What is the difference between PPA and EPC?

PPA (Power Purchase Agreement) means the provider invests and installs — you pay only for electricity produced at rates lower than the grid. EPC (Engineering, Procurement, Construction) means you pay one-time CAPEX and own 100% of the system. See our detailed PPA vs EPC 12-dimension comparison for more.

Which PPA provider is the largest in Thailand?

Based on publicly disclosed figures, GreenYellow states 210+ MWp signed in Thailand with 100+ MWp in operation — the highest among the four companies we compare. However, the Thai PPA market includes many other providers (e.g., SCG Solar, Banpu NEXT) not covered in this comparison.

Why does CapSolar compare itself against competitors?

We believe PPA buyers deserve verifiable, primary-source information — not just sales decks. Publishing transparent data (including areas where others may outperform us) builds more trust than claiming to be the best.

Should I choose PPA or EPC for my factory?

It depends on your investment budget, desire for system ownership, and risk appetite. Have CapEx and want maximum ROI → EPC. No CapEx or prefer to avoid equipment risk → PPA. Use our PPA calculator to compare with your real numbers, or read PPA vs EPC.

Provider Comparison

Compare PPA Providers in Thailand

CapSolar, Constant Energy, GreenYellow, TIDPOWER — primary-source verified from provider websites. No star ratings. No rankings. Just verified facts side-by-side.

4 providersPrimary-source verifiedComparison table

Consult CapSolar — Free Try PPA Calculator

6 min read

TL;DR — Which Provider Fits Which Buyer?

Need PPA across multiple Southeast Asian countries? Constant Energy or GreenYellow have regional networks. Looking for EPC-only in Thailand? TIDPOWER focuses on this market. Want both EPC and PPA with online comparison tools? CapSolar offers dual-track and 6 web calculators.

CapSolar Co., Ltd. is one of the four providers compared on this page. All competitor data is sourced directly from competitor official websites on 2026-05-12. We do not characterize competitor weaknesses; we report what they do and do not publicly disclose.

Why These 4 Providers? Selection Methodology

These four companies are the top 4 organic results on Bing for "industrial solar PPA Thailand" as of 2026-05-12. This is not an exhaustive market survey — SCG Solar, Banpu NEXT, Thai Solar Energy, and many others are not included because they did not surface on this query. We use actual search results as the selection criterion because they reflect what buyers encounter when they begin research.

Side-by-Side Comparison Table

Every cell is sourced from each company's official website. Where data is not publicly disclosed, it is marked as such.

Dimension	CapSolar	Constant Energy	GreenYellow	TIDPOWER
Outward narrative figure	80+ MWp / 150+ projects / 100+ rooftops / 85K+ panels * * Aggregate including projects in development pipeline	"Running solar plants in SE Asia since 2012"	"210+ MWp signed in Thailand, 100+ MWp in operation; 430+ MWp across Asia"	"Over 15 MWp installed, 25 projects"
Year founded / Thailand entry	Founded 2023 in Thailand	SE Asia operations since 2012; Thailand entry 2021	France 2007 / Thailand since 2017	Founded December 2020
Headquarters	429/44 Lat Phrao, Bangkok	Sukhumvit Soi 63, Bangkok 10110	Bangkok (parent: Casino Group, France)	Bangkok
Service geography	Thailand only (single-market focus)	Southeast Asia (Thailand + Malaysia + Vietnam + Indonesia)	Thailand + Vietnam + broader SEA	Thailand only
Financing models	EPC + PPA dual-track (factory chooses)	PPA + CRESS PPA (Thailand wheeling) — IPP model	Pure zero-CapEx PPA only ("no investment cost")	EPC focus (PPA not specified on website)
PPA contract length	Per project (typically 10-20 yr)	Not publicly stated	Not stated numerically; references "throughout the contract"	Not stated
Pricing transparency	Online PPA calculator, factory price THB/Wp on Tools page — most transparent of the four	None (corporate quote-only)	Two structures: fixed rate or fixed % discount on standard tariff — no THB/kWh published	None on About page
O&M / aftermarket	EPC includes 2-yr workmanship warranty + ongoing maintenance; PPA includes lifetime O&M	"Energy asset management" — terms not public	Free O&M for contract life + performance guarantee with billing-credit compensation	Not stated on About page
Named industrial customers	8 projects in /projects	Microchip Plant 2 (floating 3.8MW), Aisin Thai (3.7MW), Unicabinet (3MW), Schneider Electric Thailand	Makro, Betagro, King Power, Central Food Wholesale, Unilever, Schneider Electric Thailand, Hilton	"Leading industry players" — none named publicly
Investor / parent backing	Privately held, founder-led	Olympus Capital (Private Equity)	Casino Group (French retail conglomerate)	Privately held

