Gulf Development Public Company Limited (SET: GULF) has disclosed information through the Stock Exchange of Thailand that on December 15, 2025, two solar farms under the company’s group of subsidiaries, in which the company indirectly holds a 100% equity stake through Gulf Renewable Energy Company Limited (GRE), successfully commenced commercial operations with a total contracted capacity of 109.7 megawatts (installed capacity of 145.0 megawatts) and commenced the sale of generated electricity to the Electricity Generating Authority of Thailand (EGAT).
The projects are operated by the following companies:
1. Saeng Pat Phalangngan Company Limited (SPP), the operator of a solar farm with a contracted capacity of 58.7 megawatts (installed capacity of 77.0 megawatts), located in Uttaradit province in northern Thailand, approximately 500 kilometers from Bangkok.
2. Thai Pat Solar Company Limited (TPS), the operator of a solar farm project with a contracted capacity of 51.0 megawatts (installed capacity of 68.0 megawatts), located in Surin province in northeastern Thailand, approximately 450 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 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, the development of these projects is aligned with Thailand’s and company’s policies to promote the reduction of greenhouse gas emissions and to support the goal of achieving net zero greenhouse gas emissions by 2050, while also promoting the use of clean energy to support environmental sustainability and enhance the attraction of foreign direct investment.
In 2024, five solar projects with a total contracted capacity of 295.0 megawatts (installed capacity of 531.8 megawatts) successfully commenced commercial operations. For 2025, an additional seven solar projects with a total contracted capacity of 354.3 megawatts (installed capacity of 596.8 megawatts) are scheduled to gradually commence commercial operations, of which five projects with a total contracted capacity of 233.3 megawatts (installed capacity of 308.0 megawatts) have already successfully commenced commercial operations, while the remaining two projects are expected to achieve commercial operation on December 31, 2025. Should there be any progress in the development of the project, the Company will inform the Stock Exchange of Thailand and shareholders accordingly.
