Thailand’s Bangchak Petroleum PLC (BCP) plans to list its renewable power generation business, BCPG Co. Ltd., on the Thai stock exchange next year by floating 30% of the company’s registered capital in the initial public offering (IPO).

BCP President Chaiwat Kovavisarach said it will transfer all of its power plants to BCPG, which will boost BCPG’s power generation capacity from 118 megawatts (MW) to 300 MW before the IPO.

The proceeds from the IPO will be used to expand its power-generation business. The company plans to boost its power-generation capacity to 500 MW by 2020 through acquisition.

“We are considering acquiring 30% stakes in a 30-MW geothermal power plant in Malaysia. We are also interested in geothermal power plants in Indonesia,” he said.

BCP also has ventured into exploration and production (E&P) by investing in Nido Petroleum Limited (NIDO). “In our five-year plan, we have allocated around BHT 20 billion (USD 553 million) for investing in E&P. It is a good timing for acquisitions because the slump in oil price makes deals cheaper,” Chaiwat said. Currently, E&P contributes three to four percent to the company’s EBITDA.

BCP’s core business is oil refining. The company plans to raise its crude oil throughput from 120,000 barrels per day (bpd) to 140,000 bpd in the next three years.