Gulf Energy Development Public Company Limited (SET: GULF) disclosed an information through the Stock Exchange of Thailand for the commencement of five solar projects at the total contracted capacity of 295 MW.
GULF stated that regarding the execution of the 25-year Power Purchase Agreements between the company’s group of subsidiaries and the Electricity Generating Authority of Thailand (EGAT) for the development of a total of 25 solar power projects in Thailand, with a total contracted capacity of 1,353.1 megawatts (installed capacity of 2,537.8 MW), comprising 13 solar farms projects with a total contracted capacity of 652.9 megawatts (installed capacity of 869.8 MW) and 12 solar farms with battery energy storage systems (BESS) projects with a total contracted capacity of 700.2 megawatts(installed capacity of 1,668.0 MW), with a scheduled commercial operation date (SCOD) between 2024 and 2029.
GULF would like to provide notification to the Stock Exchange of Thailand that on December 31, 2024, a group of subsidiaries in which the Company indirectly holds a 100% equity stake through Gulf Renewable Energy Company Limited (GRE) successfully commenced commercial operations for five solar farms and solar farms with BESS projects (the Projects) with a combined contracted power generation capacity of 295.0 MW (installed capacity of 531.8 MW). These include three solar farm projects with a combined contracted capacity of 160.0 MW (installed capacity of 212.9 MW) and two solar farms with BESS projects with a combined contracted capacity of 135.0 MW (installed capacity of 318.9 MW). The details of the Projects are as follows:
| The Company’s Subsidiaries | Type of Project | Installed
Capacity (Megawatts) |
Contracted
Capacity (Megawatts) |
Commercial
Operation Date |
| Saeng Thai Phalangngan Co., Ltd | Solar Farm | 77.0 | 58.0 | December 31, 2024 |
| Phalangngan Rungrueang Co., Ltd. | Solar Farm | 72.5 | 54.0 | December 31, 2024 |
| Sky Power Co., Ltd | Solar Farm | 63.4 | 48.0 | December 31, 2024 |
| Breeze and Shine Power Co., Ltd | Solar Farm with BESS | 176.7 | 75.0 | December 31, 2024 |
| Solar Development Co., Ltd | Solar Farm with BESS | 142.2 | 60.0 | December 31, 2024 |
| Total | 531.8 | 295.0 | ||
In addition to the abovementioned five solar projects, GULF also announced the commencement of Hin Kong power project (HKP) unit 2, which is a joint venture project with Ratch Group Public Company Limited (SET: RATCH) with equity stake of 49% and 51%, respectively.
Both are the operators of a gas-fired IPP power project under the Hin Kong power project (“HKP”), and commenced the sale of electricity generated from its unit 2 to the Electricity Generating Authority of Thailand (“EGAT”) as scheduled. This second unit, which is the last unit of the project, has a contracted capacity of 700 megawatts (installed capacity of 770 megawatts), following the commercial operation commencement of its first unit with an installed capacity of 770 megawatts on March 31, 2024.
The HKP project is a combined-cycle gas turbine power plant that uses natural gas as a source of fuel, in which Hin Kong Holding Company Limited (“HKH”) will be supplying and importing LNG to support electricity production. HKP has a total installed capacity of 1,540 megawatts (comprised of 2 power-producing units with a capacity of 770 megawatts per unit), located in Hin Kong sub-district, Mueang district, Ratchaburi province, and has a 25-year power purchase agreement with EGAT. The HKP project serves as a power plant ensuring energy security and plays a critical role in meeting national electricity demand, particularly in the Central, Western and Southern regions.
The commencement of the HKP project will drive the Company’s continuous growth and continue to be a catalyst for advancing Thailand’s initiative on the energy transition towards the low-carbon future, given its significantly lower emissions compared to other fossil fuels. Furthermore, gas-fired power projects are essential to the nation’s energy security due to its high reliability, which allows them to meet electricity demand during periods when the capacity from renewable energy power projects are unavailable.
