Siam Piwat, Thailand’s first shopping center group partners with MEA , to join the Utility Green Tariff (UGT1) program, setting a new standard for environmental sustainability

Siam Piwat, a leading real estate and retail business developer, the owner and operator of world-renowned projects such as Siam Paragon, Siam Center, Siam Discovery, and a joint venture partner of ICONSIAM and Siam Premium Outlets Bangkok, is setting a new benchmark of environmental sustainability, with Siam Paragon and ICONSIAM signing a power purchase agreement (PPA) with the Metropolitan Electricity Authority (MEA) under the Utility Green Tariff (UGT1) program, which supplies renewable power from non-specified sources and comes bundled with a Renewable Energy Certificate (REC). The move is set to establish Siam Piwat Group as the first shopping center operator to increase the renewable energy share to over 30% of the total consumption across its malls this year, enabling the company to achieve its goal one year ahead of the original 2026 target and reach its goal of 100%clean energy by 2030.

Ms. Amporn Chotruchsakul, President, Siam Piwat Company Limited, stated, “Siam Piwat Group strives towards sustainability management excellence across all dimensions and prioritize energy conservation and the use of renewable energy in our operations. To this end, we have been installing solar panels on the rooftops of our shopping centers for solar power generation over the years. Now, we have subscribed to the MEA’s UGT program, which offers power from renewable sources along with a Renewable Energy Certificate, effective July 2025. This agreement marks a significant milestone that will ready our shopping centers to advance towards the goal of running all operations on 100% renewable energy by 2030, reinforcing our vision to be a leader in developing truly sustainable global destinations.”

Ms. Chanpen Siri, Assistant Governor of the MEA, stated, “The MEA opened registration for the UGT1 program to all electricity users via our website at the beginning of 2025. Siam Piwat Group has successfully completed its registration and secured its required volume. Today marks a significant milestone with the official signing of the Power Purchase Agreement for the Utility Green Tariff (UGT1), for which the MEA will begin supplying green electricity to Siam Piwat Group starting from the July 2025 billing cycle onward. This service reflects our firm commitment to promoting clean energy and meeting the exponentially growing demand for green power from the business sector. This program also helps elevate industries, enhance the long-term competitiveness of Thai businesses, and attract foreign investment by ensuring we can meet future energy demands efficiently and sustainably.”

The MEA’s Utility Green Tariff (UGT1) program is a pivotal initiative that promotes the use of green electricity in the business sector. It comes bundled with Renewable Energy Certificates (RECs), which not only help elevate the country’s overall economy and attract foreign investment but also enhance the long-term competitiveness of the Thai business sector.

For 2025, Siam Piwat Group has subscribed to the UGT1 program from July to December 2025 for the properties managed by Siam Piwat, specifically Siam Paragon and ICONSIAM. The agreement is expected to contribute over 20,000 tCO2e of avoided greenhouse gas emissions, which is equivalent to planting more than 2.1 million trees.

This collaboration with the MEA reflects Siam Piwat’s commitment to excellent management as well as its role as a model organization for sustainable business practices and mission to create demonstrable positive impacts on society and the environment, moving the company decisively toward its goal of achieving net zero emissions by 2050.