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Infrastructure & PPPs in Thailand - Q2 2024 Update

Updated: 2 days ago

YOG INFRA Q2 2024 insights

THAILAND is set to see a major wave of infrastructure developments, with a large pipeline of projects approved in Q2 2024 worth USD 1.54 Bn. Large investments have been planned across transport, urban/ social infra and clean energy sectors. We also see multiple projects being developed under PPP route; as well as investments being made in bilateral or regional projects.

Read more about key developments in Infrastructure and PPPs in the country in our latest insight for the country.


April 2024


The popularity of boat travel has prompted the ministry to order the marine department to accelerate a Public Private Partnership (PPP) project to develop a large port to meet the trend.  To accommodate the expanding number of yachts using services in Thailand, the Marine Department had been tasked with compiling data on supporting tourism activities in Phuket province for visitors arriving by yacht or superyacht. This includes studying the necessity of procedural guidelines and the timeframe for legal permissions in the case of superyacht arrivals. The aim is to expedite the permission process and attract tourists to boost revenue.

There is also a push to develop a cruise terminal to generate income from government tourism policies. The port would support routes along the coasts of the Gulf of Thailand and the Andaman Sea, divided into:

  • Gulf of Thailand coast - Routes from the port of origin in Singapore and the port of destination in Hong Kong, stopping in Koh Samui and Laem Chabang.

  • Andaman coast - Navigation on routes from the port of departure in Singapore with temporary mooring in Phuket and Krabi

The cruise terminal project at Laem Chabang Port and along the Andaman Sea coast is in the feasibility study stage to assess suitability, cost-effectiveness, investment format, and compliance with the Public-Private Joint Investment Act 2019.

The feasibility study for the development of the pier in Koh Samui has been completed, with the project estimated to require an investment of THB 12.865 Bn (USD 353.05 MN) , of which the public sector would contribute THB 6.201 Bn (USD 170.17 Mn) . The project will be submitted to the PPP Committee for consideration by the end of June and following cabinet approval, will proceed to the selection of private sector partners phase in October, with the goal of opening for service in 2032.


Sungrow, a prominent supplier of PV inverters and energy storage systems, has entered a strategic supply agreement with Thailand’s Gulf Energy Development Plc (GULF) for its 3.5GWp solar project requirements over the next seven years. This collaboration aims to enhance national energy security and establish a model for renewable energy development in Southeast Asia.

Under the agreement, Sungrow will provide PV inverters and liquid-cooled energy storage systems to meet the project needs aligned with Thailand’s latest Power Development Plan (PDP). The integration of photovoltaic and energy storage technologies will ensure stable and efficient power station operation, contributing to clean electricity generation.

The partnership with Sungrow reflects Gulf’s strategy of collaborating with reputable suppliers to ensure high-quality and efficient energy storage and inverter systems. The collaboration aims to accelerate Thailand’s energy transformation and contribute to the sustainable development of Southeast Asia.


The Government of Malaysia considering extension of its ongoing MYR 50 Bn (USD 10.6 Bn) rail project closer to its border with Thailand, as it seeks to reduce economic competition with its Southeast Asian neighbor. The government is open to connecting Malaysia’s East Coast Railway Link to Thailand’s existing or planned rail infrastructure. Thailand plans to build two ports to bypass Malaysia’s most lucrative shipping route.

The East Coast Railway Link (ECRL) project, designed to connect Malaysia’s west and east coasts, is slated for completion by 2027. As per the current alignment, its final stop is Kota Bharu, approximately 40 km (25 miles) from the Thai border. The Chumphon- Ranong Land Bridge Project of worth USD 29 Bn, aims to establish two new ports on its coasts, creating an alternative trade route that could bypass the Malacca Strait, a major maritime route and home to three major Malaysian ports. The impact of the land bridge project is expected to be minimal on Malaysia’s northernmost major port in Penang, with its largest ports in Klang and Johor likely unaffected. The implementation of this project could span around 15 years.

May 2024


Gurīn Energy, a Singapore-based renewable energy producer, announced that it has finalized 25-year power purchase agreements (PPAs) for two Thai solar projects. This greenfield initiative will transform into a solar farm boasting a peak capacity of 39 megawatts (MW), situated in the Municipality of Capas, Tarlac. The project has secured a 40-hectare site through a 25-year lease agreement with the Philippines’ Bases Conversion and Development Authority (BCDA).

