Business Background

February 23, 2015

the Company has purchased the ordinary shares of Korat Wind Energy Company Limited (“KWE”) from Quantitus Engineering Company Limited (“QE”) which operates its business in wind turbine power plant, at 9,998 shares or equivalent to 99.98 percent of total registered shares of 10,000 shares. Total amount of the shares purchased was Baht 432,000,000 while the estimated construction and development budget was Baht 4,249,000,000 and the total project value was Baht 4,681,000,000.

Changes and Development of the Company

March 09, 2015

  • Wind Energy Development Company Limited (“WED”) which is one the Company’s subsidiaries, has invested in the wind turbine power plant project with the total project value at approximately Baht 6,145,721,100. WED has signed the contract in PPA in the capacity of 50 MW wind turbine power plant from Electricity Generating Authority of Thailand (“EGAT”) as well as the capacity

April 8, 2015

  • GUNKUL has signed the Memorandum of Understanding (“MOU”) in jointly generating of solar cell on rooftop PV system with Chai Watana Tannery Group Pubic Company Limited (“CWT”) whereas GWT and GUNKUL shall jointly establish a company in developing this project. GUNKUL shall have the shareholding in this new company at 25.01 percent.

June 23, 2015

  • the Company has informed the information technology of investment in the wind turbine power plant of Greenovation Power Company Limited (“GNP”). GNP operates its business in developing and constructing wind turbine power plant for Electricity Generating Authority of Thailand (“EGAT”) under the capacity of 60 MW electrical agreement with 3.50 Adder for the period of 10 years. This power plant is situated in Huay Bong Sub-district, Dan Koon Tod District, Nakorn Ratchasima Province with the expected complete construction and commercially distribution within the first quarter of 2017.

August 19, 2015

  • the Extraordinary General Meeting of Shareholders No. 1/2015 passed the following resolutions:
    • Ratified the Company in investing in the capacity of 60 MW wind turbine power plant with Greenovation Power Company Limited with the total project value of Baht 6,325,000,000.
    • Ratified the Company in investing in the capacity of 31.75 MW solar cell power plant; Sendai Okura Mega Godo Kaisha in Japan with the total project value of Yen 12,599,100,000 or approximately Baht 3,527,800,000.
    • Approved the Company in purchasing 67 percent of ordinary shares of Infinite Alternative Energy Company Limited which is a shareholder of Rang Ngern Solution Company Limited. Rang Ngern Solution Company Limited is the counterparty in the power transaction of the solar cell power plant and the capacity of 87 MW project’s total value is approximately Baht 5,487,500,000.
    • Approved the Company in investing in the capacity of 33.50 MW solar cell power plant; GK Kimitsu in Japan with the total project value of Baht 3,656,200,000.
    • Approved the Company in acquiring source of investment fund as the capital increase by issuing the newly ordinary share to the Company’s existing shareholders in proportion to their respective shareholding (Right Offering) and issue the warrant certificate to the Company’s existing shareholders who wish to exercise their right in purchasing the ordinary shares of the Company. These newly ordinary shares issuance for Right Offering shall be not more than 274,981,118 shares at the par value of Baht 1 per share. Details are as follows:
      • Issuing not more than 183,320,745 newly ordinary shares at the par value of Baht 1 per share to the existing shareholders of the Company in proportion to their respective shareholding (Right Offering) of 6 existing shares to 1 unit of warrants (disregarding the fraction). The offering price is Baht 22 per share. In the event that there are remaining amount of the newly issued ordinary shares after the issuance to the existing shareholders of the Company, the Company shall allocate such amount to the shareholders who express their intention in purchasing the newly issued ordinary shares apart from the proportion to their respective shareholding until the full amount is completely allocated, unless the remaining is the fraction which cannot be allocated or no more shareholder expresses his/her intention in purchasing the newly issued ordinary shares.
      • Issuing not more than 91,660,373 newly ordinary shares at the par value of Baht 1 per share to the existing shareholders of the Company in proportion to their respective shareholding (Right Offering) of 2 existing shares to 1 unit of warrants for the exercise of right of GUNKUL-W.

November 4, 2015

  • the Company has informed the information technology of investment in the establishment of Outgrow Energy Consult Company Limited which operates its business in biomass power plant. The Company’s shareholding in this company is 74.90 percent while Outgrow Energy Consult Company Limited’s shareholding is 25.10 percent. The registered capital is Baht 34,300,000.

