Gulf Development Public Company Limited (SET: GULF) has informed the Stock Exchange of Thailand that, on October 30, 2026, Gulf Waste to Energy Holdings Company Limited (GWTE), a wholly owned subsidiary of the company, acquired a 100% equity interest in Waste Absolute Company Limited (WAC) through the purchase of ordinary shares representing a 51% equity interest from Universal Waste Management Company Limited and a 49% equity interest from World Honor Trading Company Limited. As a result, WAC has become a subsidiary of the Company. The total consideration for the investment was approximately THB 400 million.
WAC engages in the treatment and disposal of non-hazardous waste through sanitary landfilling and will support the sourcing and selection of industrial waste with suitable characteristics and in compliance with legal requirements for the group’s solid recovered fuel (SRF) production facilities and industrial waste-to-energy power projects.
WAC will also support the disposal of ash generated from the power generation process in accordance with appropriate technical standards. This investment in WAC is therefore in line with the company’s strategy to expand its business in the industrial waste management value chain, which will help enhance the efficiency of the group’s waste management, secure its fuel supply, and support the projects’ long-term cost management.
Previously, GULF has invested in 12 industrial waste-to-energy power projects with a total contracted capacity of 96 megawatts and 3 SRF production facilities through GWTE. Under this investment, all 12 power projects have entered into 20-year Power Purchase Agreements (PPAs) with the Provincial Electricity Authority (PEA), and both the power projects and SRF are scheduled to commence commercial operations in 2027.
