Global Power Synergy Company (GPSC), the power generation unit of Thailand state-owned oil and gas company PTT, has completed the acquisition of Engie's 69.1% stake in Glow Energy for THB93bn (US$2.93bn). The remainder of Glow Energy's share capital (30.89%) will be offered at a mandatory tender by public investors for THB40bn (US$1.26bn).
Glow Energy is the third largest IPP in Thailand with a capacity of approximately 3.2 GW in 2017, including 1 GW of coal-fired capacity, 2 GW of gas-fired plants and 0.2 GW of solar power plants. It purchased the activities of Thai Cogeneration (Coco), renamed Glow SPP, the main company developing cogeneration projects. Glow Energy also has a stake in the 152 MW Houay Ho hydropower plant in Laos.
GPSC's acquisition of Glow was blocked by the energy regulator of Thailand in late 2018 considering that it would reduce competition in the power sector. The transaction finally received the green light in December 2018 after Glow sold off one of its power plants. With the integration of Glow Energy, GPSC's power generation capacity will now exceed 4,700 MW.