Gulf Development Public Company Limited (SET: GULF) has informed the Stock Exchange of Thailand that on July 14, 2025, that Gulf Waste to Energy Holdings Company Limited (GWTE), a wholly owned subsidiary of the Company, completed the acquisition of all shares in the industrial waste-to-energy power projects held by Earth Tech Environment Public Company Limited (SET: ETC), and all shares in the solid recovered fuel (SRF) production facilities held by Better World Green Public Company Limited (SET: BWG), with a total investment of approximately THB 1,100 million. As a result, the projects have become subsidiaries of GWTE, with changes in shareholding structure as follows:
1) 10 waste-to-energy power projects under Get Green Power Company Limited, with a total contracted capacity of 80 MW — previously held in equal shares of 50% each by GWTE and ETC— are now 100% owned by GWTE.
2) 2 waste-to-energy power projects under Suntech Innovation Power Company Limited, with a total contracted capacity of 16 MW — previously held by GWTE, ETC, and Wastech Exponential Company Limited (WTX) at 34%, 33%, and 33%, respectively — are now held by GWTE and WTX at 67% and 33%, respectively.
3) 3 SRF production facilities under Circular Camp Company Limited — previously held in equal shares of 50% by GWTE and BWG— are now 100% owned by GWTE.
The Company recognizes the long-term growth potential of these projects and believes that this increase in shareholding will enhance management flexibility and operational efficiency.
All 12 waste-to-energy power projects have already signed power purchase agreements with the Provincial Electricity Authority (PEA) and are scheduled to begin commercial operations in 2027. The SRF production facilities are also expected to commence commercial operations in the same year. The Company will provide further updates on the development progress of these projects as appropriate.
Early on, the Energy Policy and Planning Office (EPPO) has approved the regulations and pricing structure for purchasing electricity from industrial waste-to-energy power projects under a Feed-in Tariff (FiT) scheme, in accordance with the plan to increase the country’s clean energy contribution as stated in the Power Development Plan 2018–2037, Revision 1 (PDP2018 Rev. 1).
This direction aligns with the commitment of GULF to expand its renewable energy portfolio, reduce greenhouse gas emissions, and achieve its net zero emissions target, while also promoting effective industrial waste management by creating added value from waste in alignment with government policies in promoting Bio Circular Green Economy (BCG).
In line with this direction, the Company has invested in 12 industrial waste-to-energy power projects with a total contracted capacity of 96 megawatts, as well as in 3 SRF production facilities through GWTE.
GULF is steering toward a target of approximately 40% renewable energy equity capacity by 2035