The Construction for the 69 MW Stella Power 1 project - in Ratchaburi province - is scheduled to begin in 2027. The 59 MW Stella Power 2 project, which will be built in the province of Kanchanaburi, will begin construction in 2028. The project aims to generate 88 gigawatt-hours of clean electricity annually and reduce carbon dioxide emissions by 54,000 tons. The financing will facilitate the development, construction, and operation of multiple solar panel systems on the rooftops of commercial and industrial buildings across several provinces in the Philippines, including Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan, and Zamboanga. This initiative will install a total of 70 megawatts of solar power generation capacity.


The Thonburi Healthcare Group (THG) of Thailand intends to construct three cancer treatment facilities in the country of Southeast Asia for a total of THB 1 Bn to THB 1.5 Bn (USD 27.45 Mn to USD 41.18 Mn).

Cancer centres are set to be launched at three locations:

1.Sirivej Chanthaburi Hospital in Chanthaburi, expected to be operational by the end of 2024.

2. Thonburi Trang Hospital in Trang

3.  Ubonrak Thonburi Hospital in Ubon Ratchathani.

The cancer centres at Thonburi Trang Hospital and Ubonrak Thonburi Hospital are both set to commence operations by 2025. THG is also exploring the feasibility study to construct a new hospital project in the city of Mandalay in Myanmar. It is also looking at business opportunities in Indonesia. THG is considering investment opportunities in Indonesia and is conducting a feasibility study on the market potential and the lifestyle of its people.


The State Railway of Thailand (SRT) has announced that the high-speed rail (HSR) project connecting Don Mueang, Suvarnabhumi, and U-Tapao airports will commence operations by the end of 2024. This follows a revised agreement between the state and the project developers.

The Eastern Economic Corridor (EEC) Policy Committee and the Cabinet will review the agreement to ensure state benefits. The Notice to Proceed (NTP) is expected to be issued by the end of the year. Asia Era One, a consortium led by CP Group, secured the THB 224.5 Bn (USD 6.8 Bn) contract in 2018. However, the project faced delays due to various issues, including the pandemic.

The revised contract includes four main areas:

1.  Joint venture right payment

2.  Government investment in the project,

3.  An additional bank guarantee

4.   Investment promotion privileges.

The review process is expected to take about 30 days, after which the matter will be submitted to the cabinet for approval. The high-speed railway linking the three airports is one of the key infrastructure projects in the EEC. Covering a distance of 220 km, with an estimated cost of THB 224 Bn, the project was originally scheduled to start operating in 2025. However, the pandemic and other factors have pushed the expected operating date back to 2027 or later.


The government has announced its development plan to upgrade Phuket's transportation infrastructure, including a new monorail system connecting the airport and Phuket Town. Key aspects of the upgrade include the development of new roads, expansion of existing transportation networks, and improvements to public transportation systems. 

These enhancements are expected to ease traffic congestion, provide more efficient travel options, and improve connectivity across the island. This aligns with Phuket’s broader goals to support its tourism industry and enhance the quality of life for its residents. The development encompasses land, sea, air and rail transportation systems. For the immediate action plan, the Department of Highways was to solve traffic issues on Highway 402 by upgrading to smart traffic signals, designating no-parking zones, and closing U-turn points on congested routes. The medium-term plan will include solving traffic bottlenecks on Highway 402 and expanding Highway 4027 to four lanes, with construction expected to be finished by 2026. For the long-term plan, the Expressway Authority of Thailand will develop an expressway connecting Patong Beach with Phuket Airport and the intercity expressway system.

June 2024


 The Government of Bangkok has signed a memorandum of understanding (MoU) with the Metropolitan Electricity Authority (MEA) to advance renewable energy (RE) projects and smart city development in Thailand.

This initiative is part of the broader Bangkok Master Plan on Climate Change 2021 to 2030, which aims to address climate change and enhance the city’s resilience through various clean energy measures. The Bangkok Energy Action Plan includes the implementation of solar power systems, Wi-Fi-enabled smart light bulbs, and other Internet of Things (IoT) devices to transform Bangkok into a modern smart city.


Japan-based Mitsubishi Heavy Industries (MHI) and the Electricity Generating Authority of Thailand (EGAT) have signed a memorandum of understanding (MoU) to explore the use of hydrogen co-firing technologies in Thailand’s gas turbine power generation facilities. This collaboration aligns with Thailand’s goal to achieve carbon neutrality by 2050 and net-zero emissions by 2065.

The partnership will commence with a pilot project at one of EGAT’s power plants, aiming for an initial feasibility study to be completed by March 2025. MHI, along with its subsidiary Mitsubishi Power, will support EGAT in reaching a hydrogen co-firing ratio of 20 %. Additionally, in March 2024, Mitsubishi and Thailand’s state-owned oil and gas company PTT launched a pre-feasibility study on the use of 100 % ammonia in gas turbine power generation, indicating a broader push towards integrating clean fuels in the country’s energy infrastructure.



