Infrastructure & PPPs in Thailand - Q3 2025 Update

YOG INFRA
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YOG INFRA Q3 2025 insights

THAILAND is focussing on transport and logistics sector through construction of railway, bridge and metro line projects. There is an active interest from international developers to invest in planned projects, supported by a fair & equitable risk allocation. Few innovative technology projects have also been annouced recently in areas of energy transition, for development of green hydrogen and carbon capture.

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

JULY 2025

BANGKOK BUILDS 47.5 KM CANAL WALKWAY AND BIKE LANE

The Government of Bangkok has started developing a 47.5 km walkway and bike lane along the Saen Saeb Canal to improve pedestrian and cyclist connectivity across the city in Thailand. The project aims to offer a continuous, safe corridor from Phra Nakhon to Nong Jok, linking residents with MRT, BTS, and canal boat networks.

The corridor includes lighting, CCTV, and other safety infrastructure for 24/7 access. So far, the city has built about 60.38 km of reinforced embankments and paths. An additional 4.72 km are now under construction, with plans to further extend the route in the coming years.

This effort forms part of Bangkok’s “Walkable, Safe Cycling” initiative, scheduled for completion by 2030. It aims to enhance urban mobility, promote public health, and expand access to sustainable transport. Future expansions will connect areas like Ladprao, Phrom Phong, Thaphra, and Sam Yot. The route also links major institutions such as Srinakharinwirot University and vital city piers, including Wat Mai Chong Lom and SWU Phyathai, supporting both residential and economic zones.

EPCC DEAL INKED FOR NEXT STAGE OF THAILAND’S THIRD LNG TERMINAL

The deal concerns the superstructure development of the Map Ta Phut industrial port Phase 3 project. As the third LNG terminal in Thailand, Gulf expects it to play a key role in strengthening the country’s energy security by enhancing LNG import capacity to meet the growing energy demand from the industrial and power generation sectors in line with Thailand’s economic growth.

The EPCC contract was signed between Gulf MTP LNG Terminal Company Limited (GMTP), a joint venture between Gulf (70%) and PTT Tank (30%), which is an affiliate of Thailand’s state-owned PTT. The PEC-CAZ Consortium comprises South Korea’s POSCO Eco & Challenge Company (PEC) and Thailand’s CAZ.

The duo will carry out the superstructure work of the Map Ta Phut Project, which includes the design, construction, and operation of the LNG terminal and regasification facilities with an initial capacity of 8 million tons per annum (Mtpa) for the first phase of the LNG terminal, expandable up to 10.8 Mtpa.

GMTP entered a 35-year Public-Private Partnership (PPP) model contract with the Industrial Estate Authority of Thailand (IEAT) to develop the project in two stages.

Phase 1 entails infrastructure works including dredging and land reclamation, revetment construction, breakwater construction, service terminal, utility works, and other relevant works. The land reclamation works under this phase were completed in March 2025.
Phase 2 encompasses the design, construction, and operation of the LNG terminal and regasification facilities. GMTP passed a resolution approving this stage to proceed in June.

The superstructure construction is scheduled to begin in Q4-2025, with the start of commercial operations targeted for Q1-2029. The investment for this stage is expected to amount to THB 60 Bn (USD 1.8 Bn).

The project’s primary target customers are domestic LNG shipper license holders, including affiliated companies such as Hin Kong Power Holding Company (HKH) and Gulf LNG Company Limited (GLNG). The LNG is set to be used to power their gas-fired power plants Gulf PD, Gulf SRC, and Hin Kong.

AUGUST 2025

GUNKUL SIGNS 180 MW RENEWABLE PPAs WITH EGAT TO BOLSTER GREEN ENERGY PORTFOLIO

Thailand-based Gunkul Engineering Public Company Limited has signed power purchase agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) for renewable energy projects with a total capacity of 180 MW. The agreements form part of Thailand’s push to accelerate clean energy adoption and support its national energy transition roadmap.

The projects include solar farms and wind farms developed under EGAT’s public-private procurement framework. Gunkul, already a major player in renewable energy, said the PPAs would further diversify its green energy portfolio and generate long-term, stable revenue. The company plans to begin construction on the new sites by Q1-2026, with phased commissioning through 2028.

CONSTRUCTION OF PURPLE LINE RIVER TUNNEL BEGINS IN BANGKOK

Thailand’s Ministry of Transport has commenced tunnelling works under the Chao Phraya River as part of the MRT Purple Line southern extension in Bangkok. This marks the second cross-river tunnel for Bangkok’s metro system and a major milestone in expanding the capital’s rail infrastructure.

The extension is 60% complete and ahead of schedule. The 23.6 km route will run from Tao Poon to Rat Burana, featuring 10 underground and seven elevated stations. The first phase—Tao Poon to the National Library—is targeted for completion in 2028, with full operations expected by 2030.

The extension will enhance connectivity through integration with the existing MRT Blue and Purple lines at Tao Poon. The ministry has emphasised strict adherence to safety, environmental, and traffic management protocols throughout construction.

