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|A power plant owned by Gulf Energy Development PLC in Thailand. The company announced that it has entered into a share purchase agreement with Dien Xanh Gia Lai Investment Energy Joint Stock Co (DGI) in Vietnam. - Photo gulf.co.th|
The move aims to take advantage of low building costs and a quick return on investment.
The company reported to the Stock Exchange of Thailand that it entered into a share purchase agreement with Dien Xanh Gia Lai Investment Energy Joint Stock Co (DGI), the developer and operator of the two onshore wind farm projects, each with a capacity of 50 megawatts.
The projects, located in Ia Grai District of Gia Lai Province, will be wholly owned by a subsidiary of Gulf Energy Development PLC, namely Gulf International Holding Pte (GIH), holding a licence to develop and operate the wind farms.
Gulf's Executive Director and Chief Financial Officer Yupapin Wangviwat was quoted by local newspaper, saying that the projects would generate and sell power to Vietnam Electricity for 20 years. They are expected to start construction in 2021.
Gulf Energy Development PLC’s CEO Sarath Ratanavadi said low interest rates have made asset acquisition attractive. Gulf is looking at several more renewable energy projects to acquire in Asia and Europe.