November 12, 2015

  • the Company has purchased the ordinary shares of Gunkul LED Lighting Company Limited from the existing shareholders at 150,000 shares or equivalent to 15 percent of the current registered capital of Baht 6,090,000. Gunkul’s total shareholding in this company is 899,999 shares or equivalent to 90 percent of total ordinary shares (current registered capital is Baht 100,000,000).

November 26, 2015

  • Pang Tru Project which is located in Pang Tru Sub-district, Ta Muang District, Kanchanaburi Province with the capacity of 8 MW, started commercial distribution to Provincial Electricity Authority (“PEA”) for the period of 25 years at the electricity charge of Baht 5.66 per unit as Feed in Tariff (“FiT”). Pang Tru Project is one of the projects of Rang Ngern Solution Company Limited, a subsidiary of the Company, which operates in 11 solar cell power plants at the capacity of 87 MW.

February 5, 2014

the Company had signed the Agreement with Myanmar Electric Power Enterprise (“MEPE”), Ministry of Electric Power for Engineering Services and Procurement of High Voltage Electrical Equipment to supply for substation and transmission system, 66 - 230 KV, in the total of 15 projects by approximated amount of USD 11.362 million or THB 373 million. Distribution period is 7-10 months after signing agreement and L/C issuing.

Changes and Development of the Company

February 05, 2014

  • the Company had signed the Agreement with Myanmar Electric Power Enterprise (“MEPE”), Ministry of Electric Power for Engineering Services and Procurement of High Voltage Electrical Equipment to supply for substation and transmission system, 66 - 230 KV, in the total of 15 projects by approximated amount of USD 11.362 million or THB 373 million. Distribution period is 7-10 months after signing agreement and L/C issuing.

February 13, 2014

  • the Company had acquired 199,998 Common Shares in Greenovation Power Co., Ltd. (“GNP”) from Impact Energy Asia Limited (“IEA”) which represents 99.9990 percent of GNP’s registered shares of 200,000 shares at the total selling price of THB 432,000,000. GNP do business as a Power Producer from wind energy resource which electricity generated will be sold to the Electricity Generating Authority of Thailand (“EGAT”) in accordance to a Power Purchase Agreement (PPA) in capacity of 60 MW at the registered capital of 2.0 million baht. (Currently registered capital is 1,138.10 million bath)

February 20, 2014

  • the Company had signed 2 more agreements with MEPE, Ministry of Electric Power for Engineering Services and Procurement of High Voltage Electrical Equipment to supply for substation and transmission system, 66/33/11kV, 20&-30MVA, by approximated amount of USD 2.2882 million and EURO 1.0075 million or THB 120 million. Distribution period is 360 days after signing agreement and L/C issuing.

April 17, 2014

  • the Company had established a new subsidiary to carry out the manufacturing and distributing of Lighting Bulb Type LED named Gunkul LED Lighting Co., Ltd. in which the Company had stakes of 74.79% of their respective 10.00 million baht registered capitals (current registered capital : 100 million baht).

June 2, 2014

  • the Company had acquired of 31,563,000 Common Shares in Wind Energy Development Co., Ltd. (“WED”) from Impact Energy Asia Limited Co., Ltd. (“IEA”) which represents 30 percent of WED’s registered shares of 105,210,000 shares at the total selling price of THB 373,721,100 that totally holding 100 percent of registered capital of 1,052,100,000 baht (current capital: 1,052,100,000 baht). WED do business as a Power Producer from wind energy resource which electricity generated will be sold to the Electricity Generating Authority of Thailand (“EGAT”) in accordance to 3 Power Purchase Agreements in capacity of 60 MW receiving THB 3.50 / unit as adder for 10 years. (Currently registered capital is 1,500 million baht)

June 16, 2014

  • the Company had established a new subsidiary to carry out the Generating Electrical Power and Engineering Procurement and Construction named Gunkul Solar Community Co., Ltd. in which the registered capital of 1 million at par value of 100 baht (current registered capital:1 million baht).

September 18, 2014

  • the Company had signed Memorandum of Understanding (MOU) for joining Solar Roof business with East Coast Furnitech Public Company Limited (ECF).

December 17, 2014

  • Gunkul International (Mauritius) (GIM), which is a subsidiary of the Company to purchase shares of Sendai Okura Mega Solar Godo Kaisha (“GK Sendai”), which is incorporated in Japan by operating the solar power plant business with 31.75 MW contract capacity (38.10 MW installed capacity) located in Miyaki Japan. GK Sendai produces electricity from solar energy and sell the electricity to Tohoku Electric Power Co., Inc. (“Tohoku Electric”), the local utility, at JPY36 per unit in feed-in tariff scheme, with 20 year concession period in the ratio of 100 percent shareholder in the amount of JPY1.80 billion or approximately 504 million baht.

