Thailand's Gulf Energy Development Plc has announced the purchase of two wind power farms worth $200 million in Vietnam.
The move aims to take advantage of low building costs and a quick return on investment.
The company reported to the Stock Exchange of Thailand that it entered into a share purchase agreement with Dien Xanh Gia Lai Investment Energy JSC (DGI), the developer and operator of the two onshore wind farm projects, each with a capacity of 50MW.
The projects, located in Gia Lai province’s Ia Grai district, will be wholly owned by a subsidiary of Gulf Energy Development Plc, namely Gulf International Holding Pte (GIH), holding a licence to develop and operate the wind farms.
Ia Grai borders Andong Meas district’s Nhang commune in Cambodia’s Ratanakkiri province.
Gulf’s executive director and chief financial officer Yupapin Wangviwat said the projects would generate and sell power to Vietnam Electricity for 20 years, as reported by Bangkok Post. They are expected to start construction next year.
Gulf Energy Development CEO Sarath Ratanavadi said low interest rates have made asset acquisition attractive. Gulf is looking at several more renewable energy projects to acquire in Asia and Europe.
VIET NAM NEWS/ASIA NEWS NETWORK
