GULF Expands Its Business in the Industrial Waste Management Value Chain with the Acquisition of Waste Absolute
Gulf Development Public Company Limited (GULF) is expanding its industrial waste management business across a broader portion of the value chain through Gulf Waste to Energy Holdings Company Limited (GWTE), a wholly owned subsidiary of GULF. GWTE has acquired a 100% equity interest in Waste Absolute Company Limited (WAC), a provider of non-hazardous waste treatment and disposal through sanitary landfilling, for a total consideration of approximately THB 400 million. Following the transaction, WAC has become a subsidiary of GULF.
The investment forms part of GULF’s strategy to expand its presence across the industrial waste management value chain. WAC will support the sourcing and selection of industrial waste with suitable characteristics and in compliance with applicable legal requirements for the Group’s Solid Recovered Fuel (SRF) production facilities and industrial waste-to-energy power projects. It will also support the proper disposal of ash generated through the power generation process in accordance with appropriate technical standards.
GULF currently invests in 12 industrial waste-to-energy power projects with a total contracted capacity of 96 megawatts, together with three SRF production facilities under GWTE. All 12 power projects have entered into 20-year Power Purchase Agreements (PPAs) with the Provincial Electricity Authority (PEA), while both the power projects and SRF production facilities are scheduled to commence commercial operations in 2027.
The addition of WAC strengthens the linkage across GULF’s waste management operations, encompassing industrial waste sourcing and selection, SRF production, waste-to-energy power generation, and the management of ash generated from the power generation process. This integrated approach will enhance the efficiency of the Group’s waste management operations, strengthen fuel supply security, and support effective long-term cost management across its projects.
This expansion reflects GULF’s continued development of its industrial waste management capabilities alongside its waste-to-energy business, connecting complementary activities across the value chain to enhance resource management efficiency and support the long-term development of its waste-to-energy operations.