Individual Provider Profiles

CapSolar

Headline figure: "80+ MWp portfolio / 150+ projects" (aggregate including development pipeline)

Strength: The only provider in this group that publishes pricing and offers online comparison tools, enabling buyers to self-verify before contacting sales.

Not disclosed: Founded in 2023, it is the youngest company in this group and has a shorter operating history than the others.

Best fit: Best for Thailand-only factories that want both EPC and PPA as options, value pricing transparency, and prefer to self-research before committing.

See CapSolar projects Our services

Constant Energy

Headline figure: "Running solar plants in SE Asia since 2012" with a multi-country portfolio.

Strength: Has named industrial clients such as Microchip, Aisin, and Schneider Electric, demonstrating large-scale project experience.

Not disclosed: No pricing or contract terms are published on the public website; buyers can only request quotes.

Best fit: Best for multinationals with facilities across Southeast Asia that want a single PPA provider across multiple countries.

constantenergy.net

GreenYellow Thailand

Headline figure: "More than 210 MWp signed in Thailand, more than 100 MWp in operation"

Strength: The longest publicly-named customer list in this group, including Makro, Betagro, King Power, Unilever, and Hilton — demonstrating proven multi-industry reach.

Not disclosed: Offers only zero-CapEx PPA; no EPC option for factories that want to own the system.

Best fit: Best for large factories or hotels wanting zero-investment PPA, backed by a French parent company, with multinational reference customers.

greenyellow.co.th

TIDPOWER

Headline figure: "Over 15 MWp installed, 25 projects"

Strength: A Thai company focused solely on the Thai market — understands PEA/MEA and local permitting systems.

Not disclosed: Does not publish customer names or O&M details on the public website; buyers need to inquire directly.

Best fit: Best for small-to-mid-size Thai factories primarily seeking EPC and preferring to work with a local Thai company.

tidpower.co.th

4 Questions to Find the Right Provider

Answer these questions to narrow your options.

Is your facility Thailand-only, or do you have sites across Southeast Asia?

Multi-country → Constant Energy or GreenYellow; Thailand-only → CapSolar or TIDPOWER

Do you have CapEx budget for EPC, or do you need zero-investment PPA?

Have CapEx → CapSolar (EPC+PPA) or TIDPOWER (EPC); No CapEx → CapSolar (PPA) or GreenYellow (PPA)

Do you want published pricing before contacting, or are you OK requesting a quote?

Want published pricing → CapSolar (online calculator); OK with quote → all four

Do you need named customer references in your own industry?

Yes → check the table above; each provider has different industry clients. No → choose based on financing model fit

What This Comparison Does NOT Cover

We do not have THB/kWh PPA pricing for any provider (none publish it). We do not have failure-rate or O&M-incident data for competitors. We do not compare execution speed (installation timelines). And we have not independently verified customer references (data is from websites only).

About the Author

This article is written by the CapSolar editorial team and reviewed by Chanont Rochwirat (CEO, CapSolar Co., Ltd.). All data verified from provider official websites on 2026-05-12.

Reviewed by Chanont Rochwirat · CEO, CapSolar Co., Ltd. · Last updated May 2026

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Frequently Asked Questions

If you represent one of the providers compared here and find a factual error, contact press@capsolar.co.th and we will update the page within 5 business days.

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This table is a starting point. The next step is to request proposals from the providers that fit. CapSolar offers free, no-obligation consultations.