Gulf Development Public Company Limited (SET: GULF) has informed the Stock Exchange of Thailand that, on September 1, 2026, the company’s subsidiaries, in which the company indirectly holds a 100% equity interest through Gulf Renewable Energy Company Limited (GRE), commenced commercial operation of two solar power projects with a combined contracted capacity of 135 megawatts (installed capacity of 250.1 megawatts) and successfully commenced supplying electricity to the Electricity Generating Authority of Thailand (EGAT).
The projects are operated by the following companies:
1) Luminous Energy Company Limited (LNE), in which the Company indirectly holds a 100% equity interest, operates a solar farm with a contracted capacity of 68 megawatts (installed capacity of 90.6 megawatts). The project is located in Suphan Buri Province, approximately 155 kilometers from Bangkok.
2) Siam Shining Energy Company Limited (SSE), in which the Company indirectly holds a 100% equity interest, operates a solar farm with battery energy storage system (solar BESS), with a contracted capacity of 67 megawatts (installed capacity of 159.5 megawatts). The project is located in Suphan Buri Province, approximately 160 kilometers from Bangkok.
The aforementioned projects are part of the renewable energy projects in Thailand under GRE, which were awarded under the regulations of the Energy Regulatory Commission regarding the purchasing of electricity from renewable energy sources under the Feed-in-Tariff (FiT) Scheme between 2022-2030 for power plants with no fuel costs.
These projects are scheduled to commence commercial operations between 2024-2030, with a FiT of THB 2.1679 per kilowatt-hour for solar farm projects and THB 2.8331 per kilowatt-hour for solar BESS projects throughout the 25-year power purchase agreement with EGAT.
The purchase of electricity from these projects will help reduce fuel price volatility and alleviate both household and industrial sectors’ electricity cost burden by providing access to electricity at reasonable price throughout the contract period, as the tariff is lower than the current average electricity price.
In addition, during November – December 2026, the company plans to commence commercial operations of four additional solar power projects, comprising three solar farm projects with a total contracted capacity of 176.6 megawatts (installed capacity of 230.7 megawatts) and one solar BESS project with a contracted capacity of 59 megawatts (installed capacity of 142.2 megawatts).
These projects have a combined contracted capacity of 235.6 megawatts (installed capacity of 372.9 megawatts). Should there be any progress regarding the commencement of project operations, the company will inform the Stock Exchange of Thailand and shareholders accordingly.
