Banpu Power Acquisition, Valuation & Financials

Banpu Power was acquired by Banpu for $1.2B in October 2025, a 0.2x multiple on $5.1B of revenue.

Banpu Power acquisition price

$1.2B

Acquired by Banpu · Oct 2025

Banpu Power revenue at acquisition

$5.1B

Last twelve months · Oct 2025

Banpu Power revenue multiple at acquisition

0.2x

EV/Revenue · Oct 2025

Banpu Power EBITDA multiple at acquisition

0.8x

EV/EBITDA · Oct 2025

Banpu Power Overview

About Banpu Power

Banpu Power PCL is engaged in investments in power businesses in Thailand and overseas. The business activities of the group include the generation and sale of electricity and other related business. The company's business segments include Energy Generation and Energy Technology. The Energy Generation segment operates in electricity generation which consists of thermal and renewable energy both domestic and overseas. The Energy Technology segment operations comprise solar rooftops, electric vehicles, energy storage, and energy management systems. Geographically, the company has its presence in the United States which is the key revenue driver, China, and other regions.


Founded

1996

HQ

ThailandBangkok

Status

Acquired

Customer focus

B2B & B2G

Revenue model

Product sales

Revenue

$5.1B (Oct 2025)

Valuation

$1.2B (acquired Oct 2025)

Banpu Power Acquisition

Banpu Power was acquired by Banpu for $1.2B on 30 October 2025.

The acquisition price implies a 0.2x revenue and 0.8x EBITDA multiple on $5.1B of revenue.

Banpu Power Public Company Limited (BPP) is a power generation company focused on thermal and renewable energy, including operations in battery energy storage systems, energy trading, and gas infrastructure, with assets such as U.S. natural gas power plants in the BKV-BPP Power joint venture. Banpu Public Company Limited (BANPU), a Thailand-based energy firm with segments in energy resources (coal and gas), energy generation, and energy technology (solar, EV, storage), initiated a restructuring under its Energy Symphonics strategy announced in late October 2025. This involved a general offer to acquire up to 21.34% of BPP shares at THB 13.00 per share from December 1-23, 2025, following a prior acquisition of 12.41% stake completed by December 23, 2025, and a board-approved buyback of BPP shares to increase ownership ahead of merger. Concurrently, BPP divested a 25% stake in U.S. gas-fired power assets (BKV-BPP Power, LLC) to BKV Corporation for $115.1 million cash and 5.3 million BKV shares, completed January 30, 2026, raising BKV's ownership to 75% to support its closed-loop gas strategy amid AI-driven power demand in ERCOT. The amalgamation merges BANPU and BPP into a new public company retaining the Banpu Plc name and BANPU ticker on the Stock Exchange of Thailand, inheriting all assets and liabilities, with fully paid-up capital of 40,496 million baht in 4.05 billion shares at 10 baht par value. BANPU's board approved the merger under the Public Limited Company Act, with Banpu Mineral Co Ltd buying shares from dissenting BPP shareholders at the EGM. Shareholders of both companies approved the transaction at EGMs on January 29, 2026, aiming to unlock synergies beyond simple addition, enhance operational agility, structural efficiency, investment mobility, and positioning for electrification, AI-fueled energy demand, and low-carbon solutions. Completion is targeted for Q3 2026, driven by global energy transition, rising electricity needs from digital industries, and competitive dynamics in stable power supply.

Banpu Power acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
30 Oct 2025Strategic M&A$1.2B0.2x0.8x

Banpu Power as a Public Company

Banpu Power traded as BKK: BPP before it was taken private. Its acquisition was announced in October 2025. August 2026 is its last month on record as a listed company, with a market cap of $1.1B and an enterprise value of $1.4B.

Over the 4 years before that, its market cap fell from $1.3B in August 2022 to $1.1B.

Banpu Power market cap while listed

Banpu Power EV/Revenue (LTM) while listed

Banpu Power financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Aug 2026$1.1B-----
Aug 2025$805M$605M$224M37%3.2x8.6x
Aug 2024$1.1B$1.2B$175M14%1.8x12.6x
Aug 2023$1.3B-----
Aug 2022$1.3B-----

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Banpu Power traded.

Investments by Banpu Power

Banpu Power has invested in 3 companies to date.

Latest investment by Banpu Power was on December 27th 2022. Banpu Power invested in ACX in their $15M Undisclosed stage round.


