Thai energy firm Gulf acquires 100 per cent stakes of Dien Xanh Gia Lai

July 14, 2020 | 22:43

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Gulf International Holding Pte – a unit under Gulf Energy Development Public Company – has just reached an agreement to acquire 100 per cent stakes in Dien Xanh Gia Lai Investment Energy JSC (DGI).

Specifically, the Bangkok-based corporation Gulf has inked a share purchase agreement with some Vietnamese entrepreneurs Nguyen Tran Thao Nhi, Tran Thi Thanh Mai, and Tran Thi Minh Trang for the wholly acquire.

thai energy firm gulf acquires 100 per cent stakes of dien xanh gia lai

Gulf International Holding Pte – a unit under Gulf Energy Development Public Company – has just reached an agreement to acquire 100 per cent stakes in Dien Xanh Gia Lai Investment Energy JSC

DGI is the developer and operator of two Onshore Wind Farm Projects – la Pech 1 and la Pech 2 – which have a contracted capacity of 50 megawatts each. The projects are located in Gia Lai Province in the central highland of Vietnam.

Both projects will generate and sell electricity to the state-owned company Vietnam Electricity (EVN) for 20 years.

Newwire Kaohoon reported that the Thai firm is expected to spend approximately $200 million on finishing the project.

Construction will begin in 2021 and the projects should start commercial operation by the fourth quarter of 2022.

According to AsiaTimes, Gulf also signals its plans to import LNG for its proposed power projects in Vietnam.

Last year, after its investment announcement in Vietnam, Gulf’s CEO Sarath Ratanavadi become the richest Thai shareholder with shares valued at around $3.78 billion, doubling in value over the previous year.

VIR also reported on Gulf redoubled efforts to develop power plants in Vietnam and Laos.

To date, Gulf has operated as a holding company with a portfolio of electricity, steam, chilled water generation and related businesses.

By Celine Luu

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