Gulf Energy Development Public Company Limited has taken a significant stride in its renewable energy portfolio by announcing the execution of Power Purchase Agreements (PPAs) for an additional 12 solar projects in Thailand. The subsidiaries, held through Gulf Renewable Energy Company Limited, have inked 25-year PPAs with the Electricity Generating Authority of Thailand (EGAT).
This development follows the Company’s prior notification on October 18, 2023, where it disclosed the execution of PPAs for 12 solar farms and solar farms with battery energy storage systems, boasting a total contracted capacity of 649.3 megawatts. The latest agreements on December 20, 2023, add another 644.8 megawatts to the Company’s renewable energy capacity.
The breakdown of the additional projects includes five solar farms with a total capacity of 259.6 megawatts and seven solar farms with battery energy storage systems (BESS) with a combined capacity of 385.2 megawatts. These projects are scheduled for commercial operation between 2026 and 2029.
Gulf Energy Development has been actively contributing to Thailand’s renewable energy landscape, already signing PPAs for 24 solar power projects with a total contracted capacity of 1,294.1 megawatts. This includes 13 solar farms and 11 solar farms with BESS, with a commercial operation date spanning from 2024 to 2029.
The feed-in tariff (FiT) rates for these projects are set at 2.1679 Thai Baht per kilowatt-hour for solar farms and 2.8331 Thai Baht per kilowatt-hour for solar farms with BESS, ensuring stable and cost-effective electricity supply. The move aligns with the Company’s commitment to increasing the proportion of renewable energy to at least b by 2035, contributing to Thailand’s clean energy goals and attracting sustainable investments.
Gulf Energy Development remains dedicated to achieving its renewable energy targets through further investments in solar power, wind power, and hydroelectric power, both within Thailand and internationally. The Company assures stakeholders of timely updates on the progress of these initiatives.