The Industrial Estate Authority of Thailand (IEAT), together with GULF1 Company Limited (GULF1), a subsidiary of Gulf Development Public Company Limited (GULF), and Global Power Synergy Public Company Limited (GPSC), has signed a shareholders’ agreement to establish “RenerGIE Company Limited.”
The joint venture will develop a solar power project on a silt pond area within the Map Ta Phut Industrial Port Development Phase 3 project. This collaboration marks a significant partnership between the public and private sectors in driving Thailand’s green energy agenda, enhancing the competitiveness of the country’s industrial sector, and supporting national targets for Carbon Neutrality and Net Zero greenhouse gas emissions.
The signing ceremony was attended by executives from all three organizations, including Mr. Sumet Tangprasert, Governor of the Industrial Estate Authority of Thailand (IEAT); Mr. Chansak Chuenchom, President of Global Power Synergy Public Company Limited (GPSC); Mr. Worapong Vivatanavanich, Director of GULF1 Company Limited (GULF1) and Chief Execution Officer, Gulf Development Public Company Limited (GULF); and Ms. Amnuayporn Prakobnoppakao, Managing Director of GULF1 Company Limited (GULF1) and Senior Executive Vice President (Solar Business), Gulf Development Public Company Limited (GULF). Recognizing the potential to maximize the value of the silt pond area, IEAT approved GULF1 and GPSC as project partners following a comprehensive review and consideration process. Subsequently, the IEAT Board formally approved IEAT’s participation as a shareholder in the joint venture, leading to the signing of this agreement and the commencement of full-scale cooperation among the three entities in advancing clean energy development.
Mr. Sumet Tangprasert, Governor of the Industrial Estate Authority of Thailand (IEAT), said: “On behalf of IEAT, I am delighted and honored to collaborate with nationally recognized energy partners, GULF1 and GPSC, in establishing RenerGIE Company Limited. In line with Thailand’s environmental policy and industrial decarbonization goals of achieving Carbon Neutrality by 2050 and Net Zero emissions by 2065, IEAT, as the regulator overseeing Thailand’s industrial sector, recognizes the urgent need to address climate change and promote the adoption of alternative energy solutions within industrial estates. This partnership represents a genuine integration of complementary strengths. Together, we will maximize the value of the 92-rai silt pond area within the Map Ta Phut Industrial Port Development Phase 3 project. IEAT is confident that RenerGIE will serve as a model for utilizing underused land assets to generate and distribute clean energy, helping elevate Thailand’s industrial sector toward a modern economy while creating sustainable business returns for all stakeholders.”
Mr. Chansak Chuenchom, President of Global Power Synergy Public Company Limited (GPSC), said: “The establishment of RenerGIE Company Limited is the result of the dedication and close collaboration of all parties involved. By combining our capabilities, experience, and expertise, we have jointly developed a solar power project with an installed capacity of 17.5 MWp on the silt pond area in Map Ta Phut Industrial Estate to supply clean electricity to the industrial sector. This project represents an important milestone in reducing carbon emissions in the Map Ta Phut area. It not only supports Thailand’s clean energy ambitions but also strengthens energy security while enabling the sustainable growth of Thai industry. As the innovative power flagship of the PTT Group, GPSC is committed to increasing the share of renewable energy in pursuit of its Net Zero target by 2050. GPSC will leverage its expertise in power generation and grid management, gained from clean energy projects both domestically and internationally, to ensure efficient operations, high-quality power generation, and reliable electricity delivery.”
Ms. Amnuayporn Prakobnoppakao, Managing Director of GULF1 Company Limited (GULF1) and Senior Executive Vice President (Solar Business), Gulf Development Public Company Limited (GULF), said: “The establishment of RenerGIE Company Limited combines the core strengths and resources of all our partners to promote renewable energy, optimize land use, and generate long-term value for Thailand’s industrial sector. RenerGIE is set to play a pivotal role in boosting Thai industrial competitiveness, driving the national energy transition, and accelerating our path toward a low-carbon society. As a subsidiary of GULF, GULF1 is fully committed to leveraging its clean energy expertise across every phase of the project—from engineering and construction to long-term operations. This partnership highlights the unified commitment of IEAT, GPSC, and GULF to build sustainable clean energy infrastructure.”
Under the joint venture structure, GULF1 Company Limited (GULF1) holds a 37.5% stake, Global Power Synergy Public Company Limited (GPSC) holds 37.5%, and the Industrial Estate Authority of Thailand (IEAT) holds 25.0%. The project will install a solar power generation system on a 92-rai silt pond area, with a total installed capacity of 17.5 MWp. Beyond transforming an underutilized area into a source of clean energy, the project will enable operators within the Map Ta Phut Industrial Estate to access green electricity, reduce greenhouse gas emissions in line with ESG objectives, and contribute to Thailand’s transition toward a low-carbon economy. In addition, the project is expected to generate sustainable revenue for IEAT through dividend income, water surface utilization fees, and utility service fees throughout the project term.
