Yupapin Wangviwat, Chief Financial Officer of Gulf Development Public Company Limited (SET: GULF), disclosed to “Kaohoon” that previously, Gulf Renewable Energy Company Limited (GRE), a subsidiary of GULF, acquired a 50% stake in Blue Sky Wind Power Holding Company Limited (BSWPH) to jointly develop five wind power projects with Acciona Energía (Thailand) Company Limited, totaling 436.5 megawatts in contracted capacity.
Earlier, Blue Sky Wind Power 31 Company Limited, which is developing a 90 MW wind project scheduled for commercial operation date (COD) in 2027, signed a Power Purchase Agreement (PPA) with the Electricity Generating Authority of Thailand (EGAT) in June 2025.
Most recently, on September 7, 2026, the remaining four wind power projects under BSWPH, totaling 346.5 MW in contracted capacity, fully executed 25-year PPAs with EGAT.
The four projects include Blue Sky Wind Power 36 Company Limited, Blue Sky Wind Power 52 Company Limited and Blue Sky Wind Power 39 Company Limited, each developing a 90MW wind project scheduled for COD in 2029, while Blue Sky Wind Power 3 Company Limited is developing a 76.5 MW wind project scheduled for COD in 2030.
Yupapin stated that after these four wind power projects commence operations, they are expected to contribute approximately THB 500 million in profit per year to GULF.
The projects are part of GRE’s renewable energy portfolio selected under the Energy Regulatory Commission’s Feed-in Tariff scheme for 2022 – 2030 in non-fuel cost groups, with phased CODs between 2024 and 2030. The wind projects carry an electricity sales tariff of THB 3.1014 per kilowatt-hour throughout the 25-year PPA term with EGAT.
Yupapin added that GULF currently has 14 wind power projects in Thailand with signed PPAs with EGAT, totaling 1,058.5 MW in contracted capacity, scheduled for phased CODs from 2027 to 2030. Once all projects reach COD, they are expected to generate approximately THB 2 billion in annual profit for GULF.
Meanwhile, Suwat Sinsadok, Managing Director of Globlex Securities, maintained a “Buy” rating on GULF with a target price of THB 82, citing growth drivers from the power development plan 2026 (PDP 2026), data center expansion and overseas initiatives.
Asia Plus Securities also maintained a “Buy” recommendation on GULF with an end-2027 target price of THB 80, viewing the stock as an accumulation opportunity for long-term investment ahead of earnings growth over the next one to three years.
Kiatnakin Phatra Securities upgraded its outlook on Thailand’s utilities sector to positive, supported by the country’s green transition, Direct PPAs for data center clients and capacity growth opportunities under PDP 2026. The brokerage adjusted GULF’s target price to THB 75, citing the company’s strong financial and operational position for upcoming PDP 2026 project biddings.
A report from the Ministry of Energy indicated that feedback on the PDP 2026 framework will be collected in October before submission to the Energy Policy Administration Committee, the National Energy Policy Council and the Cabinet. Official clarity is expected around November or within the fourth quarter of 2026.
