Gulf Development Public Company Limited (SET: GULF) has informed the Stock Exchange of Thailand that on July 22, 2025, Gulf Waste to Energy Holdings Company Limited (GWTE), a wholly owned subsidiary of the company, acquired the remaining 33% equity in Suntech Innovation Power Company Limited (SIP) from WasteTech Exponential Company Limited (WTX), with a total investment value of approximately THB 93 million.
As a result, GWTE now holds 100% equity in SIP. All power plant projects under the company’s group have already signed power purchase agreements with the Provincial Electricity Authority (PEA), and are scheduled to begin commercial operations in 2027.
The investment aligns with the company’s target to increase the proportion of power generation from renewable energy sources, in order to reduce greenhouse gas emissions and achieve Net Zero Emissions.
It also supports efficient industrial waste management by creating value from waste materials, while promoting the government’s Bio-Circular-Green Economy (BCG) policy. The company believes that this increased shareholding will enhance operational flexibility and improve long-term project management efficiency.
