Thai Agro Energy PCL

Thai Agro Energy Public Company Limited is a Thailand-based company, which is principally engaged in production and distribution of ethanol for fuel and soil conditioner. The Company distributes denatured ethanol to mix with gasoline in various ratios to produce gasohol. The Company’s product is mixed with gasoline to produce gasohol E1 0, E2 0 and E8 5 which are alternative fuels for automobiles. The Company’s customers are fuel trading companies. The Company sells ethanol-for-fuel to oil companies for blending in gasohol production. Its byproduct is potassium humate. The Company’s ethanol production facilities are located at 9, Moo 10, Dan Chang-Samchuk Road, Tambol Nong Makhamong, Dan Chang District, Suphanburi Province, on an area of over 1,800 rai. The plant comprises two production lines equipped with the French MAGUIN INTERIS (MAGUIN) technology, which is well-recognized among ethanol producers worldwide.

• PPA pricing trends ($/MWh) (leading)
• Order book / installed capacity backlog (leading)
• Installation cost curves (LCOE) (trend)
• Inverter / battery $/kWh trajectory (trend)
• Grid-interconnection queue depth (coincident)

• China solar/wind tariffs + IRA domestic-content rules · exposure: very high
• Rare-earth supply (China = ~85% global rare-earth processing) · exposure: high
• Permitting + grid-connection bottlenecks · exposure: high
• Energy security policy shifts · exposure: medium-high

• MW shipped / installed — core volume metric
• EBITDA margin % — 8-15% manufacturers; 20-40% developers
• Order backlog months — 12-24 months healthy
• Capacity factor (utility scale) — wind 35%+, solar 18%+, varies geo
• LCOE trajectory — decreasing = competitive vs grid

Detailed financial analysis, valuation snapshot, multi-period history, and AI narrative are pending — generated when this company is included in the next analysis batch. Profile data above is point-in-time as of 2026-04-30.