On Wednesday, February 25, 2026, APDL Solar Power Sole Co., Ltd. (an indirect subsidiary of the Company) signed a Memorandum of Understanding (MOU) with the Government of the Lao People’s Democratic Republic (Lao PDR) to undertake a solar power generation project with a capacity of 100 megawatts, located in Paksan Province, Lao PDR.

          The signing of this MOU represents a further milestone demonstrating the progress of the 100-megawatt solar power project — the first project of the Company Group to receive endorsement from a Lao PDR government authority. It marks a significant landmark in elevating the Company’s growth potential, as it pursues its ambition to expand solar power generation capacity in Lao PDR to 500 megawatts within the next 2–3 years. This aligns with the Company’s business strategy to broaden its renewable energy revenue base — a business sector capable of generating long-term cash flows, underpinned by the stability of power purchase agreements — and is consistent with the Company’s vision of sustainable growth.

       ALPHAX announces the successful acquisition of a 100% stake in the Nam Ngiew 2C hydropower plant (14.51 MW capacity) for an investment of over 790 million baht, as it pushes forward to become a leading renewable energy producer in Asia. The company has also signed an MOA with Electricité du Laos to study the feasibility of developing a 500 MW solar farm project, with conclusions expected within 1–2 years. Following a record-breaking net profit of 280 million baht over the first nine months of 2024, the company is confident of rapid growth over the next 3–5 years.

       Mr. Kampol Suangburanakul, Chief Executive Officer of Alpha Divisions Public Company Limited (ALPHAX), disclosed that the Board of Directors meeting on December 3, 2024 resolved to approve Alpha Power Development (Laos) Co., Ltd. (APDL) — a subsidiary of Alpha Power Development Co., Ltd. — to acquire 1,761,297 ordinary shares of Nam Ngiew 2C Hydropower Co., Ltd. (NN2C) at a total purchase price of USD 22,800,000, or approximately 795.42 million baht, representing a 100% stake in NN2C’s registered capital.

       “This acquisition of NN2C shares reflects ALPHAX’s recognition of the opportunity to increase revenue and long-term returns — both in terms of revenue and profit in the consolidated income statement, and dividend income in the company’s separate financial statements.”

       The acquisition also strengthens the company’s competitive position and supports growth in the renewable energy power generation business, which is a key investment policy. Upon completion, ALPHAX’s total hydropower generation capacity will rise to 29.51 MW — comprising NN2C’s 14.51 MW hydropower plant in the Lao PDR (operating under a 40-year concession expiring April 24, 2062, renewable under Lao law), and the 15.00 MW Nam Hung 1 Hydropower Co., Ltd. (NH1) plant, also in Lao PDR, acquired in Q1 2024.

       In parallel, APDL has been entrusted by Electricité du Laos (EDL) to study the feasibility of developing a 500 MW solar power project. A Memorandum of Agreement (MOA) for the feasibility study has been signed, with the study and development process expected to take approximately 1–2 years. This project is expected to drive sustainable growth in the company’s performance and support its long-term goal of becoming a regional leader in renewable energy power generation.

       Regarding financial performance, ALPHAX achieved a record-high net profit of over 280 million baht for the nine-month period of 2024, with a very low debt-to-equity (D/E) ratio of just 0.06x, reflecting strong financial stability. As of September 30, 2024, the company held cash and cash equivalents in excess of 4,000 million baht, positioning it well to expand — particularly in the renewable energy sector, which offers high stability and consistent cash flow generation.

       The CEO added that over the next 3–5 years, ALPHAX has set ambitious growth targets, actively studying investment options that maximize returns while maintaining acceptable risk levels. These studies cover both domestic and international projects, including large-scale infrastructure and power generation facilities of various types — such as wind, solar, and hydropower.