In a recent announcement to the Stock Exchange of Thailand, Gulf Energy Development Public Company Limited disclosed its latest stride in bolstering Thailand’s renewable energy sector. Building upon previous notifications made in October and December 2023, Gulf Energy Development’s subsidiary, Saengdee Clean Energy Co., Ltd., has inked a significant deal with the Electricity Generating Authority of Thailand (EGAT).
Under this agreement, Saengdee Clean Energy Co., Ltd. has secured 25-year Power Purchase Agreements with EGAT for the development of solar farms with battery energy storage systems (BESS) projects. These projects boast a combined capacity of 59 megawatts, with a slated commercial operation date (SCOD) in 2026.
This latest endeavor adds to Gulf Energy Development’s existing portfolio, which already includes 25 solar power projects in Thailand. With a total contracted capacity of 1,353.1 megawatts, these projects encompass both traditional solar farms and those integrated with battery energy storage systems. Scheduled to come online between 2024 and 2029, these initiatives are set to significantly contribute to Thailand’s renewable energy landscape.
The solar farms and BESS projects will benefit from a favorable Feed-in Tariff (FiT) rate, offering stability and predictability in electricity pricing throughout the contract term. By leveraging renewable energy sources, Gulf Energy Development aims to mitigate fuel price volatility and alleviate the burden of electricity costs on both households and industrial sectors.
Moreover, these initiatives align with Gulf Energy Development’s strategic vision to increase the proportion of renewable energy to at least 40% by 2035. This commitment resonates with Thailand’s broader objectives to promote sustainability and attract foreign investments through the adoption of clean energy solutions.
Looking ahead, Gulf Energy Development remains steadfast in its pursuit of additional investments in renewable energy, encompassing solar power, wind power, hydroelectric power, and waste-to-energy projects, both domestically and internationally. The company pledges to provide further updates on its progress in advancing these initiatives.
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