Breaking News! GULF Acquires a 100MW Wind Farm Project in Vietnam, Expecting COD in 4Q22!

Gulf Energy Development Public Company Limited (GULF) announced that on July 2, 2020, Gulf International Holding Pte. Ltd. (GIH), a subsidiary of GULF, has entered into a Share Purchase Agreement with Ms. Nguyen Tran Thao Nhi, Ms. Tran Thi Thanh Mai and Ms. Tran Thi Minh Trang (the Sellers) who are entrepreneurs in Vietnam, in order to acquire 100% shares in Dien Xanh Gia Lai Investment Energy Joint Stock Company (DGI), the developer and operator of Onshore Wind Farm Projects, namely Ia Pech 1 and Ia Pech 2 (contracted capacity of 50 megawatts each, totaling 100 megawatts), located in Ia Grai district, Gia Lai province, Vietnam. 

Both projects will generate and sell electricity to Vietnam Electricity (EVN) for 20 years, with a total project cost of approximately USD 200 million. GULF expects to begin the construction for both Ia Pech 1 and Ia Pech 2 within 2021 and the Projects are expected to reach commercial operation by quarter 4 of 2022.