GULF Partners with GUNKUL to Expand Renewable Energy Investments across 12 Solar and Wind Projects Totaling 673.4 MW
Gulf Development Public Company Limited (GULF) continues to expand its renewable energy portfolio through Gulf Renewable Energy Company Limited (GRE), its wholly owned subsidiary, with a strategic investment alongside Gunkul Engineering Public Company Limited (GUNKUL) in 12 solar and wind power projects in Thailand with a combined contracted capacity of 673.4 MW. GRE has acquired 50% equity interests in the entities associated with these projects for approximately THB 466.5 million, representing an equity contracted capacity of 336.7 MW attributable to GRE.
The portfolio comprises six solar power projects with a total contracted capacity of 209.4 MW, including five ground-mounted solar farms totaling 176.4 MW and one ground-mounted solar farm with a Battery Energy Storage System (BESS) with a contracted capacity of 33.0 MW, as well as six wind power projects with a combined contracted capacity of 464.0 MW. All projects have secured 25-year Power Purchase Agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) and are scheduled to commence commercial operations between 2027 and 2030.
The projects form part of Thailand’s renewable energy development under the Feed-in Tariff (FiT) scheme. The solar farms have electricity purchase tariffs ranging from THB 2.1579 to THB 2.1679 per kilowatt-hour, while the solar farm with BESS has a tariff of THB 2.8331 per kilowatt-hour and the wind farms have a tariff of THB 3.1014 per kilowatt-hour throughout the terms of their PPAs with EGAT. As these tariffs are lower than the current average electricity price, electricity generated from the projects will help reduce exposure to fuel price volatility and contribute to access to reasonably priced electricity for both households and industrial users.
The investment reflects the strategic collaboration between GULF and GUNKUL, bringing together the strengths and expertise of both companies to enhance the development, management and continued expansion of renewable energy investments. It also advances GULF’s target to increase the proportion of renewable energy in its portfolio to no less than 40% by 2035, while supporting Thailand’s transition toward a cleaner, more secure and more efficient energy system, strengthening the country’s competitiveness and sustainable long-term growth.
