Gunkul Engineering (SET:GUNKUL)
Gunkul Engineering Public Company Limited (SET:GUNKUL) is a SET-listed Thai renewable-energy independent power producer (IPP) specialising in solar, wind, and biomass generation assets across Thailand and Vietnam. Diversified portfolio includes utility-scale solar farms, rooftop-solar PPAs, onshore wind farms, and biomass plants. Co-exists with B.Grimm Power (SET:BGRIM), GULF Energy (SET:GULF), EGCO Group (SET:EGCO), RATCH Group (SET:RATCH), and Energy Absolute (SET:EA) in Thai renewable-IPP tier.
Profile overview
Gunkul Engineering Public Company Limited (SET:GUNKUL) is a SET-listed Thai renewable-energy independent power producer (IPP) specialising in solar, wind, and biomass generation assets across Thailand and Vietnam. Diversified portfolio includes utility-scale solar farms, rooftop-solar PPAs, onshore wind farms, and biomass plants. Co-exists with B.Grimm Power (SET:BGRIM), GULF Energy (SET:GULF), EGCO Group (SET:EGCO), RATCH Group (SET:RATCH), and Energy Absolute (SET:EA) in Thai renewable-IPP tier.
Generation portfolio segments
Utility-scale solar
Core MW-generation revenue stream
Gunkul's utility-scale solar portfolio in Thailand totals approximately 300-350 MW contracted capacity across Multiple VSPP and SPP agreements with EGAT. Solar PPAs under Thailand's AEDP programme typically run 20-25 years, providing long-duration contracted cash flows.
Wind farms
Onshore wind in Thailand and Vietnam
Gunkul operates onshore wind farms in northeastern Thailand and has expanded into Vietnam through a development-stage wind portfolio. Wind capacity of approximately 50-80 MW in Thailand is supplemented by Vietnam pipeline projects under Vietnamese FIT mechanisms.
Biomass and waste-to-energy
Agricultural-residue power generation
Biomass plants in Thailand's central and northern regions use agricultural residue (rice husk, bagasse, wood chip) as fuel under VSP agreements. Biomass provides baseload capacity complementing the intermittent output of solar and wind assets.
GUNKUL vs Thai renewable-energy IPP peers
Ticker
SET:EA
Est. installed MW (Thailand)
~1,800
Primary fuel
Solar, wind, EV
| Company | Ticker | Est. installed MW (Thailand) | Primary fuel |
|---|---|---|---|
| Gunkul Engineering | SET:GUNKUL | ~400 | Solar, wind, biomass |
| B.Grimm Power | SET:BGRIM | ~2,500 | Gas cogen, solar, wind |
| BCPG | SET:BCPG | ~800 | Solar, hydro, wind |
| Energy Absolute | SET:EA | ~1,800 | Solar, wind, EV |
Watchpoints 2025-2026
PDP2024 allocation
New renewable-energy capacity tender rounds
Thailand's PDP2024 targets approximately 30% renewable-energy share by 2030. GUNKUL is bidding into new AEDP solar, wind, and biomass capacity tender rounds. Winning allocations in 2025 tenders are the key near-term growth catalyst.
Vietnam FIT expiry
Transition to competitive auction in Vietnam
Vietnam's generous feed-in tariff (FIT) for solar and wind expired in 2021. New projects require competitive auction participation. GUNKUL's Vietnam pipeline faces a more challenging return environment under auction pricing versus FIT-era assumptions.
Balance sheet leverage
Project finance debt management
Renewable-energy IPP development is capital-intensive. GUNKUL's debt-to-equity ratio has risen with portfolio expansion. Rising Thai interest rates and project-finance costs in 2022-2024 squeezed equity returns; refinancing at lower rates in 2025-2026 is a key earnings driver.
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Competitor
B.Grimm renewable-power platform
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Sector peer
B.Grimm Power
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Sector peer
Energy Absolute
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Reports featuring this profile
Thailand Solar Rooftop & Net Metering 2027 Market Intelligence
Listed renewable EPC with rooftop, private-wire, and corporate PPA pipeline (SET: GUNKUL)
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Sits alongside 6 other Atlas profilesThai Renewable Energy: BCPG, GPSC, EA Energy Absolute, and the PDP 2037 50% Renewable Target
SET-listed Thai renewable-energy IPP; SET:GUNKUL; solar, wind, biomass portfolio across Thailand and Vietnam.
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Sits alongside 5 other Atlas profiles