Apollo Backs Eagle Creek Hydro Tie-Up and Completes Nippon Sheet Glass Acquisition

GPSC appears to be entering a period of earnings recovery, posting a net profit of 1.82 billion baht in the second quarter of 2026, up 6% QoQ but down 10% YoY. The main drivers were GHECO-One returning to operation after a planned outage, improved availability at Glow IPP, higher power sales volumes at HHPC, and a recovery in demand from industrial customers. SPP margins, however, remained under pressure as gas costs rose faster than the Ft tariff. First-half 2026 results overall reflected better operating efficiency, with EBITDA margin rising to 25% and net profit up 12% YoY to 3.54 billion baht. The second half of 2026 is expected to continue growing on the high season for hydropower plants in Laos and the peak season for the CFXD wind power plant in Taiwan in the fourth quarter of 2026. The EBITDA Uplift Program has already delivered 571 million baht of benefits in the first half of 2026 and targets around 1 billion baht for the full year 2026. The company aims to expand equity capacity from 7.4 GW to 13.7 GW by 2030, while raising the share of renewables and reducing SPP volatility by increasing gas-linked contracts to more than 70%. It targets winning more than 25% of the capacity up for auction under PDP2026, covering renewable, ESS and conventional power, alongside opportunities from direct PPAs, under which it aims to supply around 2 GW of renewable power to corporate customers by 2030. It currently has demand from data centers under discussion and study amounting to as much as 750 MW, and is studying sites with four partners totalling more than 1,000 MW.

GDEV Management-backed Relevate Power and Eagle Creek Renewable Energy, a hydropower owner and operator backed by Apollo funds, announced a strategic partnership across their portfolios of small hydropower assets. At the partnership's commencement, Eagle Creek will leverage its scale and operations team to manage Relevate's portfolio of run-of-river hydroelectric projects, with the local operators currently employed by Relevate joining Eagle Creek to maintain continuity of operations at each facility. The two companies said they have identified opportunities to combine their strengths in redeveloping and operating hydropower facilities to achieve operational and cost efficiencies, starting with asset management as the foundation for a broader relationship. GDEV and Apollo previously provided financing for Relevate's acquisition of Gravity Renewables in December 2024, and since GDEV's initial investment in 2024, Relevate has received a $4.9 million grant from the Department of Energy to improve the efficiency of hydroelectric facilities. Eagle Creek owns and operates 85 hydroelectric facilities across 18 states, with a portfolio of nearly 700 MW that produces enough electricity to power over 260,000 homes.

Asia Plus Securities said that between 23 and 27 September 2026 heavy rain fell across many parts of Thailand, especially the central region, Bangkok and the eastern region, causing flooding in many areas and prompting warnings for flash floods. Meanwhile, the Industrial Estate Authority of Thailand raised its vigilance level for industrial estates in at-risk areas, particularly Bang Pu and three estates in Ayutthaya, namely Nakhon Luang, Bang Pa-in and Ban Wa (Hi-Tech), though no widespread suspension of estate operations has been seen and there have been no reports of large power plants halting operations or stopping electricity supply. The research team sees no direct impact on the power plant group, because core revenue is underpinned by long-term power purchase agreements, and expects the rain to ease within three to five days. BGRIM and GPSC confirmed that electricity supply to customers in the industrial estates remains normal. At the same time, Laos saw heavy rain in the Mekong basin and in the central and northern areas, where several hydropower projects are located, such as Xayaburi, in which CKP holds 42.5%, GPSC 25% and EGCO 12.5%; the Nam Ngum 2 project, in which CKP holds 46% and RATCH 25%; and the Nam San 3A-3B project, wholly owned by BCPG. This is therefore expected to support electricity generation in line with higher rainfall. The research team recommends Selective Buy, picking CKP as its Top Pick with a fair value of 2.90 baht, given the highest share of hydropower business in its portfolio, and expects normalised profit for the third quarter of 2026 to grow quarter on quarter and reach its highest level of the year. BCPG has a fair value of 8.00 baht and remains attractive thanks to a profit base with a high proportion of hydropower plants in Laos, supported by power projects in the United States entering the summer peak season, with third-quarter 2026 profit also expected to reach its highest level of the year. It therefore sees this as an opportunity for short-term trading in line with the seasonal cycle.

PSGC Corporation Public Company Limited, or PSGC, disclosed that Nam Tien Limited Liability Company (NT) delivered 1.41 million tonnes of coal in the first half of 2026, exceeding its plan, generating revenue of 5,975.1 million baht, or 81.9% of the group's total revenue of 7,292.5 million baht. Of the revenue from NT, 5,722.3 million baht came from coal sales, and 252.8 million baht from mining services and coal processing services, while the construction business generated revenue of 1,043.6 million baht. David Van Dau, Chief Executive Officer of PSGC, said the coal business between Laos and Vietnam operates under a 10-year government-to-government cooperation framework signed in 2025, with its main customers being two major state-owned energy enterprises of Vietnam, placing the business on a structural bilateral relationship rather than one-off purchase orders. As for the existing construction contracting business, the XPPL Expansion Phase 1 project is more than 98% complete, while the new community construction project worth 5,000 million baht and basic infrastructure works in Laos are 55% complete, and the remaining approximately 45%, worth about 2,400 million baht, is expected to be gradually recognized through the end of 2028. PSGC is also developing a pumped-storage hydropower project, or PSH, which is expected to take about 5 to 7 years to develop, and was recently selected for the ESG Emerging List for 2026 by the Thaipat Institute.