China unveils five-year renewable energy development plan, targeting 3.5 billion kilowatts of installed capacity by 2030

Zelestra has closed $350 million in green project financing credit facilities for its 203 MW Reclamation solar project in Gibson County, Indiana. The credit facilities were provided by Canadian Imperial Bank of Commerce, BBVA and Societe Generale. The close takes Zelestra past $1 billion, or $1.14 billion, in US project financing raised in 2026, supporting more than 800 MW of new solar now in construction for its customers. Reclamation is built on land reclaimed from former coal mining operations in southwest Indiana, is underpinned by a long-term Power Purchase Agreement with Meta, and is expected to come online by the end of 2027. The project is already under construction and is expected to support approximately 200 jobs at peak construction.

Maybank Securities (Thailand) Public Company Limited hosted the Maybank Exclusive Meeting with the Minister of Energy, inviting Mr. Ekkanat Promphan, Minister of Energy, to a special stage for institutional investors to outline the direction of Thailand's energy policy under the principles of clean energy, supply security, and fair prices. One of the key mechanisms is the national Power Development Plan, or PDP 2026, which aims to raise the share of renewable energy to approximately 50% in the first 10 years and move higher over the long term, while opening the door to energy storage systems and Smart Grid. Meanwhile, the opening of a direct clean electricity trading market, or Direct PPA, will help the industrial sector, especially Data Centers, access renewable energy directly and serve as an important tool for building competitiveness under increasingly stringent environmental requirements worldwide. On the power generation sector, the Minister stated that Independent Power Producers, or IPP, remain an important component of Thailand's power system for security, while new investment opportunities will gradually shift toward renewable energy, energy storage systems, and infrastructure supporting the transition. As for petroleum exploration and production, the government continues to emphasize increasing domestic energy sources and diversifying supply sources to reduce risks from Spot LNG volatility, including coordinating cooperation with neighboring countries in Myanmar and other areas, and promoting the use of biofuels such as ethanol and biodiesel to reduce dependence on crude oil imports. From these policy directions, Maybank highlights 4 investment themes to watch: renewable energy, Energy Storage and Smart Grid; Direct PPA with Data Center and Digital Infrastructure; Energy Security with E&P and Natural Gas; and finally IPP and existing power plants. Investors should weigh the quality of assets, the duration of power purchase agreements, cash flow, and the ability to adjust portfolios toward new forms of energy business.

MASTEC Link Public Company Limited, or MASTEC, disclosed that it has established a new subsidiary to strengthen its capacity to bid for projects and form joint ventures with both public and private partners. Chief Executive Officer Dusadee Meechai said third-quarter 2026 results and the remainder of the year will grow significantly better than the first half, in line with the business's high season. The company currently has work in hand of approximately 400 to 500 million baht and targets a year-end 2026 backlog of 500 to 600 million baht under its JUMP+ plan, which aims for 2026 revenue of 1.338 billion baht and profit of 100 million baht. The company is preparing to join bids for power purchase agreements, or PPAs, in community solar projects with a combined capacity of no more than 1,500 megawatts, alongside partners in roughly four to five projects, and has already registered as an installer of public solar systems with the electricity authority. The program expands eligibility to cover 1.5 million households, with installation subsidies of 50,000 baht per rooftop. The company is also pressing ahead with expanding its data center business and building a global strategic partnership with Honeywell of the United States to develop Integrated Building and Infrastructure Solutions covering customers in office buildings, industrial plants, hospitals, hotels, data centers, and large real estate projects.

Strengthen Power Corporation Public Company Limited, or SSP, is preparing to take part in bidding to produce electricity from a 1,500-megawatt community solar farm project. Chayut Leehajaroenkul, Chief Financial Officer, said the company has expertise in this area and sees it as an opportunity to expand its power generation base, and is now waiting for clarity from the relevant authorities on when applications will open. For its business outlook in the second half of 2026, the company expects a clear improvement from the first half, driven by the completion of the sale of the Yamaga solar farm in Japan in late August 2026 for a total value of about 1 billion baht, together with two community waste-to-energy plants with combined capacity of about 19.8 megawatts that are expected to begin gradually supplying commercial electricity late this year. In addition, the weaker baht, which has fallen to about 33.64 baht per US dollar, should help support revenue, since the company earns about 30% of its revenue in US dollars from overseas. As for its long-term two-to-three-year plan, the company is preparing to bring about 420 megawatts of new capacity into commercial operation, comprising three solar farms in Thailand totaling 108.6 megawatts and the 150-megawatt Bago wind farm in the Philippines in 2027, with additional projects continuing through 2030 totaling more than 146 megawatts. On the analyst side, Asia Plus Securities gave a buy recommendation on SSP shares with a target price of 8.30 baht, forecasting normal profit of 693.9 million baht in 2026, up 12.2% from the previous year, supported by higher output at the SPN solar plant after panel replacement was completed, the TTTV wind project returning to full-year operation, the first full year of revenue recognition from the LEO2 project in 2026, and the positive contribution from the waste-to-energy plants totaling 19.8 megawatts in late 2026, as well as revenue recognition from the 150-megawatt Bago Wind Farm next year, which will help profit continue growing in 2027.

The government has finalised its public solar scheme, covering a maximum target of 1,500,000 households with a total budget of 75 billion baht. The first phase supports 1,000,000 participants with 50 billion baht, and the second phase covers another 500,000 participants with 25 billion baht. The state subsidises installation at 50,000 baht per household, and holders of state welfare cards may take part. On installation specifications, households can install systems of up to 10 kilowatts, with the buyback rate for surplus power set at 5 kilowatts at 2.20 baht per unit under a 20-year contract. The criteria have also been adjusted from rooftop-only to cover ground-mounted and floating installations, provided there is an electricity meter on the premises. Polpree Suwanchavi, Deputy Minister of Interior, said that electricity users with average monthly bills of 3,000 to 4,000 baht will see the value pay off immediately. The government will issue soft loans through three state banks, namely the Government Housing Bank, the Government Savings Bank, and the Bank for Agriculture and Agricultural Cooperatives, cutting interest to 2.5% per year with repayment over about seven years, and plans to open registration on 1 November this year.