GULF joins forces with GUNKUL to jointly develop 1,000 MW of renewable energy within 5 years.
May 25, 2022
GULF joins forces with GUNKUL to jointly develop 1,000 MW of renewable energy 
within 5 years.
GULF announced the establishment of a joint venture company with GUNKUL to jointly drive the nation’s investment and development of renewable energy projects with the aim to reach a target of 1,000 MW within 5 years. The joint endeavor is in line with Thailand’s National Energy Plan to achieve carbon neutrality.

Ms. Yupapin Wangviwat, Chief Financial Officer, Gulf Energy Development Public Company Limited (GULF), stated “The Board of Directors’ has approved Gulf Renewable Energy Company Limited, a wholly-owned subsidiary of GULF, to enter into a Joint Venture Agreement with Gunkul Engineering Public Company Limited (GUNKUL) with the purpose to study opportunities and operate renewable energy businesses, namely, wind power projects in Thailand and overseas, solar power projects, and other types of renewable energy-related projects, including businesses related to energy innovation e.g. microgrid & smart meter in the future. Gulf Renewable Energy and GUNKUL are expected to equally hold 50% stakes in the aforementioned joint venture.”

This collaboration leverages the strengths of each partner, as GULF is well-established in the power business with a portfolio of green energy projects in domestic and overseas markets and has an extensive business network, while GUNKUL has expertise in integrated renewable energy business and construction. As a result, this partnership will support the joint venture’s capability to operate renewable energy businesses, which is aligned with the National Energy Plan to increase the proportion of electricity generation capacity from renewable energy to achieve the targets to be carbon neutral by 2050.

Moreover, this investment is also in line with GULF’s data center business operations and fulfills the demand for electricity generated from clean energy from large customers such as hyperscalers, with the goal to reduce greenhouse gas emissions in accordance with the global energy trend.

Ms. Naruechon Dhumrongpiyawut, Chief Operating Officer, Strategic Investment and Sustainable Energy Business, Gunkul Engineering Public Company Limited (GUNKUL), revealed “This Joint Venture Agreement marks a major step for GUNKUL in completing the energy landscape ranging from a residential scale up to the utility one. The aim of this collaboration is to bring success to the joint venture company as our representatives to capture potentials of future renewable energy space. The company intends to increase wind and solar energy production megawatt capacities both domestically and internationally. Thanks to GULF’s expertise in the utility - infrastructure businesses with an extensive business network, while GUNKUL is considerably a leader in the integrated renewable energy with expertise in engineering and construction, covering a wide range of utility constructions (transmission line and distribution of electricity from power plants to consumers). With united strength, we believe that synergy will be created between two companies, and therefore will drive an increase in GUNKUL’s combined production capacity to achieve the 2023 target that was announced earlier.”
GULF joins forces with GUNKUL to jointly develop 1,000 MW of renewable energy within 5 years.

“Besides opportunities to develop every possible space into usable power plants, which serves people’s electricity usage in a wide range of applications, the impact of this collaboration is not only limited to an environmental aspect but also social and economic aspects through carbon credit and REC scheme. Trading carbon credits as a result of the reduced greenhouse gas emissions from the growing renewable capacities should create promising revenue streams for both parties involved and lead to a positive transformation where we will ultimately see Green Energy Landscape for Thailand,” Ms. Naruechon concluded.
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