Thai energy group Banpu is preparing a significant expansion of its US footprint, committing at least $1.5bn (Bt48.86bn) to scale operations as electricity demand accelerates across the country. The move comes amid sustained growth in data centre infrastructure, which continues to reshape power consumption patterns. Central to the Banpu US expansion plan is the strategy to strengthen its generation portfolio through its American subsidiary, BKV, positioning the US market as a long-term earnings engine.
BKV is evaluating both greenfield development and acquisitions of gas-fired power assets, with the objective of adding roughly 1GW of capacity. The company’s focus remains firmly on Texas, where it already operates two gas-fired facilities via its publicly listed US arm. These assets, secured in 2021 and 2023, each deliver approximately 1.5GW and serve the state’s power market. As demand from AI-driven and cloud-based data centres intensifies, Banpu sees tightening supply conditions as a catalyst for new investments.
“The US power business will be a core earnings driver, supported by sustained demand from data centres and AI,” said Vongkusolkit in an interview. “Valuations have increased, but the long-term growth outlook continues to justify investment.” The Banpu US expansion plan reflects a broader strategic pivot, as the company gradually reduces its reliance on coal and builds a more diversified energy mix anchored in gas and renewables.
While this transition is underway, Banpu continues to benefit from external market dynamics. Supply disruptions in the Middle East have supported coal demand, prompting the company to increase output across its mining operations in China, Indonesia and other regions. Alongside its US ambitions, Banpu maintains a global power portfolio spanning China, Laos, Vietnam and Australia, with a combined generating capacity of 3GW.