The Governments of Laos and Thailand have announced plans to build a sixth bridge across the Mekong River which is aimed at reducing travel time between the La Lay international border gate in Vietnam and Thailand. The proposed bridge would link Ubon Ratchathani in Thailand and Saravan province in southern Laos.

These bridges enhance connectivity between Laos and Thailand and improve transportation links within the Association of Southeast Asian Nations (ASEAN), fostering economic cooperation and increasing trade among Thailand, Laos, and Vietnam.

Additionally, the two countries are also working on completing the fifth friendship bridge, which will connect Bolikhamxay province in central Laos with Bueng Kan province in Thailand. This bridge, set to open by the end of 2024, will reduce the travel distance from Thailand through Laos to Vietnam’s Cau Treo international border gate to just 150 km.



Thailand and Laos are gearing up to open a railway network connecting Bangkok and Vientiane. The project aims to enhance connectivity for travellers and the passage of goods between the two countries while elevating the region's logistics system with Thailand as a hub. A trial run is scheduled to take place from July 13 to 14.  The launch of the Thailand-Laos connection will mean it is possible to travel by train from Bangkok to Beijing via stops in Vientiane and the southern Chinese city of Kunming, where there is a separate semi-high-speed service to the Chinese capital.

The roughly 3,218 km journey will take almost a full day. That compares with nearly five hours for a non-stop flight. There is already a high-speed train operating between China and Laos that offers a route for Thai goods to be transported via rail to Kunming. That has helped reduce delivery times to China to 15 hours from the two days it takes for trucks to carry freight along the mountainous route.


The Government of Thailand has announced that Hua Hin Airport is undergoing a transformation to become the Phetch-Hua Hin International Airport by the end of 2025. This project aims to elevate Thailand’s aviation infrastructure and boost its international connectivity.

The upgraded Phetch-Hua Hin Airport will be equipped to handle larger aircraft for international flights. Additionally, advanced technology and automated systems are being implemented to enhance service standards and security measures. The modernization aims to attract both domestic and international tourists to the popular beach destinations of Hua Hin and Cha-Am, and to improve connectivity to other locations within Thailand. This initiative is part of the government’s broader strategy to elevate Thailand’s airports into the top 20 globally within five years, positioning the country as a leading aviation hub in the region.


The Thailand Board of Investment (BOI) has approved eight major infrastructure projects totalling USD 1.54 Bn. These projects span critical sectors such as bio-ethylene production, power generation, and data centers.

These include:

  1. Braskem Siam Co Ltd a joint venture between Braskem, the leading global biopolymer producer, and Thailand's SCG Chemicals PCL, received approval for a USD 521 Mn investment to build a plant to produce up to 200,000 tons/year of bio-ethylene (or green-ethylene) from bioethanol from agricultural products such as sugarcane, cassava, and corn.

  2. A multinational company headquartered in the United States received approval for a USD 194 Mn investment in a data center in Samut Prakan province.

  3. True Internet Data Center Co., Ltd. received approval for a USD 90 Mn investment to expand one of the company's four existing data centers, which is located at the True IDC East Bangna Campus, also in Samut Prakan province.

  4. Bumrungrad International Hospital Phuket Co Ltd received approval for a USD 134 Mn investment to build a 212-bed hospital and Advanced Diagnostic Center. The project aims to attract foreign medical tourists to Phuket, which is Thailand's main international tourism hub.

  5. National Power Plant 12 Co., Ltd. received approval for a USD 254 Mn investment to build a plant to produce electricity and steam from biomass fuels, such as black rubber oil, a by-product of the paper pulp production process. The plant, which will have a production capacity of 130 megawatts of power and 576 tons/hour of steam, will be located in the 304 Industrial Park in Prachinburi province.

  6. The SCG Group received approval for a USD 162 Mn investment in a cogeneration power plant with a production capacity of 130 megawatts of power and of 160 tons/hour of steam. The plant will be located in Map Ta Phut Industrial Estate, Rayong province, and will serve electricity to factories in the industrial estate.

  7. Super Earth Energy 8 Co Ltd received approval for a USD 77 Mn investment to build a plant to produce electricity from waste. The plant, which will have a 20 megawatts capacity, will be located in Nonthaburi province.

  8. Thai Lion Mentari Co Ltd., the operator of Thai Lion Air, received approval for a USD 105 Mn investment to acquire 10 aircraft, representing a total passenger capacity of 2,072 seats, total cargo capacity of 84.60 tons.


List of Transactions - Thailand Q2 2024

Source: YOG INFRA, Public Information



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