GULF Invests in wind and solar power projects in Vietnam, with a total
capacity of 340 megawatts
Publish on August 15, 2018
On August 15, 2018, Gulf International Holding Pte. Ltd. (“GIH”), a
subsidiary registered in Singapore in which the Company indirectly holds 99.99% of shares, entered into
a Share Purchase Agreement and Shareholders’ Agreement with Ms. Huynh Bich Ngoc, an entrepreneur
investing in various large-scale businesses in Vietnam such as real estate and energy businesses. Under
the SPA and SHA, GIH will hold approximately 49.0% and Ms. Huynh Bich Ngoc will hold approximately 51.0%
of shares to develop and operate a wind farm project and a solar farm project, with an aggregate
installed capacity of approximately 340 megawatts and total project cost of approximately US$ 650
million. Details of the projects are set forth below.
1) Offshore wind farm project with a total installed capacity of around 310 megawatts located in Binh
Dai district, Ben Tre province, Vietnam: The project has been approved by the Ministry of Industry and
Trade of Vietnam to generate and sell electricity to Vietnam Electricity (EVN). The development is
divided into two phases:
1.1) Phase I – 30 megawatts, expected Scheduled Commercial Operation Date in 2020
1.2) Phase II – 280 megawatts, expected Scheduled Commercial Operation Date in 2023
2) Solar farm project with an installed capacity of around 30 megawatts, located in Binh Dai district,
Ben Tre province, Vietnam: expected Scheduled Commercial Operation Date in June 2019.
The aforementioned projects were approved by the Company’s Board of Directors’ Meeting dated August 10,
2018 in accordance with the Company’s business expansion plan in Vietnam following its initial
investment in two solar power projects, namely TTCIZ-01 and TTCIZ-02, with Thanh Thanh Cong Group in
April and May 2018, respectively.