Banpu, a Thai energy company owned by the billionaire Vongkusolkit family, is buying half of a major energy storage project in Australia. The project is worth 700 million Australian dollars (about 460 million U.S. dollars). Banpu is mainly known for coal, but it’s now putting more money into clean energy.

The energy storage project is called Wooren. It’s located in Latrobe Valley in the state of Victoria. When the project is finished in the second half of 2027, it will be able to produce 350 megawatts of electricity and store 1,400 megawatt-hours. That’s enough to power about 230,000 homes for four hours during times when electricity use is very high.

Banpu’s Australian branch, Banpu Energy Australia, will invest 110 million Australian dollars into the Wooren project. The company is partnering with EnergyAustralia, a local energy firm. EnergyAustralia will be the only buyer of electricity from Wooren.

Banpu’s CEO, Sinon Vongkusolkit, said that battery energy storage systems (BESS) are a key part of switching to clean energy. He also said Banpu wants to cut its greenhouse gas emissions by 20% by 2030, and reach net-zero emissions by 2050. That means the company will balance out any carbon it releases by reducing or removing the same amount from the atmosphere.

Banpu doesn’t just operate in Thailand. It also works in countries like Australia, China, Indonesia, Japan, Laos, Mongolia, Vietnam, and the United States.

The company is owned by the Vongkusolkit family, one of the richest families in Thailand. They also own large parts of other major businesses, including the Mitr Phol Group, which is a big sugar company, and the Erawan Group, which runs over 90 hotels, including the Grand Hyatt in Bangkok. Altogether, the family is worth about $1.3 billion.

This investment in Australia shows that Banpu is serious about moving into clean energy, even though it has made most of its money from coal in the past.

Published: 2nd July 2025

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