Thailand’s top billionaire, Sarath Ratanavadi, is steering Gulf Development Public Company Limited (SET: GULF) into a new phase of growth, with plans to invest $10 billion in major energy infrastructure spanning Thailand and neighboring Laos.
The strategy centers on two landmark initiatives—a trio of hydropower plants worth approximately $9 billion in Laos with a total generating capacity of 3,100 megawatts, and Thailand’s third liquefied natural gas (LNG) terminal, valued at $1 billion, which will break ground later this year.
Gulf Development, which recently unified Sarath’s holdings across power, ports, tollways, and telecommunications, has broadened its focus to capture accelerating demand for renewables, data centers, and digital financial services.
Earlier this year, the conglomerate pledged $1.75 billion for new data centers, reflecting the surge in demand driven by artificial intelligence and digital transformation. The company is also making new forays into digital banking after securing a license last month.
GULF is prioritizing projects closer to home in Thailand and the region, where the risk profile is more manageable, Sarath told reporters on Wednesday, with the company’s strength and profile providing unique leverage.
The expansion in hydropower and LNG builds on Gulf’s ambition to grow its current power generation portfolio—currently around 9,000 megawatts—by 34% over the next ten years.
The focus is on a significant shift toward green energy, targeting a jump in renewables’ share from 13% to 40% of total capacity, with hydro and solar and wind projects playing central roles. The three Laos projects are slated to come online between 2031 and 2033.
Meanwhile, GULF’s stock has recovered dramatically, gaining over 20% since June’s lows, a rally that has restored Sarath’s standing as Thailand’s wealthiest individual, with a personal net worth of roughly $13 billion.
