5 days ago
XPCL Green Debentures Oversubscribed Amid Strong Investor Confidence
Xayaburi Power Company Limited (XPCL), an associate company of CK Power Public Company Limited (SET: CKP), has announced the successful closure of its Thai baht-denominated green debenture offering, which was oversubscribed by institutional and high-net-worth investors. The success underscores strong investor confidence in XPCL's business resilience and commitment to strengthening Thailand's renewable energy stability.
The offering comprised two series of green debentures: the Unsubordinated and Unsecured Green Debentures No. 1/2025, and the Unsubordinated and Guaranteed Green Debentures No. 2/2025, both with debentureholders' representatives. The subscription period ran from 18 , 21, and 22 July 2025.
Mr. Vorapote Uchoepaiboonvong, Managing Director of XPCL, expressed appreciation for the overwhelming support, stating: 'We are grateful for the trust shown by investors in our long-term operations. The proceeds will be used to refinance debentures due in July 2025 and to advance our commitment to a sustainable energy future.'
The green debentures were issued under XPCL's Green Financing Framework, which aligns with the Green Bond Principles 2021, Green Loan Principles 2021, and ASEAN Green Bond Standards 2018, with DNV serving as the independent external reviewer. The issuance was jointly arranged by Bangkok Bank, Krungthai Bank, Siam Commercial Bank, Kiatnakin Phatra Securities, Krungthai XSpring Securities, and Asia Plus Securities.
XPCL operates the 1,285 MW Xayaburi Hydroelectric Power Plant in the Lao People's Democratic Republic under a 29-year concession. Almost all electricity generated is sold to the Electricity Generating Authority of Thailand (EGAT) under a long-term power purchase agreement (PPA) effective since October 2019. The plant generates over 7,000 GWh of renewable electricity annually, helping Thailand avoid approximately 3.8 million tonnes of CO₂ equivalent emissions each year.
Financial Performance
In 2024, XPCL reported total revenue of THB 13.48 billion and EBITDA of THB 11.93 billion, with total assets of THB 127.6 billion. The company maintained a net interest-bearing debt-to-equity ratio of 1.53 times, well below its covenant threshold. In Q1/2025, XPCL posted revenue of THB 2.87 billion and EBITDA of THB 2.52 billion, with the debt-to-equity ratio improving to 1.48 times as of 30 June 2025.
Shareholding Structure
XPCL's major shareholders include:
