Gulf Energy Development Public Company Limited or GULF in collaboration with Mitsui & Co. (Mitsui), Tokyo Gas Engineering Solutions Corporation (TGES), entered into shareholder agreements and utility development agreement to invest in district cooling system and power distribution businesses to supply a global landmark development in the heart of the city, One Bangkok, for 30 years. The total investment value is estimated to be THB 3.57 billion.

As part of the agreement, GULF, TGES and Mitsui have jointly invested in Bangkok Smart Energy Company Limited (“BSE”). BSE and One Bangkok also jointly invest in Bangkok Smart DCS Company Limited (“BSD”) for district cooling with installed capacity of approximately 36,000 refrigeration tons and Bangkok Smart Power Company Limited (“BSP”) for power distribution with installed capacity of approximately 240 megawatts.

One Bangkok is a THB 120 billion fully-integrated district located on a 16.7-hectare (104-rai) plot at the corner of Wireless Road and Rama IV Road. One Bangkok is expected to open in 2023, with full completion slated for 2026.