In a decisive move to accelerate its green energy ambitions, Thailand’s Banpu Public Company Limited has announced a landmark investment in one of Australia’s largest upcoming battery energy storage projects. The Bangkok-based conglomerate, historically known for its coal operations, is transitioning aggressively into clean power—signaling a larger trend among Southeast Asia’s industrial giants.
Strategic Investment in Victoria’s Energy Future
Banpu Energy Australia, the subsidiary leading the charge, is acquiring a 50% equity stake in the Wooren Energy Storage Project located in Victoria’s Latrobe Valley. The project, valued at A$700 million (approx. $460 million USD), is expected to become operational by the second half of 2027.
Once online, the facility will offer a 350 MW output with 1,400 MWh of storage capacity, enough to power around 230,000 homes continuously for four hours. This aligns with Australia’s national push to decarbonize and build more resilient power grids, especially during peak demand periods.
Joint Venture with EnergyAustralia
Banpu’s partner in the project is EnergyAustralia, one of the country’s leading energy retailers, which will act as the exclusive off-taker for the electricity generated. Banpu will inject A$110 million into the project as part of the joint venture, further embedding itself into Australia’s renewable landscape.
“Battery energy storage systems are going to be the backbone of future-ready energy networks,” said Banpu CEO Sinon Vongkusolkit in an official statement. He reiterated the company’s goal of reducing greenhouse gas emissions by 20% by 2020 (already achieved) and reaching net-zero by 2050.
From Coal to Clean: Banpu’s Strategic Pivot
This investment is emblematic of a broader transformation within Banpu’s portfolio. Once synonymous with fossil fuels, the company is now rebranding itself as a sustainable, diversified energy player. In addition to Australia, Banpu has a growing clean energy presence in the U.S., China, Japan, and across Southeast Asia.
It’s not just an energy story—it’s a family office masterclass. The Vongkusolkit family, who control Banpu, also own significant stakes in Mitr Phol Group (Asia’s largest sugar producer) and Erawan Group, the hospitality chain behind Bangkok’s Grand Hyatt and over 90 other hotels. With a net worth estimated at $1.3 billion, the family is making bold bets on long-term sustainability.
365247 Take: Strategic Implications
For Banpu, this isn’t just a project—it’s a pivot. Wooren represents more than infrastructure; it’s a signal of intent. With energy security, grid flexibility, and climate mandates reshaping how capital is allocated, battery storage has become the critical enabler of decarbonized economies.
And for Australia, partnerships like this bring in not just capital—but cross-border energy expertise and commercial innovation. Expect more international collaborations as global energy players eye the Pacific region for clean tech deployment.
