Gulf Energy Development Public Company Limited has announced that it signed Power Purchase Agreements with the Electricity Generating Authority of Thailand (“EGAT”) for the development of a total of 12 solar farms and the solar farms with battery energy storage systems projects.
As per the filing in the stock exchange of Thailand, the total contracted capacity of the projects is 649.3megawatts, with a scheduled commercial operation date (SCOD) between 2024 and 2025. The firm said in its filing that a group of subsidiaries in which the Company indirectly holds 100% equity stake through Gulf Renewable Energy Company Limited have entered into 25-yearPower Purchase Agreements with EGAT for the development of an additional 12solar projects with a total contracted capacity of 644.8 megawatts. This has five solar farms with a total contracted capacity of 259.6megawattsand 7 solar farms with battery energy storage systems (BESS) with a total contracted capacity of 385. 2 megawatts. The projects have a scheduled commercial operation date (SCOD) between 2026 and 2029.
Currently, the Company has already signed the Power Purchase Agreements with EGAT to develop 24 solar power projects in Thailand, with a total contracted capacity of 1,294.1 megawatts, comprising 13 solar farms projects with a total contracted capacity of 652.9 megawatts and 11 solar farms with battery energy storage systems (BESS) projects with a total contracted capacity of 641.2 megawatts and a scheduled commercial operation date (SCOD) between 2024 and 2029.
The purchase of electricity from the Projects will help reduce fuel price volatility and alleviate both household and industrial sectors’ electricity cost burden by providing access to electricity at a low price throughout the contract period, as the Projects have lower electricity production costs in comparison to the current average electricity price.
The development of the aforementioned projects aligns with the Company’s target to increase the renewable energy proportion to no less than 40% by 2035, which is in line with Thailand’s policy to promote the use of clean energy to support sustainable environmental practices and attract foreign investments.
