Gulf Development Public Company Limited (SET: GULF) has unveiled a massive 130-140 billion baht equity investment plan over the next five years, signaling a strategic pivot toward digital infrastructure and global renewable energy.
Speaking at the company’s 1Q26 Opportunity Day, executives detailed a roadmap to capture the “New S-Curve” driven by the global artificial intelligence (AI) surge and the transition to clean power.
A cornerstone of this strategy is GULF’s ambition to reach 2,000 MW of data centre capacity within the next three to five years. This expansion aims to serve Western and Chinese hyper-scalers, as well as local enterprise and government clients.
Management noted that AI workloads require immense power, creating a symbiotic relationship between their core energy business and new digital ventures. Profitability targets for these facilities are set at approximately 20 million baht per MW annually. Key projects include the GSA 02 facility (38 MW) slated for 2027 and the GULF Data Center 01, a 100 MW joint venture with AIS.
The investment breakdown allocates 70% of the 140 billion baht to renewable energy, which includes over 60 projects planned through 2030. GULF emphasized the stability of its solar portfolio, which utilizes a fixed Feed-in Tariff (FiT) of 2.16 baht for 25 years, avoiding the volatility associated with expiring “adders”. Internationally, the company has established GULF UK as a dedicated hub to scout for offshore wind and infrastructure opportunities in Europe.
Financial performance remains robust, with 1Q26 revenue hitting 39 billion baht, up 21% year-on-year, while core profit surged 43% to 9.33 billion baht. This growth was bolstered by a significant tariff increase for the Mekong Wind project in Vietnam, which contributed a retroactive revenue gain of 636 million baht. Additionally, the Jackson power plant in the U.S. saw a tenfold increase in capacity payments, with rates expected to climb further to $333 per MW/day by 2027.
Looking ahead to 2Q26, GULF expects a significant earnings boost from 4.7 billion baht in one-off items, including a 1.9 billion baht profit from the Pak Lay stake sale and 2.84 billion baht in dividends from KBank. Meanwhile, the Jackson power plant will contribute significantly throughout the year. Total revenue growth in 2026 is expected at 10-15%.
To fund its aggressive expansion, the company plans to issue 20 billion baht in bonds this September and is securing $400-600 million in USD loans from international lenders. Despite the heavy investment, GULF maintains a healthy Net D/E ratio of 0.91x, far below its 3.5x covenant, providing ample room for future leverage. Through partnerships with tech giants like Google, Oracle, and Microsoft, GULF is positioning itself not just as a utility provider, but as a comprehensive infrastructure backbone for Thailand’s digital future.
GULF’s business and operation has been driven by CEO Sarath Ratanavadi, Thailand’s richest man with net worth at $18.3 billion, according to Bloomberg Billionaires Index.
