Gulf Energy Development Public Company Limited (SET: GULF) has announced that on February 14, 2022, GULF1 Company Limited (GULF1), a subsidiary in which the company holds 99.99% stake involving in solar energy businesses, and Altervim Company Limited (Altervim), a company that operates renewable energy businesses in which Charoen Pokphand Group Company Limited (Charoen Pokphand Group) holds 99.99% stake, jointly established AG Korat Company Limited (AG Korat) to operate solar energy businesses including solar rooftops and solar farms, with target customers comprising industrial customers and enterprise customers in Nakhon Ratchasima province. The aforementioned joint venture company is 50% owned by GULF1 and 50% owned by Altervim.
This collaboration leverages the strengths of both company groups as the Company has expertise in the power and infrastructure business with a portfolio of renewable energy projects in both domestic and overseas markets and has an extensive business network. Charoen Pokphand Group is a well-established conglomerate in Thailand with main businesses in food, agriculture and retail sectors and has a large production base in Nakhon Ratchasima province. This partnership will expand the customer base and enhance the value of the business for both company groups.
Moreover, the establishment of the joint venture is aligned with the Company’s policy to emphasize investments in renewable energy businesses in accordance with government policies and global trends that aim to reduce greenhouse gas emissions to counter the negative effects from climate change.
