Gulf Development Public Company Limited (SET: GULF) has announced the acquisition of a 50% equity stake in nine solar power projects from GUNKUL via the Stock Exchange of Thailand (SET).
On June 26, 2025, Gulf Renewable Energy Company Limited (GRE), a wholly owned subsidiary of GULF (the Company), invested in two companies, namely, Gunkul Solar Powergen Company Limited (GSPG) and Gunkul One Energy 2 Company Limited (GOE2), which are wholly owned subsidiaries of Gunkul Engineering Public Company Limited (GUNKUL). GRE has acquired 50% of the registered capital in each company, with a total investment of approximately THB 704 million, with the remaining 50% equity stake held by GUNKUL.
GSPG and GOE2 are developers of a total of 9 solar power projects, with a total contracted capacity of 460.8 megawatts, comprising 7 solar farms with a total contracted capacity of 410.2 megawatts, and 2 solar farms with battery energy storage systems with a total contracted capacity of 50.6 megawatts. All projects have already signed 25-year PPAs with EGAT and are scheduled to commence commercial operations between 2026 and 2030. Following the acquisition, GRE holds an equity contracted capacity of 230.4 megawatts.
This investment represents a strategic partnership between two companies with complementary expertise. The Company has extensive experience in power generation and renewable energy development in both Thailand and overseas, while GUNKUL has comprehensive capabilities in renewable energy and engineering construction. This collaboration will enhance the joint venture’s ability to operate renewable energy businesses and support the Company’s target of increasing the renewable energy proportion to no less than 40% by 2035, aligning with the national policy to advance clean energy, promote environmental sustainability, and enhance Thailand’s global competitiveness. The Company intends to continue investing in various types of renewable energy projects, including solar power, wind power, hydroelectric power and waste-to-energy power both domestically and overseas. The Company will provide further updates should there be any progress on the matter.
