Gulf Development Public Company Limited (SET: GULF) has secured THB 8.6 billion ($265 million) in long-term project financing for three domestic wind power projects carrying a total capacity of 208 megawatts.
The 22-year financing deal, signed on August 20, 2026, involves a syndicate of six major Thai and international financial institutions: Siam Commercial Bank, Bank of Ayudhya, Government Savings Bank, TMBThanachart Bank, Sumitomo Mitsui Banking Corporation (Singapore Branch), and Bank of China (Hong Kong and Singapore Branches).
The total investment value for the trio of wind farms is estimated at THB 11.7 billion ($360 million). GULF holds a 60% controlling equity interest in the venture through its subsidiary, Gulf Renewable Energy Company Limited, alongside joint venture partner Alpha Energy Holding Company Limited, which owns the remaining 40%.
Project Portfolio Details
- Esan Clean Energy Project: Located in Mukdahan Province, featuring an installed capacity of 90.0 MW.
- Alpha One Project: Located in Chumphon Province, featuring an installed capacity of 48.0 MW.
- Alpha Two Project: Located in Prachuap Khiri Khan Province, featuring an installed capacity of 70.0 MW.
All three projects operate under Thailand’s Feed-in Tariff (FiT) scheme for 2022–2030 targeting zero-fuel-cost power generation.
The joint ventures have locked in 25-year Power Purchase Agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) at a fixed rate of THB 3.1014 per kilowatt-hour. Commercial operation for all three facilities is slated to begin in 2027.
