SP Group secures first district cooling project in Thailand under joint venture with Banpu NEXT

News Release

Singapore, 25 September 2023 – SP Group (SP) and Banpu NEXT announced they have won the tender to design, build, own and operate an innovative district cooling system at Government Complex Center Zone C in Bangkok, Thailand, through their joint venture (JV) BNSP Smart Tech (BNSP). This is SP’s first district cooling project secured in Thailand.

Awarded by Dhanarak Asset Development, Co., Ltd, a wholly-owned subsidiary under the Ministry of Finance, the project will enable Government Complex Center Zone C to save approximately 40 million baht (SGD $1.57 million) per year on electricity costs, achieve 20 per cent in energy savings and reduce carbon emissions by up to 3,000 tons annually. This equates to removing about *20,000 Internal Combustion Engine cars from the roads cumulatively over the 20-year contract period.

When completed in 2024, the district cooling system will operate a total cooling capacity of up to 14,000 Refrigeration Tons (RT), providing sustainable cooling for the Government Complex Center Zone C’s total gross floor area of 660,000 square meters. Leveraging the combined expertise and strengths of SP and Banpu NEXT, BNSP will deploy a comprehensive suite of smart energy solutions at the complex. It will design, build, own and operate the centralised cooling system to provide reliable and energy-efficient chilled water to the network of buildings within the complex and install an EV charging station at the facility.

To advance the sustainability goals of Government Complex Center Zone C, SP and Banpu NEXT will also support BNSP in exploring potential deployment of additional sustainable solutions including EV buses, solar power systems, and energy storage systems.

SP Group’s Chief Executive Officer Stanley Huang said: “This win signifies our first success in Thailand’s district cooling market and demonstrates our commitment to bring our comprehensive suite of sustainable energy solutions to advance Thailand’s net-zero ambitions. As one of Asia’s largest district cooling operators, we have proven expertise in unlocking energy- and cost-efficiencies through district cooling and Cooling as a Service (CaaS). We are well-positioned to expand our network and enable the rapid adoption of sustainable cooling across the region including Thailand, Vietnam and Indonesia. We look forward to empowering the green transition of the commercial and industrial sectors through our innovative solutions and strategic partnerships.”

Mr. Sinon Vongkusolkit, Chief Executive Officer of Banpu NEXT Co., Ltd., said: “This large-sized project within the Government Complex Center Zone C emphasises the positioning of Banpu NEXT, a subsidiary of Banpu plc, that is dedicated to becoming a Net-Zero energy provider for corporations across Asia Pacific, transforming businesses into smart enterprises for sustainable growth. This strategic partnership reinforces our energy management business by providing the services that helps optimise energy efficiency and enable real-time monitoring and control as part of an all-in-one solution for companies.”

Dr. Nalikatibhag Sangsnit, Managing Director of Dhanarak Asset Development, Co., Ltd. (DAD Asset Development), said: “DAD places its trust in BNSP Smart Tech’s district cooling system – a proven technology across Asia-Pacific. It will help trim down the Government Complex Center Zone C’s energy and utility costs, solidifying our readiness to address the challenges of climate change and urban development. DAD is focused on utilising environmentally friendly smart energy technology, following the government’s policy which aims to achieve Net-Zero by 2065 in a sustainable way.”

SP and Banpu NEXT are leading sustainable energy solutions providers in Asia Pacific, with extensive experience in deploying innovative sustainable cooling solutions. Banpu NEXT has successfully developed and installed chilled water systems in Thailand’s leading projects, including Chamchuri Square, Platinum Fashion Mall, and Loxley Building. SP is the largest operator of district cooling systems in Southeast Asia, with a total of 228,000 RT in its portfolio of projects across Asia. This includes the world’s largest underground district cooling network at the iconic Marina Bay in Singapore which will serve 32 buildings in the district by 2027. In addition to Marina Bay, SP is deploying distributed district cooling to a brownfield development at Tampines, establishing Singapore’s largest industrial district cooling system at STMicroelectronics and in China, at Raffles City Chongqing, International Urban Design Centre in Chengdu and Guangzhou Knowledge City.

*Source: CO2 Emission 1 km per car asia_thailand.pdf (globalfueleconomy.org)

Average annual CO2 Emission per car: Collected Annual VKT | Download Table (researchgate.net)

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About SP Group

SP Group is a leading utilities group in the Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, as well as sustainable energy solutions in Singapore, China, Thailand and Vietnam. 

As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective worldwide. 

Beyond traditional utilities services, SP Group provides a suite of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential townships, solar energy solutions, electric vehicle fast-charging stations and digital energy solutions for customers in Singapore and the region. 

For more information, please visit spgroup.com.sg or follow us on Facebook at spgrp.sg/facebook, LinkedIn at spgrp.sg/linkedin and Instagram at spgrp.sg/Instagram.

About Banpu NEXT

Banpu NEXT Co., Ltd., a subsidiary of Banpu PCL., is a leading smart energy solutions provider in Asia-Pacific. The company supports the transition to Net-Zero society. The five core business groups of Banpu NEXT are Renewable Power, Energy Storage, Energy Trading, e-Mobility, and Smart City & Energy Management. With all these five businesses, the company boasts the capability to offer “Total Smart Energy Solutions”. Banpu NEXT is positioned as the long-term partner who combines technology and digital platform with its energy expertise to provide the best tailor-made solutions, empowering organizations to tap into an infinite of clean energy, accelerate smart business transformation, while building up sustainable growth along with contribution to betterment for end-users’ life and society at large.

For more information, visit www.banpunext.co.th | www.facebook.com/banpunext | www.linkedin.com/company/banpu-next-company-limited/