THAILAND’S PHASE 2 DUAL-TRACK RAIL PROJECT SET FOR NESDC APPROVAL

The Transport Ministry has confirmed that the plan for Phase 2 of the dual-track railway project, covering 1,249 km across six routes, is ready for review by the National Economic and Social Development Council (NESDC). The project is valued at THB 297.9 Bn (USD 9.21 Bn).

The State Railway of Thailand (SRT) has provided all additional information required by the NESDC for consideration. The SRT has classified the six routes into three priority groups

Group 1 (High Priority) comprises the

Surat Thani–Hat Yai–Songkhla route covering 321km at a budget of THB 66.27 Bn (USD 2.05 Bn)
Pak Nam Pho–Den Chai route covering 218 km with budget of THB 81.14 Bn (USD 2.51 Bn)
Chumphon–Surat Thani route covering 168km with budget of THB 30.42 Bn (USD 940 Mn).

2. Group 2 (Medium Priority) comprises the

Chira Junction–Ubon Ratchathani route 308km, THB 44.10 Bn (USD 1.136 Bn).
Den Chai–Chiang Mai route 189km, THB 68.22 Bn (USD 1.84 Bn).

Group 3 (Lower Priority) features the Hat Yai–Padang Besar route 45km, THB 7.77 Bn (USD 240 Mn).

MALAYSIA’S MOT PREPARING MOU FOR EXTENDING ECRL TO THAILAND

The Ministry of Transport (MoT) of Malaysia is preparing a memorandum of understanding (MoU) with Thailand to extend the East Coast Rail Link (ECRL) into Thailand. The discussions are ongoing with Thai counterparts to finalise the alignment and cooperation framework.

The two factors will be assessed before moving to feasibility studies: Thailand’s commitment to developing supporting infrastructure on its side of the border, and whether the link should utilise ECRL tracks or Keretapi Tanah Melayu Bhd (KTMB) infrastructure. Site visits to Rantau Panjang KTMB station, the Sungai Golok bridge, and Kota Baru ECRL station were conducted with Thai officials to evaluate infrastructure conditions and potential costs.

MRTA TO FAST-TRACK BIDDING ON FOUR NEW LINES

The Mass Rapid Transit Authority of Thailand (MRTA) will accelerate bidding for four electric rail projects worth more than THB 128 Bn (USD 3.95 Bn) to improve connectivity in Bangkok and surrounding areas. The planned feeder routes include the Brown Line (Khae Rai–Bung Kum), Grey Line (Watcharaphon–Thong Lor), Light Blue Line (Din Daeng–Sathon), and Silver Line (Bang Na–Suvarnabhumi). The 4 lines are:

Brown Line with 20 stations spanning 22 km, worth THB 42 Bn (USD 1.29 Bn).
Grey Line with 15 stations spanning 16.25 km, worth THB 27.85 Bn (USD 860 Bn).
Silver Line with 14 stations spanning 18.3 km, worth THB 43.92 Bn (USD 1.35 Bn).
Light Blue Line with 9 stations spanning 6.7 km, worth THB 14.73 Bn (USD 454 Mn).

The Brown Line will be the first to move forward. It is under review due to the THB 20 (USD 0.62) flat fare policy and adjustments linked to the N2 section of the third-stage expressway. The study is expected to conclude by end of 2025, with cabinet approval early next year and bidding later in 2026.

The other three projects were transferred from the Bangkok Metropolitan Administration (BMA). The Grey Line, Silver Line require updated feasibility and environmental studies, while the Light Blue line will be reviewed subsequently.

ADB, GSA TO OPEN GREEN DATA CENTER IN THAILAND

The Asian Development Bank (ADB) has signed a green loan worth THB 900 Mn (USD 26.8 Mn) with GSA Data Center 01 Company Limited (GSA) to finance a 25.6 MW colocation green data center in Samut Prakan, Thailand.

The facility will be built to Tier III standards, with a designed power usage effectiveness (PUE) of 1.4 and an expected LEED Gold certification. This marks ADB’s first loan in Thailand’s data center sector. Most of the center’s space will be leased to technology and AI companies, with renewable energy options offered through certificates and procurement.

The project aligns with Thailand’s climate commitments—30% emissions reduction by 2030, carbon neutrality by 2050, and net zero by 2065. It is also supported by ADB’s Bio Circular Green Growth (BCG) program, which provided due diligence on data center emissions and renewable energy procurement.

SEPTEMBER 2025

EGAT LAUNCHED TENDER FOR 364 MW FLOATING SOLAR PROJECT AT SRINAGARIND DAM

The Electricity Generating Authority of Thailand (EGAT) has invited bids for a 364 MW floating solar project at the Srinagarind Dam in western Thailand. The project, financed by EGAT’s Fund, will use crystalline silicon PV modules and include floating structures, anchoring systems, a 33 kV grid connection, transmission lines, and monitoring software.

The winning developer will be responsible for engineering, procurement, construction, and commissioning (EPCC), along with project management, training, civil works, and performance guarantees. The initiative is part of Thailand’s broader push to expand solar generation, which currently accounts for 3.4 GW (7% of installed capacity), with an additional 200 MW under construction and 5.9 GW in the pipeline.

