GULF Expects ฿1.5Bn of Revenue from “BKR2,” Saying More Deals to Come This Year!
GULF Expects ฿1.5Bn of Revenue from “BKR2,” Saying More Deals to Come This Year!
Gulf Energy Development Public Company Limited (GULF) has stated that the acquisition of BKR2 Project, which operates an offshore wind farm with an installed capacity of 464.8 megawatts in Germany, will generate 1,500 million baht of revenue per year.
After the announcement of 50% interest in the Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG (BKR2 Project), Mr. Sarath Ratanavadi, Chief Executive Officer of GULF, stated that the acquisition the BKR2 Project has commenced commercial operation since April 2019 and is expected to generate 300-350 million baht of revenue to GULF this year, while 2021 onwards, the company will fully book the revenue recognition from BKR2 Project at the amount of 1,500 million baht per year.
The investment with Ørsted, world’s number one energy company and the holder of the remaining 50% in BKR2 Project, is an initiation of an expansion of renewable energy business in Europe. Currently, the company has a number of deals (M&A) being discussed in Europe with an installed capacity over 2,000 MW. Mr. Sarath affirmed that there would be more positive news this year.
