Thai independent power producer Electricity Generating Public Co. Ltd. announced plans to spend $505.8 million this year to boost capacity.
The money also will be used to diversify from fossil fuels into renewable energy, the Bangkok Post reported.
EGCO President Sahust Pratuknukul said the company will consider investing in new projects and acquiring power plants operated by independent power producers.
"We are working on proposals for new IPP and small power producer projects. As well, we're looking at new investments partly through joint ventures in renewable energy projects such as wind and solar power," he said.
He said the company will explore investment opportunities in neighboring Southeast Asian countries, the report said.
EGCO's current seven capital expenditure projects include the Theppana small wind farm in Chaiyaphum, solar projects, and a municipal waste power plant in Hat Yai.