Gulf Development Public Company Limited (SET: GULF) has announced through the Stock Exchange of Thailand a major investment in 11 renewable energy projects with an investment value over THB 42,000 million.
Reference is made to the awarding of renewable energy projects to the group of GULF, as well as the company’s investment in projects undertaken by strategic partners, under the Feed-in Tariff (FiT) scheme for 2022–2030 for power plants with no fuel costs, as approved by the National Energy Policy Committee (NEPC).
GULF stated that the Board of Directors resolved to approve its subsidiaries to proceed with the investment in the development of 11 renewable energy projects under Gulf Renewable Energy Company Limited (“GRE”). These projects, with a total contracted capacity of 746.6 megawatts, are scheduled to commence commercial operations between 2026 and 2027. All projects have signed 25-year Power Purchase Agreements (“PPAs”) with the Electricity Generating Authority of Thailand, with a total investment value of approximately THB 42,000 million. Project details are as follows:
1) 4 solar farms with a total contracted capacity of 244.6 MW
2) 2 solar farms with battery energy storage systems with a total contracted capacity of 126.0 MW
3) 5 wind farms with a total contracted capacity of 376.0 MW
GULF added that the development of the 11 renewable power projects will provide long-term strategic and business growth benefits for the company by supporting its target of increasing the proportion of renewable energy to no less than 40% by 2035, as well as its goal of reducing greenhouse gas emissions and achieving Net Zero Emissions. This is in line with the government’s policy to promote clean energy in support of sustainable environmental development and to enhance the country’s competitiveness. In addition, all of the projects have signed 25-year PPAs with EGAT, which will help generate stable and recurring income in the long term.
In a separate disclosure to the Stock Exchange of Thailand, GULF also announced that
Gulf Renewable Energy Company Limited has invested in Blue Sky Wind Power Holding Company Limited (“BSWPH”), a company jointly held by The Blue Circle (Thailand) Company Limited (“TBCT”) and Infinite Greenergy Company Limited (“Infinite”) in equal shares of 50%. GRE acquired a 50% equity stake in BSWPH from Infinite, with a total investment of approximately THB 375,000. The share transfer has been completed, resulting in BSWPH now being jointly held by GRE and TBCT in equal shares of 50%.
BSWPH holds interests in a total of 5 wind power projects in Thailand, with a total contracted capacity of 436.5 megawatts. These projects are scheduled to commence commercial operations between 2027 and 2030, and will sell electricity to the Electricity Generating Authority of Thailand (EGAT). The company will provide further updates should there be any progress on the matter.