January 31, 2013

the Company acquired a stake of 49.00%, 9,799 ordinary shares (1 share per 1 vote) and 2,940 preferred shares (1 share per 20 votes), in NK Power Sola Co., Ltd. which operates solar power generation and distribution business by had 3 electricity sale agreements with the Provincial Electricity Authority, totally 1 MW. (Currently registered capital of 2.6 million baht)

Changes and Development of the Company

February 25, 2013

  • the Company disposed of common shares in Gunkul Powergen Co., Ltd., which operates solar power generation and distribution business and is a contractual party of 5 electricity sale agreements with the Provincial Electricity Authority, with a total capacity of 30.9 MW and adder rate of 8.00 baht per unit. In this regard, 4,860,800 common shares, equivalent to 49.00% of the 992,000,000-baht registered capital, were disposed to Chubu Electric Power Gem B.V., Japan.(Currently registered capital of 992 million baht)

June 13, 2013

  • Siam Wind Energy Co., Ltd. was established by the Company holding shares at the ratio of 40% with the registered 1 million, which the business of producer and distributor of renewable energy by emphasized on wind energy. (Currently registered capital of 1 million baht)

 

  • For the purpose of international investment expansion, the Company registered the establishment of Gunkul International (Mauritius) (“GIM”) in the Republic of Mauritius, and Gunkul International (Singapore) Pte. Ltd. (“GIS”) and Gunkul Myanmar Power (Hlawga) Pte. Ltd. in Singapore. In this regard, the Company held a stake of 100% of the 12,000-USD registered capital in GIM (the current capital is 200,000 U.S. dollar); GIM held a stake of 100% of the 28,000-SGD registered capital in GIS (the current capital is 200,000 Singapore dollar), and GIS held a stake of 100% of the 14,000-SGD registered capital in Gunkul Myanmar Power (the current capital is 150,000 Singapore dollar).

July 1, 2013

  • Gunkul Powergen Co., Ltd. changed its name to Gunkul Chubu Powergen Co., Ltd.

August 2013

  • the Company signed a letter of intent with TPI Polene PCL , for installation of electrical system and supply of relevant equipment for TPI Cement Plant no. 4 located at Mittraparp Road, Tambol Tubkwang, Amphoe Kangkhoy, Saraburi. The contract value was approximately 367,270,000 baht.

August 2013

  • the Company established Gunkul Solar Roof 1 Co., Ltd. (GSR-1), Gunkul Solar Roof 2 Co., Ltd. (GSR-2), Gunkul Solar Power 1 Co., Ltd. (GSP-1), Gunkul Solar Power 2 Co., Ltd. (GSP-2), Bright Green Power Co., Ltd. (BGP) and Solar Energy Society Co., Ltd. (SES) to operate solar rooftop power generation and distribution business for supplying to the Provincial Electricity Authority and the Metropolitan Electricity Authority. The Company held stakes of 99.97% of their respective 1,000,000- baht registered capitals (current registered capitals of GSR-1 is 21 million baht, GSR-2 and GSP-1 are 1 million baht, GSP-2 is 39 million baht, BGP and SES are 20.4 million baht).

August 2013

  • the Company established Gunkul Power Development Co., Ltd. to operate solar rooftop power generation and distribution for supplying to the Provincial Electricity Authority and the Metropolitan Electricity Authority, as well as to operate businesses of constructing power plant and distributing equipment for electrical and other systems related to power plant construction. The Company held a stake of 99.97% of the 1,000,000-baht registered capital (current capital is 15,000,000 baht).

August 2013

  • WHA Corporation PCL established WHA Gunkul Green Solar Roof 1 Co., Ltd. (WHA_GSR-1), WHA Gunkul Green Solar Roof 2 Co., Ltd. (WHA_GSR-2), WHA Gunkul Green Solar Roof 3 Co., Ltd. (WHA_GSR-3), WHA Gunkul Green Solar Roof 4 Co., Ltd. (WHA_GSR-4), WHA Gunkul Green Solar Roof 5 Co., Ltd. (WHA_GSR-5), and WHA Gunkul Green Solar Roof 6 Co., Ltd. (WHA_GSR-6), in which the Company had stakes of 25.01% of their respective 1,000,000-baht registered capitals, to operate solar rooftop power generation and distribution business for supplying to the Provincial Electricity Authority and the Metropolitan Electricity Authority. (Currently registered capital of WHA_GSR-1 is 11.50 million bath, WHA_GSR-2 is 1.00 million baht, WHA_GSR-3 is 14.50 million baht, WHA_GRS-4 is 1.00 million baht, WHA_GSR-5 is 1.00 million baht and WHA_GSR-6 is 14.50 million baht)

