GULF Tops the Stake in “TTCIZ-01” to 90%, Expecting to Support Electricity Demand in VN

Gulf Energy Development Public Company Limited (GULF) has informed that Gulf International Holding Pte. Ltd., a subsidiary of GULF, entered into a share purchase agreement and shareholder agreement with Thanh Thanh Cong Industrial Zone Joint Stock Company (TTCIZ), a subsidiary under Thanh Thanh Cong Group (TTC Group) to acquire an additional stake in TTC Green Energy Investment Joint Stock Company, the operator of TTCIZ-01 solar project (TTCIZ-01 Project) in Vietnam, by increasing its equity investment from 49% to 90%.

The share transfer is expected to be completed in 4Q2019, after obtaining approval from relevant government authorities. The transaction was a result of a new negotiation between the shareholders after GULF had further studied the project and determined it would yield a decent return and has the potential to support Vietnam’s electricity demand in the future.

The TTCIZ-01 Project is located in Thanh Thanh Cong Industrial Zone, Trang Bang district, Tay Ninh province, Vietnam. It has an installed power generation capacity of approximately 68.8 megawatts and has commenced commercial operation on March 6, 2019. The availability factor is as high as 98% to 100% of the installed power generation capacity, allowing the project to operate at full capacity and distribute all the electricity produced to the grid.