Mitsui & Co. announced today that it will invest in a district cooling and power distribution business to supply the One Bangkok development in Bangkok, Thailand.
One Bangkok is a new landmark development in central Bangkok that is set to open in 2023, being developed and implemented by the group companies of TCC Asset (Thailand) Co., Ltd. Built on a 16.7 hectare site, the 16-building fully-integrated district comprises five premium-grade office towers, three luxury residential towers, five luxury and lifestyle hotels, four differentiated retail precincts and art & culture and public spaces. Based on three core development values of people centric, sustainability, and smart city living, One Bangkok will incorporate sustainability principles and smart technologies throughout the development.
The centralized district cooling infrastructure will provide environmental benefits and efficiencies. A state-of-the-art, high-efficiency electric water chilling system will be used to provide air conditioning to the buildings. The system will run on recycled water and has the added benefit of being able to chill water overnight for use the next day, reducing demand for electricity at peak times and optimizing energy efficiency.
Mitsui will partner with Japanese engineering firm Tokyo Gas Engineering Solutions Co. ('TGES'), leading Thai energy producer Gulf Energy Development Public Company Limited ('Gulf'), and Thai real estate company One Bangkok Co., Ltd. ("One Bangkok"). The partners will develop, own and operate the infrastructure and enter into a supply agreement with One Bangkok. The total cost is expected to be approximately USD110 million, and Mitsui will invest 16% in the cold water production facility and 13% in the power distribution business.
Kazumasa Nakai, Chief Operating Officer, Infrastructure Projects Business Unit of Mitsui & Co., said: "We are pleased to collaborate with an experienced consortium of partners to deliver a long-term, sustainable cooling and power solution for this groundbreaking project. We look forward to contributing our expertise to the partnership built up over many years from investing in Thailand's power generation, gas distribution, and water treatment industries."
Mitsui positions Machinery & Infrastructure as a core area in its medium-term management plan and the project is expected to contribute to Mitsui's solid revenue base. The project also aligns with Mitsui's management priority to contribute to the betterment of living standards and realize sustainable societies globally.
Mitsui & Co (8031: JP) is one of the largest and most prominent global trading and investment companies. Founded in Japan in 1947, the Group maintains a unique, unobstructed view of international markets through its worldwide network spanning across 66 countries, with a diversified business portfolio stretching across six key sectors. The depth and breadth of its experience, as well as the strength of this global network, allow Mitsui & Co to anticipate challenges that arise with each changing era and convert these challenges into value creation for its partners, stakeholders, and shareholders.
Working in partnership with many of the world's most prominent private companies, Mitsui & Co's outstanding long-term performance is founded on its core business areas of Energy and Resources, Machinery & Infrastructure, and Chemicals. These strong and expanding legacy businesses provide a stable platform across bold and increasingly innovative areas of Mobility, Healthcare, Nutrition & Agriculture, and Retail & Services.
Mitsui & Co's success is also founded on its adaptable approach to partnerships, which offers it unparallelled insights into the world's broad economic drivers. These insights enable Mitsui leaders to identify trends and opportunities for growth while driving effective collaboration across its businesses to harness synergies and realize additional value.
About Mitsui Thailand
Mitsui has a long standing presence in Thailand. Since the 1950s Mitsui has built a diverse portfolio of businesses in Thailand covering oil & gas, steel, infrastructure, machinery, vehicles, chemicals, food, and ICT. Mitsui utilizes its customer base and expertise in marketing, finance, logistics, and risk management to provide integrated solutions to its partners in Thailand.