Message from Chairman
Dear Shareholders,
The year 2024 marks another significant milestone for the Company, which has been continuously operating in electricity and steam generation and distribution for over 28 years. The Company initially distributed electricity to the Electricity Generating Authority of Thailand (EGAT) as the Small Power Producer (SPP) and distributed electricity and steam to factories in Saha Group Industrial Park-Sriracha. The Company expanded the business into renewable energy by investing in biomass and solar power generation, following the strategic expansion plan focusing on small-scaled generating and distributing electricity from renewable energy within Thailand and in countries within the Southeast Asia region. Moreover, the Company emphasizes sustainability alongside business growth and has established the target to increase the total capacity to 400 Megawatts by equity portion within the year 2030, since Ratch Group Public Company Limited (RATCH) became a major shareholder in collaboration with Saha Group in December 2021.
To align with the Company’s vision and business strategy, as well as to reflect the partnership between the major shareholders, Ratch Group and Saha Group, the company officially changed the business name from Sahacogen (Chonburi) Public Company Limited to Ratch Pathana Energy Public Company Limited, while retaining the symbol as SCG on the Stock Exchange of Thailand on April 19, 2024. On the same date, the new cogeneration power plant (SPP Replacement Project), with an installed capacity of 79.50 Megawatts of electricity and 75 tons per hour of steam, started the commercial operation as planned, replacing the previous project whose power purchase agreement with EGAT had expired.
For the investment expansion in the renewable energy business, the Company recognized revenue from the commercial operation of electricity sales from 4 solar rooftop projects with a total installed capacity of 8.4 Megawatts, distributing electricity to industrial customers in Saha Group Industrial Park-Sriracha. Additionally, the Company also generated revenue from 7 other projects, including those with hospitals under the Principal Healthcare Group and various hotels operated through subsidiaries, with a total installed capacity of 1.5 Megawatts. As a result, by the end of 2024, the Company’s portion of electricity generated from renewable energy increased to 19% of total capacity by equity portion, exceeding the target of 15%.
Furthermore, Solarist group (subsidiaries) were selected as power producers and sellers under the Project on Power Purchase from Renewable Energy Sources under a Feed-in Tariff (FiT) between 2022-2030 for Power Plants with No Fuel Costs (Amendment 2024). A total of 5 projects were awarded with the total proposed capacity of 298 Megawatts. The scheduled commercial operation dates (SCOD) were set between the year 2026 and 2028, aligning with the company’s renewable energy investment plan as well as to achieve the Company’s goal of Carbon Neutrality within 2050. Additionally, this is actively participating in promoting the achievement of the Net Zero Emission goal and renewable energy plan of Thailand.
In the year 2024, the Company and subsidiaries, Sahacogen Green Co., Ltd. and Sahagreen Forest Co., Ltd, have been certified for the Carbon Footprint for Organization (CFO) and Carbon Footprint for Product (CFP). The electricity product of the group in the year 2024 emitted 0.368 tons of carbon per unit, which is lower
than the national grid’s electricity product, which emitted 0.5986 tons of carbon per unit. This achievement is in line with the Company’s environmental strategy, focusing on investments alongside continuous environmental preservation efforts.
The operational results in social aspect of the year 2024, the company reviewed the risks and impacts related to human rights. Furthermore, the results of the community satisfaction survey regarding the company’s environmental management and social responsibility efforts are rated as “Excellent” level.
Additionally, in the aspect of good corporate governance in the year 2024, the Company has received the “Excellent” (5-star) CG Score from Corporate Governance of Thai Listed Companies (CGR) conducted by Thai Institute of Directors (IOD) for 5 consecutive years. Moreover, the Company has received full 100 scores or 5 TIA in the evaluation of Annual Shareholders General Meeting’s quality (AGM CHECKLIST) from Thai Investor Association and the Securities and Exchange Commission (SEC) for 15 consecutive years. For the Cyber Security assessment, the Company received a score of 4.59 out of 5 higher than the average score of the resource industry group and overall participants who participated in the Cyber Resilience Survey.
With a commitment to developing the organization towards sustainability by conducting business in accordance with ESG principles that prioritize Environmental, Social and Governance aspects to foster sustainable growth, the Company was awarded an “AA” rating in the SET ESG Ratings Assessment for the year 2024 and listed in Thailand Sustainability Investment for 7 consecutive years. Additionally, the Company received the Sustainability Disclosure Award 2024 from the Thaipat Institute for the 6 consecutive years.