September 2013

  • WHA Corporation PCL established WHA Gunkul Green Solar Roof 8 Co., Ltd., WHA Gunkul Green Solar Roof 9 Co., Ltd., WHA Gunkul Green Solar Roof 10 Co., Ltd., WHA Gunkul Green Solar Roof 16 Co., Ltd., and WHA Gunkul Green Solar Roof 17 Co., Ltd., in which the Company had stakes of 25.01% of their respective 100,000-baht registered capitals, to operate solar rooftop power generation and distribution business for supplying to the Provincial Electricity Authority and the Metropolitan Electricity Authority. (Currently registered capital of WHA_GSR-8 is 0.1 million bath, WHA_GSR-9 is 0.1 million baht, WHA_GSR-10 is 15.50 million baht, WHA_GRS-16 is 0.1 million baht and WHA_GSR-17 is 16.00 million baht)

 

  • Subsidiaries obtained contracts for solar rooftop power generation and distribution from the Provincial Electricity Authority and the Metropolitan Electricity Authority, and also obtain letters of intent and contracts for rooftop power plant construction. (Details in Section 2. Nature of Business).

September 2013

  • Gunkul Consortium, a joint venture of the Company and Trina Solar Energy Development Pte., Ltd., obtained letters of intent from Bangchak Solar Energy (Chaiyaphum) Co., Ltd. and Bangchak Solar Energy (Nakhon Ratchasima) Co., Ltd. for their solar farm construction projects, with a total capacity of 25 MW and 1,215,000 baht in value. The Company’s scope of works amounted to 58% of the total project value.

March 30, 2012

the Company sold 4,500,000 common shares of G-Power Sources Co., Ltd., to Electricity Generation PCL., for an amount of 629.92 million baht, or equal to 60% of 750.00 million baht registered capital (Current registered capital : 930 million baht). G-Power Sources undertakes business of producing and selling solar-based electricity is a contractual party of 4 electricity sale agreements with the Provincial Electricity Agency, total capacity of 26 mw, and eligible for an adder subsidy of 8 baht kWh (Current registered capital : 930 million baht and holding shares at the ratio of 40%).

Changes and Development of the Company

 

  • G-Power Source Co., Ltd., which has a power purchase agreement with the Provincial Electricity Authority including four contracts, totaling 26 MW, has completed four projects with details as follows:
Project Size
(MW)
Place of project
(Where applied for permit)
Expected to distribute electricity
1 6.5 A.Banphot Phisai, Nakhon Sawan March 2012
2 6.5 A.Banphot Phisai, Nakhon Sawan March 2012
3 6.5 A. Sankhaburi, Chai Nat March 2012
4 6.5 A.Buengsampun, Phetchaboon February 2013

May 15, 2012

  • the Company bought 5,460,000 common shares of Wind Energy Development Co., Ltd. from Impact Energy Asia Ltd. at the price of 95.60 baht/share, totaling 522.00 million baht, equivalent to 70.00% of the then 78.00 million baht registered capital (current registered capital is 179.90 million baht). Wind Energy Development undertakes business of producing and selling wind-based electricity, is a contractual party of 3 electricity sale agreements with the Provincial Electricity Authority, total capacity of 60 mw, and eligible for an adder subsidy of 3.5 baht kWh (Current registered capital : 1,552.1 million baht by holding shares at the ratio of 100%).

March 1, 2011

Gunkul Powergen Co., Ltd.. increased its capital from 100.00 million baht to 400.00 million baht.

Changes and Development of the Company

March 25, 2011

  • the Company signed a letter of intent to begin construction of 8 MW solar power plants. Supplying solar panels as the foundation, selection of appropriate technology and installation of all systems that will supply electricity to the system (To produce electricity from solar energy in the Suphan Buri Province), with Solarta Co., Ltd. (a joint venture between Yanhee Solar Power Co., Ltd, and Ratchaburi Electricity Generating Holding Public Company Limited with the contract value of approximately 752 million baht.

