Breaking News! GULF Invests in 1,400MW “Hin Kong PP,” Expecting a COD in 2024!

Gulf Energy Development Public Company Limited (GULF) has announced that on January 3, 2020, the company has invested in Hin Kong Power Holding Company Limited (HKH), which is a subsidiary of RATCH Group Public Company Limited (RATCH), and is a holding company of Hin Kong Power Company Limited (HKP), to develop and operate Hin Kong Power Project with a capacity of 1,400 megawatts, located in Hin Kong subdistrict, Mueang district, Ratchaburi province (Hin Kong Power Project).

GULF has acquired 49% ordinary shares of HKH from RATCH at share price equal to par value of 10 baht per share. Payment for the share purchase has been made and the company has received 196,000 shares with total value of 1,960,000 baht on the same day.

 

The joint investment with RATCH will support the National Energy Policy, as GULF and RATCH both have experiences and expertise in Independent Power Producer (IPP) business and can exchange experiences to develop the Hin Kong Power Project to operate more efficiently.

This also serves as a good opportunity for both companies to jointly strengthen the society, community and environment surrounding the project. Moreover, the investment will bolster GULF’s growth and is aligned with the company’s policy to expand its power generation capacity.

 

Additionally, on July 12, 2019, HKP has entered into a Power Purchase Agreement for Hin Kong Power Project with Electricity Generating Authority of Thailand for 25 years. Hin Kong Power Project is a combined-cycle power plant that uses natural gas as the main source of fuel with total contracted capacity of 1,400 megawatts (700 megawatts per unit).

At present, the project is in the process of preparing the Environmental Impact Assessment and is expected to commence commercial operation in 2024 and 2025, respectively. GULF will provide notification if there is any progress of the project’s development.