GULF Restructures Its Renewable Energy Business to Adhere with Thai Gov’t No Coal Policy

The global energy trend has shifted from using fossil fuels to clean energy, with a goal to reduce greenhouse gas emissions and achieve net zero carbon within 2050 under the Paris Agreement. The Paris Agreement, which has been signed by over 190 member countries, demonstrates commitment to solve the global climate change issues.

 

Gulf Energy Development Public Company Limited (GULF) has always recognized the importance of sustainable business development and operations and has developed business strategies that emphasize investments in renewable energy businesses in accordance with government policies and global efforts.

The company strictly adheres to the No Coal Policy and has set a target to increase the proportion of installed power generation capacity from renewable energy to more than 30% of the company’s total gross installed power capacity within 2030. To date, the company has invested in renewable projects in Europe and Asia, including Thailand.

In order to establish a clear direction and support the expansion of the company’s renewable energy business in the future, on August 13, 2021, the Board of Directors has resolved to approve the restructuring of the group’s business by changing the company name of GULF, a subsidiary in which the company holds 100% equity stake and operates as a holding company, to Gulf Renewable Energy Company Limited (Gulf Renewable Energy) and transferring all of the company’s operating subsidiaries that conduct businesses related to renewable energy such as offshore wind project in Germany (BKR2), solar power projects and offshore wind project in Vietnam, solar rooftop projects and biomass power project in Thailand and other projects, to be managed under Gulf Renewable Energy. Gulf Renewable Energy will also be the investment arm for the company’s renewable energy business expansion in the future.

The restructuring has no impact on the company’s effective shareholding ratio in the subsidiaries and is not classified as a transaction under the Notification of the Capital Market Supervisory Board No. Tor Chor. 20/2551 Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets.