Gulf Development Public Company Limited (SET: GULF) has notified the Stock Exchange of Thailand that on December 31, 2025, two solar farms with battery energy storage system (solar BESS) 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 121.0 megawatts (installed capacity of 288.7 megawatts) and commenced the sale of generated electricity to the Electricity Generating Authority of Thailand (EGAT).
The projects are operated by the following companies:
- Energy First Company Limited (EGF), the operator of a solar BESS with a contracted capacity of 61.0 megawatts (installed capacity of 146.5 megawatts), located in Phetchabun province in northern Thailand, approximately 350 kilometers from Bangkok.
- Duang Tawan Phalangngan Company Limited (DTP), the operator of a solar BESS with a contracted capacity of 60.0 megawatts (installed capacity of 142.2 megawatts), located in Phayao province in northeastern Thailand, approximately 700 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 2.8331 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 a 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 the 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 2025, the company successfully commenced commercial operations of a total of seven solar farms and solar BESS projects with a total contracted capacity of 354.3 megawatts (installed capacity of 596.7 megawatts).
Furthermore, in 2026, the company plans to commence commercial operations of an additional six solar projects, with a total contracted capacity of 370.6 megawatts (total installed capacity of 622.8 megawatts). These comprise four solar farms with a combined contracted capacity of 244.6 megawatts (installed capacity of 321.3 megawatts), and two solar BESS with a combined contracted capacity of 126.0 megawatts (installed capacity of 301.7 megawatts). Should there be any progress in the development of these projects, the company will inform the Stock Exchange of Thailand and shareholders accordingly.
