Gunkul Engineering Public Company Limited (SET: GUNKUL) has officially marked a major milestone in its ASEAN expansion strategy. In a disclosure to the Stock Exchange of Thailand (SET) today, the renewable energy giant announced it has finalized a massive investment in a solar floating power plant project in the Philippines, injecting up to 7,500 million baht to secure a strategic foothold in the country’s booming green energy sector.
The transaction, which was fully completed on July 7, 2026, sees GUNKUL acquire a 40 percent stake in Blue Solar Holdings Incorporated (BSHI). The investment was executed through Gunkul International (Mauritius) (GIM), a wholly owned subsidiary of the company.
This cross-border move is set to significantly scale up GUNKUL’s renewable footprint. Upon the completion of the transaction, the company will gain an additional Equity Capacity of 784.1 megawatts.
Financially, the venture is built on a highly stable, long-term foundation:
- 20-Year Guaranteed Revenue: The project was selected under the Green Energy Auction Program Round 4 (GEA-4) by the Philippine Department of Energy. It comes with a secured 20-year Power Purchase Agreement (PPA).
- Fixed Tariff: The PPA boasts a fixed tariff of PHP 6.5258 per kilowatt-hour (approximately 3.53 baht/kWh), guaranteeing stable revenue streams for the next two decades.
The solar floating power plant will be situated in Laguna Lake on Luzon Island. Luzon serves as the economic heart of the Philippines, ensuring the project is positioned directly in an area experiencing exceptionally high electricity demand.
Furthermore, the project is getting a major bureaucratic boost from the Philippine government. It has been granted Executive Order No. 18 (EO 18) status, also known as the “Green Lane” designation. This special facilitation measure for strategic investments is designed to fast-track approvals, expedite the issuance of permits, and streamline coordination among government agencies to ensure swift construction and commercial operation.
This move aligns perfectly with the company’s broader vision to expand its renewable energy portfolio overseas and strengthen its regional growth platform. The Republic of the Philippines is a market with continuously growing electricity demand and concrete government policies supporting investment in renewable energy. GUNKUL also noted that the investment is expected to bolster long-term returns for shareholders.