LAND BRIDGE PROJECT (KRA SUPER CANAL)

The Office of Transport and Traffic Policy and Planning (OTP) is preparing the tender documents for KRA Supoer Canal or Land Bridge project, which will be completed by end of Q1-2026 with the aim of inviting private-sector investment and starting construction in 2026. The first phase is expected to open by 2030.

The goal of the Land Bridge is to position Thailand as a regional and global transport and trade hub, linking the Gulf of Thailand with the Andaman Sea through two deep-sea ports connected by supporting infrastructure, including double-track rail, intercity motorways, and pipelines, offering an alternative route to the Strait of Malacca.

The Land Bridge will adopt a Public-Private Partnership (PPP) Net Cost model, with a 50-year concession. A single private partner will be awarded the contract to construct and manage the entire project under one concession agreement.

The project’s investment value has been adjusted from THB 1 Tn to THB 997 Bn (USD 30.8 Bn) to align with current economic conditions.

AOT AND THAILAND POST TO DEVELOP LOGISTICS PLATFORM AT SUVARNABHUMI AIRPORT

Airports of Thailand (AOT) and Thailand Post have signed a memorandum of understanding (MoU) to jointly develop a logistics management platform for Suvarnabhumi International Airport. The initiative is aimed at strengthening cargo operations and positioning the airport as a key regional aviation hub.

The partners will develop an Airport Cargo Community Systems (ACS) platform to digitally connect importers, exporters, airlines, land transport operators, customs offices, and other stakeholders. The platform will incorporate truck slot management and smart backhaul trucking to reduce costs, optimise routes, and cut carbon emissions.

In fiscal year 2024 (October 2023–September 2024), Suvarnabhumi handled 1.33 million tonnes of cargo, up 20% year-on-year. In the first 10 months of fiscal 2025 (October 2024–July 2025), volumes reached 1.25 million tonnes, a 10.9% increase from the same period in the previous year. The partnership with Thailand Post will help accommodate rising cargo demand and support the airport’s long-term hub development plans.

HAT YAI AIRPORT ANNOUNCES MAJOR UPGRADE PLANS

Hat Yai Airport has unveiled an expansion programme to strengthen its role as the main gateway to southern Thailand. Between October 2024 and July 2025, the airport handled over 19,000 flights, including 2,522 international services (up 52.95%) and 16,488 domestic services (up 12.22%). Nine airlines currently connect Hat Yai with domestic cities such as Bangkok, Chiang Mai, Phuket, and Udon Thani, as well as international destinations including Kuala Lumpur and Singapore.

Short-term plans for the next two years include the renovation of the departure hall, upgraded restrooms, and improved access roads. Over the next 3–5 years, the airport will add new passenger terminals, expand parking facilities, widen access and internal roads, and install boarding bridges. Self-service check-in and passenger identity verification systems have already been introduced to improve efficiency and safety.

The airport is also participating in Airports Council International (ACI) service quality programmes as part of its long-term goal of achieving world-class standards. The government has emphasised its commitment to improving passenger satisfaction, operational transparency, and sustainable growth.

PTTEP TO BUILD THAILAND’S FIRST CARBON CAPTURE PROJECT

PTTEP, Thailand’s national exploration and production company, has approved its final investment decision to build the country’s first carbon capture and storage (CCS) project at the Arthit gas field in the Gulf of Thailand. Operations are set to begin in 2028, with plans to gradually scale up to storing about 1 million tonnes of CO2 annually.

The project builds on years of preparation, including geological assessments to identify suitable reservoirs between 1,000 and 2,000 metres (3,280-6,562 ft) deep, along with engineering studies and monitoring frameworks to ensure safe and verifiable storage. The five-year program is budgeted at around THB 10 Bn (USD 308 Mn). Importantly, the development will not interfere with ongoing natural gas production at the field.

CCS works by capturing CO2 produced during industrial or energy processes and injecting it back underground into geological formations, effectively reversing the process of fossil fuel extraction. Alongside this flagship project, PTTEP is also pursuing other emissions-reduction strategies, such as reusing excess gas, integrating renewable energy, and prioritising lower-carbon developments.

EXAT SEEKS CABINET APPROVAL FOR PHUKET EXPRESSWAY PHASE 2

The Expressway Authority of Thailand (EXAT) plans to seek Cabinet approval for the Phuket Expressway Phase 2, a 30.62 km project costing THB 46.75 Bn (USD 1.44 Bn), to connect Muang Mai to Kathu via Koh Kaew. This project, developed under a public-private partnership (PPP), will be submitted to the cabinet.

Cabinet has already approved Phase 1 of the Phuket expressway, with contractors currently being selected. Phuket Expressway Phase 1 is a 3.98 km, four-lane elevated road and tunnel project connecting Kathu to Patong, designed to provide a direct, faster, and less congested route to Patong Beach. Once phase 2 receives approval, the entire route is expected to be operational by early 2030.

List of Transactions - Thailand Q3 2025

Source: YOG INFRA, Public Information

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