Synergy (PTT Group) floating-solar plus battery-storage integration on industrial reservoirs; pairs naturally with GPSC's grid-scale storage roadmap.
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Sits alongside 5 other Atlas profilesThailand Maritime Bunker & Green Methanol 2027 Market Intelligence
GPSC (SET:GPSC) supplies renewable power and battery storage that firms electrolyser feed for PTT Group e-methanol production; integral to the Power-to-Methanol economics underwriting the bunker thesi
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Sits alongside 3 other Atlas profilesThailand Solar Carport & EV Microgrid 2027 Market Intelligence
PTT Group, behind-the-meter BESS, G-Cell battery cell facility
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Sits alongside 4 other Atlas profilesThailand EV Battery Recycling & Second-Life 2027 Market Intelligence
PTT group's G-Cell semi-solid-state battery prototype plus grid-scale ESS platform; primary off-taker for second-life NMC and LFP packs into utility ESS.
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Sits alongside 2 other Atlas profilesThailand Solar Rooftop & Net Metering 2027 Market Intelligence
PTT group's listed power arm (SET: GPSC) with rooftop projects across PTT industrial cluster
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Sits alongside 6 other Atlas profilesThailand Green Hydrogen and Ammonia 2027 Market Intelligence
PTT-group power arm, hydrogen storage and power-to-X R&D
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Sits alongside 6 other Atlas profilesThailand EV Charging Infrastructure 2027 Market Intelligence
G-Cell semi-solid battery, 9-firm swap-station consortium
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Sits alongside 8 other Atlas profilesThailand LNG & Natural Gas Import Infrastructure Market Intelligence
Industrial captive shippers under TPA, mid-scale terminal access
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Sits alongside 4 other Atlas profilesThailand Energy Storage & Batteries Market Intelligence
PTT Group power arm; 30 MWh SemiSolid LFP plant at Map Ta Phut, ESS integration
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Sits alongside 8 other Atlas profilesThailand Power & Utilities Market Intelligence
PTT Group power arm; gas, renewables, EV, battery.
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Sits alongside 6 other Atlas profilesThai Renewable Energy: BCPG, GPSC, EA Energy Absolute, and the PDP 2037 50% Renewable Target
PTT-affiliated; tier-1 Thai IPP, renewable.
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Sits alongside 5 other Atlas profilesGulf Energy: Power Portfolio and the Data-Centre Build
PTT Group listed IPP; FY2024 revenue ~THB 80B; 7GW plus portfolio across Thailand, Taiwan, India, Laos; Glow Energy acquisition anchor; energy-storage, EV-charging adjacency via PTT ecosystem.
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Sits alongside 3 other Atlas profilesGPSC: Petrochemical Captive Power and the Renewables Pivot
PTT Group's listed power arm; 4,431 MW, 2,858 t/h steam; FY2024 revenue THB 90.7B, EBITDA THB 19.0B, net profit THB 4.06B.
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Sits alongside 5 other Atlas profilesEGCO: IPP Portfolio and the Overseas-Yield Mix
PTT Group listed power arm; FY2024 revenue ~THB 80B; 7GW across Thailand, Taiwan, India, Laos; Glow Energy 2019 acquisition anchors scale.
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Sits alongside 3 other Atlas profilesThailand Renewable Energy Market Intelligence
PTT Group listed power arm; 7GW+ across Thailand, Taiwan, India, Laos; FY2024 ~THB 80B.
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Sits alongside 6 other Atlas profilesThailand Environmental & Carbon Services Market Intelligence
GPSC PTT-backed power, renewable energy, carbon credit.
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Sits alongside 7 other Atlas profilesThailand EV Charging Network Deep Dive
GPSC, Gulf EleX JV Thai EV charging network.
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Sits alongside 6 other Atlas profilesThailand Renewable PPA Economics Deep Dive
GPSC PTT Group power, renewable, storage.
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Sits alongside 4 other Atlas profilesThailand Solar Rooftop Economics Deep Dive
GPSC PTT Group solar, renewable integrated.
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Sits alongside 3 other Atlas profilesThailand Electricity Tariff EGAT MEA PEA Deep Dive
PTT-linked IPP, SPP, battery, EV adjacency.
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Sits alongside 4 other Atlas profilesThailand Biomass & Biogas Power VSPP Deep Dive
GPSC renewable, biomass, biogas component.
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Sits alongside 6 other Atlas profilesThailand Coal Power Transition, BANPU, Mae Moh Deep Dive
PTT power arm — gas, renewables, battery storage; no coal exposure
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Sits alongside 3 other Atlas profiles