Thailand’s Renewable Energy Vision: BCG’s Strategic Outlook for APAC Growth

Boston Consulting Group unveils key strategies to accelerate Thailand’s renewable sector expansion across the Asia-Pacific region

Boston Consulting Group’s Dr. Marko Lackovic and Suncica Zdunic shared insights on APAC’s renewable energy growth, with Thailand positioned as a key player. BCG’s report, Asia Pacific is Ready for Renewables. Are Energy Players?, indicates that APAC’s renewable generation is expanding at 9% CAGR, with a projected 2030 power mix of up to 50% renewables.

Thailand’s growth potential is notable, with renewable energy diversification being a critical focus to offset reliance on gas and tackle rising tariffs. The country’s 2024 Power Development Plan seeks to raise renewables to 51% by 2037, aiming for carbon neutrality by 2050. Solar, wind, and biomass are the main opportunities, with solar expected to grow by 3 GW by 2030 and wind by 1.45 GW.

The Thai renewable market, particularly in solar and wind, sees stable investment with IRRs around 7-11%. BCG underscores the importance of local partnerships, diverse financing, and supply chain integration as vital strategies to scale renewable projects. Thailand’s renewable ambitions signal promising investment conditions, and operators should build strong local ties and focus on cost-efficient capital for success.

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