GULF Advances Clean Energy Expansion with Investment in 90-MW Solar Portfolio
Gulf Development Public Company Limited (GULF) continues to expand its renewable energy portfolio through Gulf Renewable Energy Company Limited (GRE), its wholly owned subsidiary, which has acquired a 50% equity interest in Ubon Wealth 1 Company Limited from Ubon Bio Agricultural Company Limited (UBA), a subsidiary of Ubon Bio Ethanol Public Company Limited (UBE), for approximately THB 107.6 million. Following the transaction, GRE and UBA will each hold a 50% equity interest in Ubon Wealth 1.
Ubon Wealth 1 is the developer of two ground-mounted solar farms in Thailand with a combined contracted capacity of 90 MW, representing 45 MW of equity contracted capacity attributable to GRE. The portfolio comprises the Ban Khi Lek 1 power plant, with a contracted capacity of 40 MW, and the Nok Ten 1 power plant, with a contracted capacity of 50 MW. Both projects have secured 25-year Power Purchase Agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) and are scheduled to commence commercial operations in 2029.
The projects form part of Thailand’s renewable energy projects under the Feed-in Tariff (FiT) scheme. The solar farms have an electricity purchase tariff of THB 2.1579 per kilowatt-hour throughout the term of their PPAs with EGAT. As this tariff is lower than the current average electricity price, electricity generated from the projects will help reduce exposure to fuel price volatility while contributing to more reasonable electricity costs for both households and industrial users.
The investment underscores GULF’s continued expansion of its clean energy portfolio and commitment to increasing the role of renewable energy across its business. It is aligned with GULF’s target to increase the proportion of renewable energy to no less than 40% by 2035, while supporting Thailand’s transition toward a cleaner, more secure and more efficient energy system. This transition will contribute to strengthening the country’s competitiveness and sustainable long-term growth.