Gulf Energy Development Public Company Limited (SET: GULF) has announced that Gulf Engineering Services Co., Ltd., a subsidiary in which the company holds 100% equity stake, has entered into a Master Supply Agreement with Sungrow Power Supply Co., Ltd. (Sungrow) to supply battery energy storage systems and PV inverters for solar power projects under the company’s group and its joint ventures including solar farms, solar farms with battery energy storage systems, and solar rooftop projects with installed capacity of approximately 3,500 megawatts, which are scheduled to commence commercial operation during 2024-2030.
Sungrow is a listed company on the Shenzhen Stock Exchange in China and a leader in the global PV inverters and battery energy storage systems industry, with over 27 years of experience. Sungrow is also listed as a Tier 1 PV inverter and battery energy storage systems producer and holds the highest global shipment record for PV inverters, with installations over 405 gigawatts across more than 170 countries worldwide, including the United States, Germany, India, and Spain. Sungrow offers comprehensive PV inverter solutions and energy storage systems tailored for utility-scale, commercial & industrial, as well as residential applications.
The execution of the aforementioned Master Supply Agreement aligns with the company’s strategy to procure a quality battery storage system and PV inverter system from reputable and globally recognized suppliers. Furthermore, purchasing equipment in bulk also enhances economies of scale, allowing the company to manage costs effectively and generate higher returns
