TRIS Reaffirms WHAUP's "A-" Rating Reflecting Company's Strong Business Outlook
BANGKOK - WHA Utilities and Power Public Company Limited (WHAUP) reveals that TRIS Rating has reaffirmed the company's rating at "A-" with a "stable" outlook, reflecting the strengths of both utilities and power businesses.
Mr. Somkiat Masunthasuwun, WHAUP's Chief Executive Officer, said that TRIS Rating maintained the company rating at "A-" with "stable" outlook, reflecting the company's strong business operations as a sole utility provider at leading industrial estates of WHA Group both in Thailand and Vietnam, as well as the continuous growth of the solar power business. Furthermore, the company has financial stability, with a secure source of income and share of profit, as well as sufficient liquidity for debt repayment and the company's operations.
WHAUP's Chief Executive Officer added that the overall utilities business outlook for the second half of the year is expected to generate higher water sales, driven by high demand from customers, especially from the power and petrochemical sectors. The water business in Vietnam has expanded continuously due to the growing water demand, as a result of economic recovery after the ease of Covid-19, as well as the increase of service areas for water supply.
Regarding the power business, the recognition of revenue from solar rooftop projects in the second half of the year continues to grow, due to the gradual commencement of commercial operations (COD). This year, the company expects to further expand its solar power business to achieve its target of 150 MW in terms of accumulated contractual capacity. Furthermore, WHAUP will continue to grow its solar power business through innovations and new technologies such as the development of an energy storage system and of a smart energy platform using blockchain technology for Peer-to-Peer Energy Trading of electricity generated from solar among customers within WHA's industrial estates.