June 13, 2011

  • the company signed the Solar Power Plant construction contract of 8 MW (consisting of 5 MW contract, 2 MW contract and 1 MW contract) with Solarta Co., Ltd. With the contract value as above mentioned Letter of Intent signed on March 25, 2011

September 1, 2011

  • the Company signed a letter of intent to begin construction of 8 MW solar power plant, to supply solar panels to the foundation, selection of appropriate technology and installation of all systems that can supply electricity to the system (solar power generation projects in the province of Buri Ram) with the Company, C.K. and Sun Energy (Thailand) Ltd., a contract value about 752 million baht.

November 2, 2011

  • the Company signed a Memorandum of Understanding on the 1000 MW Development of Wind Energy with the Department of Energy Myanmar. Study location in Mon State, Kayin State and Taninthayi State in Myanmar.

 

  • G-Power Source Co., Ltd., which has a power purchase agreement with the Provincial Electricity Authority including four contracts, totaling 26 MW, has completed four projects with details as follows:
Project Size
(MW)
Place of project
(Where applied for permit)
Expected to distribute electricity
1 6.5 A.Banphot Phisai, Nakhon Sawan March 2012
2 6.5 A.Banphot Phisai, Nakhon Sawan March 2012
3 6.5 A. Sankhaburi, Chai Nat March 2012
4 6.5 A.Buengsampun, Phetchaboon March 2012

October 11-13, 2010

the company opened to the public for share sales (Initial Public Offering) of 100,000,000 shares representing 25.00 percent of the total number of 400,000,000 ordinary shares with par value of Baht 1 per share sale price, sold at 5.40 baht per share.

Changes and Development of the Company

October 15, 2010

  • The Stock Exchange of Thailand added GUNKUL securities as new securities on the Stock Exchange of Thailand.

October 19, 2010

  • GUNKUL securities traded on the Stock Exchange for the first day (First Day Trade).
  • 2010 the Company acquired the common stock of G-Power Source Co., Ltd., which operates in the production and distribution of electricity from solar energy and is a party to the Provincial Electricity Authority (PEA). The company has power purchase agreements of four contracts for a total of 26 MW and has received support from the electrical section (Adder) 8 baht per unit, by the Company to purchasing ordinary shares of 9,898 shares at 6,500 baht per share totally 64,337,000 baht, or 98.98 percent stake of the registered share capital 1 million baht (Current registered capital : 930 million baht)

 

  • Gunkul Powergen Co., Ltd. signed 5 contracts of power purchasing agreements with the Provincial Electricity Authority for the solar power system, totally the size of 30.9 MW for a period of 25 years. The project will benefit from the sale of electricity while gaining the additional cost from power purchase (Adder) from the Provincial Electricity Authority of 8 baht per unit for a period of 10 years, including such projects to benefit the investment promotion agency of the Board of Investment (BOI), with the project details as follows.
Project Size
(MW)
Place of project
(Where applied for permit)
Expected to distribute electricity
1 3.0 A. Chondaen, Phetchaboon January 2011
  4.4 A. Chondaen, Phetchaboon October 2011
2 8.0 A. Srichula, Nakhon Nayok June 2013
3 8.0 A. Wichianburi, Phetchaboon March 2013
4 4.5 A.Noen Po, Phichit March 2013
5 3.0 A.Buengsampun, Phetchaboon November 2013

 

The companies restructured as a group holding company with the Gunkul Engineering Company Limited acquiring 99.99% of shares in G.K. Power Product Co., Ltd., G.K. Assembly Co., Ltd., and K.N.P. Supply Co. ,Ltd.

Changes and Development of the Company

 

  • Gunkul Engineering Co., Ltd. increased its registered capital from 300 million baht to 400 million baht and changed the par value of ordinary shares from 100 baht per share to 1 baht per share.

 

  • The company transformed into a public company and changed its name to "Gunkul Engineering Public Company Limited (PCL)".

December 11, 2009

  • Establishment of Gunkul Powergen Co., Ltd. With registered capital of 100 million baht to produce and sell electricity from renewable energy. (Current registered capital : 992 million baht)

 

Establishment of K.N.P. Supply Co., Ltd. with registered capital of 1.00 million baht. (Current registered capital : 50 million baht)

 

Establishment of G.K. Assembly Co. ,Ltd with registered capital of 2.00 million baht (Current registered capital : 200 million baht)

Changes and Development of the Company

 

  • Establishment of G.K. Power Product Co., Ltd. (formerly known as Kerney (Thailand) Co., Ltd.), with registered capital of 2.60 million baht. (Current registered capital : 100 million baht)

 

Gunkul Engineering Co., Ltd. founded with registered capital of 1.00 million baht.(Current registered capital : 659,999,984 baht)