GUNKUL Invests ฿1.47Bn to Acquire a 50MW Solar Plant in Vietnam

Gunkul Engineering Public Company Limited (GUNKUL) announced that Bright Green Power Co., Ltd., a subsidiary of the Company, has acquired 100% of INT Energy Pte. Ltd.’s ordinary shares (INT), a company incorporated in Singapore in order to invest in a solar power plant project with a total capacity of 50 MWp, in Tay Ninh Province, the Socialist Republic of Vietnam, which is held by Tan Chau Energy Joint Stock Company (TCE), with the investment value of USD 47,140,000.00, or equivalent to Baht 1,471,097,980.00.

 

The investment in this project is in line with the resolution of the Board of Directors’ Meeting held on October 9, 2020. On December 7,  2020, Bright Green Power Co., Ltd. has entered into a transaction regarding the change from the former shareholder to a new shareholder. 

 

Tan Chau solar power plant project produces and distributes electricity from solar power to Vietnam Electricity (EVN), which is in accordance with a power purchase agreement, total of 50 MW, with the purchase rate of Feed-in Tariff at USD 0.0709 per unit for a period of 20 years and There has been a commercial sale of electricity since October 1, 2020.

 

The acquisition of INT’s ordinary shares for the purpose of investing in a solar power plant in in the Socialist Republic of Vietnam, this will help expand the Company’s base of operations in Southeast Asia and also promote the Company’s growth both in terms of assets and operating results.

 

The investment in this solar power plant project is considered as the implementation of the Company’s policy of becoming a leader and has an important part in driving the power plants from renewable energy both domestically and internationally which the Company foresees that this is a business group with high growth potential and has low risk from operations. As well as, being able to create a stable source of income for the group in the long run, since the project has already been distributing electricity to the system.