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Infrastructure & PPPs in Thailand - Q3 2022 Update

YOG INFRA Q3 2022 insights

THAILAND is seeing progress on the planned projects along the Eastern Economic Corridor, including proposed smart city and transport sector projects. We continue to also see local players making active partnerships/ JVs in neighboring countries for PPP projects across economic and social infra development, as key enablers for financing of such projects.

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


July 2022


The Thai cabinet has approved a joint proposal by its Industrial Estate Authority and Thai Connectivity Terminal (TCT) Company to expand and operate the Map Ta Phut Industrial Port, in a public-private partnership (PPP).

TCT, owned by Singapore-based global port operator PSA International, will invest THB 2.25 Bn (USD 61 Mn) and manage the asset for 30 years. The port will be modernized with an aim to making it more efficient through the installation of container cranes, a new container yard and related facilities.

The Map Ta Phut estate in Rayong province is Thailand's largest industrial zone by area. The port here was built by the government at a cost of about THB 3.2 Bn and handles both containers and bulk cargo. As per the new concession agreement, TCT needs to make a fixed yearly payment to the Industrial Estate Authority, its public sector partner. This will increase by 5% every 5 years. TCT also needs to share 5% of its annual revenue through the entire period of the concession.


The Eastern Economic Corridor Policy Committee has approved the development of a new 2,400-hectare smart city in Chon Buri, close to the U-tapao airport in Thailand. The smart city project is expected to receive around THB 1.34 Trn in investment over a 10-year period. Of the total investment, THB 37.7 Bn will be provided from government agencies, THB 131 Bn will be secured from public-private partnerships (PPP) while THB 1.18 Trn from private investment.

This will be the fifth flagship infrastructure project in the Eastern Economic Corridor (EEC) after the high-speed rail (HSR) line project, the U-tapao airport project, Map Ta Phut Industrial Port Phase 3 and Laem Chabang Port Phase 3.

August 2022


The Thai government has approved proposals allowing for private investment to help develop rest areas alongside two expressways in the country. One of the rest areas is on the Bang Pa-in-Nakhon Ratchasima section of the Intercity Expressway, and the other is on the Bang Yai-Kanchanaburi section of the Intercity Expressway No. 81.

The government will be in charge of land settlement and civil works, while the private sector will be responsible for the design, construction and installations. The areas will be handed out as 30-year concession contracts.

Thailand's Public-Private Partnership Board also approved private sector involvement to operate and maintain the Bang Khun Thian - Ban Phaeo Tollway of the Special Highway No. 82 project in Bangkok. The 24.7 km toll road will have an automatic toll collection system.

The highway will run from the Bangkok city centre to the southern district and will cost an estimated THB 2.35 Bn (USD 65 Mn). The state will be responsible for acquiring land, while the private operator will invest in systems design and collect toll, covered by a 30-year concession.

Tex Cycle Technology Bhd Signs An Agreement With Thailand’s Bothong Rubber Fund Cooperative To Build A Solar PV System

Tex Cycle Technology Bhd has entered into a joint venture agreement with Thailand’s Bothong Rubber Fund Cooperative Ltd. for developing solar photovoltaic system.

The value of the PPA (extrapolated based on estimated total revenue over 20 years) is THB 92.9 Mn. The risk factors affecting the PPA include changes in the economic, political and regulatory environment and operational risks such as completion risk and shortage of materials and skilled labour which EFS MySolar (Thailand) Co., Ltd would take appropriate measures to minimise.

Tex Cycle stated that its JV unit EFS MySolar Thailand Co Ltd would design, construct and install a solar photovoltaic power generating system capable of producing 999.24 KW at the premises of Bothong Rubber Fund.

September 2022


Thailand’s Public Private Partnership (PPP) Board is looking to implement the Bang Khun Thian - Bang Bua Thong Tollway project as a PPP.

The 38 km road will cost an estimated THB 5.6 Bn (USD 150 Mn). It will link Bangkok's Outer Ring Road with Intercity Highway No 9 and will connect the Bang Khun Thian district in the city's northwest with the Bang Bua Thong district in Nonthaburi province in central Thailand.

The project is part of Thailand's intercity highway network development master plan for 20 years from 2017 till 2036.Officials are aiming for construction to start in 2023 and for the road to start operations in 2026.

The government aims to launch tenders for 12 road projects, has a budget of THB 281 Bn, including for the Bang Khun Thian - Bang Bua Thong Tollway, as well as another THB 2.78 Bn for the M5Uttaraphimuk Tollway Extension.


List of Transactions - Thailand Q3 2022

Source: Inframation, YOG INFRA analysis



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