GULF Commences Commercial Operation of 50 MW TTCIZ-02 Power Project ahead of Schedule

Gulf Energy Development Public Company Limited (GULF) has partnered with Thanh Thanh Cong Group (TTC Group) and currently start to invest in two solar power projects in Tay Ninh province, Vietnam, namely TTCIZ-01 and TTCIZ-02 power projects, in the shareholding proportion of 49.0% and 90.0%, respectively (held indirectly through Gulf International Holding Pte. Ltd.).

On March 6, 2019, the first power project TTCIZ-01, with installed power generation capacity of 68.8 megawatts, has commenced commercial operation and started to supply electricity to Vietnam Electricity (EVN).

The second power project TTCIZ-02 has commenced commercial operation since April 19, 2019. The previous plan was on May 2019. TTCIZ-02 project has installed power generation capacity of 50.0 megawatts with the amount of US$ 50 million, and has a 20-year power purchase agreement with EVN under agreed tariff of US 9.35 cents/kWh.

As for the 310 megawatts wind farm power project, the project is in the process of selecting contractors and obtaining relevant licenses and is expected to commence construction within the third quarter of 2019.