Gulf Energy Development Public Company Limited (SET: GULF) has announced that the company entered into a share purchase agreement to develop 10 Industrial Waste-to-Energy Projects and 3 Solid Recovered Fuel (SRF) production facilities.
GULF announced that on April 22, 2024, Gulf Waste to Energy Holdings Company Limited (GWTE), a subsidiary in which the company directly holds 100% equity stake, has entered into a Share Purchase Agreement between GWTE and Earth Tech Environment Public Company Limited (ETC), for the development of industrial waste-to-energy projects, and a share purchase agreement with BWG, for the development of SRF production facilities, as per the following:
GWTE has signed Share Purchase Agreement with ETC for the acquisition of 50% of ordinary shares in Get Green Power Company Limited (GGP), a company developing 10 industrial waste-to-energy projects in which each project has entered into Power Purchase Agreements with the Provincial Electricity Authority (PEA), for the period of 20 years, on October 16, 2023. Each project is categorized as a Very Small Power Producer (VSPP) with a contracted capacity of 8 megawatts, or a total contracted capacity of 80 megawatts. The total project cost is approximately THB 15,000 million with scheduled commercial operation dates in 2026.
ETC acquired new ordinary shares in Suntech Innovation Power Company Limited (SIP) and became a joint shareholder with GWTE and Wastech Exponential Company Limited (WTX) to develop 2 Industrial Waste-to-Energy Projects. After the completion of the capital increase process, the percentage of ownership in SIP of GWTE, WTX and ETC will be 34%, 33% and 33%, respectively. The 2 industrial waste-to-energy projects under SIP have a contracted capacity of 8 megawatts each, or a total contracted capacity of 16 megawatts, in which the projects have secured Power Purchase Agreements with PEA, covering a period of 20 years, on October 16, 2023.
Meanwhile, GWTE and BWG have signed Share Purchase Agreement for the acquisition of 50% of ordinary shares in Circular Camp Company Limited (CC), a company developing 3 SRF production facilities with a total project cost of approximately THB 2,600 million and scheduled commercial operation dates in 2025. CC will supply SRF to support electricity production for waste-to-energy projects under GWTE.
Following the aforementioned transactions, there will be a total of 12 industrial waste-to-energy projects in Thailand being developed by the company Group, with a total contracted capacity of 96 megawatts, under a Feed-in Tariff (FiT) Scheme as specified in the executed Power Purchase Agreements with PEA, with scheduled commercial operation dates in 2026, concurrently with the development of 3 SRF production facilities with a scheduled commercial operation date in 2025.
