CK Power Plc (CKP) has had its debenture credit rating upgraded from “BBB+” to “A-” by TRIS Rating, reflecting its strengthened financial position and robust debt management.
The new rating, effective March 31, comes with a “stable” outlook. TRIS also affirmed the company’s issuer rating at “A-”.
Managing Director Thanawat Trivisvavet said the rating upgrade was largely due to the gradual reduction in long-term debt at its key subsidiaries — Nam Ngum 2 Power Co and Bangpa-in Cogeneration Ltd — which has helped lower subordination risk. Strong EBITDA performance and consistent debt servicing capacity despite global volatility also contributed to the improved rating.
The company maintains a healthy liquidity ratio of 1.86 as of year-end 2024, up from 1.68 the year before. Its net interest-bearing debt to equity stood at 0.52, reflecting solid financial management. TRIS noted CKPower’s reliable cash flow generation, backed by long-term PPAs with the Electricity Generating Authority of Thailand (EGAT) and a diversified renewable energy portfolio.
CKP is pressing ahead with its 2025–2030 growth strategy, expanding installed capacity through solar power projects under private PPAs and the state’s renewable energy auctions. Solar projects with Bangkok Expressway and Metro Plc (BEM) are on track for completion in Q2/2025, while the Luang Prabang Hydropower Project is 42% complete and on schedule for COD in 2030.
The company also continues to sell Renewable Energy Certificates (RECs) and is committed to achieving net-zero greenhouse gas emissions by 2050.
