Double Prize for GULF! Taking Profit from Two Power Operations in One Bangkok Project!

Gulf Energy Development Public Company Limited (GULF) has announced that on January 6, 2020, Bangkok Smart Energy Company Limited (BSE), a joint venture company of GULF, had entered into a shareholders’ agreement with One Power Services Company Limited, a subsidiary of One Bangkok Company Limited, to operate the power distribution system for One Bangkok Project through Bangkok Smart Power Company Limited (BSP).

 

BSE is a joint venture in which GULF, Mitsui & Co., Ltd. and Tokyo Gas Engineering Solutions Corporation each hold 33.33% and which was established as a holding company investing in the power distribution system and district cooling system for One Bangkok Project. Meanwhile, BSE and One Power Services Company Limited have shareholding in BSP of 40% and 60%, respectively.

 

Moreover, on the same day, BSE also entered into a shareholders’ agreement with One DCS Services Company Limited, a subsidiary of One Bangkok Company Limited, to operate the district cooling system for One Bangkok Project through Bangkok Smart DCS Company Limited (BSD). BSE have shareholding in BSD of 49% and One DCS Services Company Limited have shareholding in BSD of 51%.

On January 9, 2020, BSP and BSD entered into Utility Development Agreements with One Bangkok Company Limited to sell electricity with installed capacity of approximately 240 megawatts and chilled water with installed capacity of approximately 36,000 refrigeration tons to One Bangkok Project for 30 years, with project cost of approximately 3,570 million baht.

 

One Bangkok Project is a mixed used estate located on Wireless – Rama IV – Sathorn Intersection, with total area of 104 rais. The project has started construction since June 2019 and is expected to commence operation in 2023.