The Thai giant continues to acquire 2 wind power projects in Vietnam

Gulf Energy Development Company has just spent $ 200 million to acquire all stakes in two onshore wind power plants in Ia Gra district, Gia Lai province.

In a notice sent to the Stock Exchange of Thailand, Gulf Energy Development (Thailand) said it had reached an agreement worth $ 200 million for two wind power projects in Vietnam.

The seller is Green Gia Lai Energy Investment Joint Stock Company with transaction code DGI. This is the developer and operator of two onshore wind power projects including Ia Pech 1 and Ia Pech 2, each with a capacity of 50 MW. These two projects are located in Ia Gra district, Gia Lai province.

It is expected that the two projects will be started in 2021 and put into commercial operation in the fourth quarter of 2022.

Mr. Yupapin Wangviwat, CEO and CFO of Gulf, said projects will generate electricity and sell to Electricity of Vietnam (EVN) within 20 years.

Since 2018, this Thai business has also continuously invested in a series of energy projects in Vietnam.

In particular, the two solar power plants TTC 1 and TTC 2 in Tay Ninh were jointly invested and operated by Thanh Thanh Cong Group and Gulf from mid-2019. At that time, the Thai group owned 49% of capital, but in the most recent change, Gulf increased its holdings to 90%.

Mr. Prasert Thirati, Director of Gulf Vietnam is also the legal representative of TTC Green Energy Investment Joint Stock Company, Gulf Tay Ninh 1 Joint Stock Company, Gulf Tay Ninh 2.

In addition to solar power projects in Tay Ninh, the Thai group also owns 95% of the Mekong Project in Ben Tre. This is one of the largest renewable energy power projects in the South with a total installed capacity of about 340MW, of which wind energy accounts for 310MW and solar energy accounts for 30MW. The investment value is estimated at about 650 million USD.

Notably, in early November 2019, this enterprise also reached an agreement with the Ninh Thuan Provincial People’s Committee on the development of a gas-fired power complex project with a capacity of 6,000MW and a liquefied natural gas terminal ( LNG) with a capacity of 6 million tons / year is located in Ca Na commune, Thuan Nam district.


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