Latest Investments by Banpu Power

ACX
FOMM
EDP Renewables APAC
Description
ACX Group is a Singapore-headquartered operator of the world's first regulated environmental attributes exchange, facilitating trading of carbon credits, renewable energy certificates, and biodiversity tokens. The platform leverages blockchain for tokenized instruments, settling over 10 million tons of CO2 equivalent yearly with fees under 1 percent. Regulated entities ACX Ltd and ACX Clearing Corporation Ltd serve 500 participants including Shell, HSBC, and project developers in Asia-Pacific. AirCarbon Pte. Ltd. issues verified credits from forestry and methane capture projects, aligning with Article 6 of the Paris Agreement.
FOMM is a Japanese developer of compact electric vehicles centered on in-wheel motor technology. Established in 2014, it produced the world's smallest four-seater EV with patented features like flood-resistant floating design and anti-accidental acceleration systems. The vehicles target urban mobility in flood-prone areas across Asia.
EDP Renewables APAC is a Singapore-headquartered developer of solar photovoltaic projects and clean energy supply in Asia Pacific. Licensed as both electricity wholesaler and retailer by Singapore's Energy Market Authority since 2011, it offers solar leasing and power purchase agreements. The company operates rooftop and ground-mounted systems totaling 100 MWp across Singapore, Australia, and Vietnam, supporting corporate net-zero goals.
HQ CountrySingaporeJapanSingapore
HQ City
Singapore
Yokohama
Singapore
Deal Date27 Dec 20225 Feb 201920 Sep 2017
RoundUndisclosed stageStrategic investmentStrategic investment
Raised$15M$20M$56M
InvestorsTRIREC; Mubadala--
Valuationundisclosed$93M$222M
EV/Revenue
EV/EBITDA

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Banpu Power Competitors

Banpu Power competitors include listed companies like Reliance Power, Naturenergie, Econergy and XPLR Infrastructure, and private ones like EGPE Solar and Climeworks.

Public and private companies comparable to Banpu Power
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Reliance PowerIndiaIndiaPublicly listed$753M$279M$910M-
NaturenergieSwitzerlandSwitzerlandPublicly listed$1.8B$323M$1.2B-
EconergyUnited KingdomUnited KingdomPublicly listed$11M($63M)$1.5B-
EGPE SolarSpainSpainPrivate--$2B-
ClimeworksSwitzerlandZurichPrivate--$1.1B-
XPLR InfrastructureUnited StatesUnited StatesPublicly listed$1.2B$607M$1B10.7x

Banpu Power Public Comps

Banpu Power is no longer listed, but its public comps include Pluz Energía, Advantage Energy, Celesc, Bonheur, Grupo Cox, Naturenergie, TotalEnergies EP Gabon, Margun Enerji, Light SA and Alerion CleanPower.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Pluz Energía$1.3B$328M1.5x-5.9x-
Advantage Energy$502M$256M3.5x3.2x7.0x5.6x
Celesc$2.2B$312M0.9x-6.5x-
Bonheur$1.3B$402M1.2x1.2x3.8x4.0x
Grupo Cox$1.3B$216M4.1x2.3x25.0x11.8x
Naturenergie$1.8B$323M0.7x-3.8x4.9x
TotalEnergies EP Gabon$418M$210M1.5x-3.0x-
Margun Enerji$28M($7M)48.1x-(192.4x)-

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Common questions about Banpu Power

When was Banpu Power founded?Banpu Power was founded in 1996.
Where is Banpu Power headquartered?Banpu Power is headquartered in Bangkok, Thailand.
Is Banpu Power publicly listed?No, Banpu Power was acquired by Banpu in October 2025.
Who acquired Banpu Power?Banpu Power was acquired by Banpu in October 2025.
How much was Banpu Power acquired for?Banpu Power was acquired for $1.2B in October 2025, a 0.2x revenue multiple.
Which companies are comparable to Banpu Power?Companies comparable to Banpu Power include Reliance Power, Naturenergie, Econergy, EGPE Solar, Climeworks and XPLR Infrastructure.
What was Banpu Power's market cap before the acquisition?Banpu Power had a market cap of $1.1B in August 2026, its last month on record as a listed company.
How many companies has Banpu Power invested in?Banpu Power has invested in 3 companies, including ACX, FOMM and EDP Renewables APAC.
What was Banpu Power's last investment?In December 2022, Banpu Power invested in ACX's $15M undisclosed-stage round alongside TRIREC and Mubadala.

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