GULF-WHA Jointly Set Up ”Gulf MP WHA1” to Operate Solar Energy Business

Gulf Energy Development Public Company Limited (SET: GULF) announced on July 25, 2022 that Gulf MP1 Company Limited (GMP1), a subsidiary in which the Company indirectly holds 70.00% stake through GULF1 Company Limited (GULF1), has established Gulf MP WHA1 Company Limited with a registered capital of THB 10,000,000 to engage in the production and distribution of electricity from solar rooftops to industrial users of the 12SPPs under Gulf MP Company Limited. 

The industrial users are located in WHA Corporation Public Company Limited (SET: WHA)’s industrial estates and have demand to install solar rooftops with a total capacity of approximately 100 megawatts. In this regard, GMP1 plans to jointly invest in Gulf MP WHA1 with WHA Solar Company Limited (WHA Solar), a company within WHA Group, with shareholding of 74.99% and 25.01%, respectively.

The establishment of Gulf MP WHA1 is aligned with GULF’s policy to emphasize investments in renewable energy businesses in accordance with government policies and global trends that aim to reduce greenhouse gas emissions to counter the negative effects of climate change.