Renewable Energy
Overview
GULF understands the critical need to address climate change by cutting greenhouse gas emissions.
Our goal is to reduce our scope 1 carbon intensity by 25% within 2030, compared to our 2019 baseline. We aim to have 40% of our total power generation capacity come from renewable energy by 2035, with a long-term goal of achieving net zero scope 1 and scope 2 greenhouse gas emissions by 2050. Meanwhile, we continue to explore new technologies to support our energy transition, aligning with global trends and stakeholder needs. We invest in and operate various types of renewable power projects, including:
Solar Power
We also invest in various solar energy projects, including solar farms, solar farms with battery energy storage systems (BESS), and solar rooftops. As of 2024, we have an installed capacity of 294 MW in operation and 2,637 MW under construction and development. The project details are as follows:
Two projects with a total installed capacity of 119 MW. The electricity generated is sold to EVN under 20-year Power Purchase Agreements (PPA), and both projects are already in commercial operation.
Thirteen projects with a total installed capacity of approximately 870 MW. These projects are currently in development with some having begun construction. Three projects will be operational by the end of 2024, selling electricity to EGAT under 25-year Power Purchase Agreements (PPA).
Twelve projects with a total installed capacity of approximately 1,668 MW. These projects are also in development with some currently under construction. Two projects will be operational by the end of 2024, selling electricity to EGAT under 25-year Power Purchase Agreements (PPA).
With a total installed capacity of 0.6 MW, these VSPP (Very Small Power Producer) projects sell electricity to PEA under 25-year Power Purchase Agreements (PPA).
These projects sell electricity to industrial users under 10-20 year Power Purchase Agreements (PPA). As of 2024, GULFI's solar rooftop projects have a total installed capacity of 163 MW in operation and another 110 MW under construction and/or development. GULF1 plans to continuously expand its solar rooftop customer base.
Wind Power
GULF’s wind power portfolio includes both offshore and onshore wind farms, totaling 770 MW in operation with an additional 1,500 MW under development by the start of 2024. Details of the projects are as follows:
Three projects with a combined installed capacity of 178 MW are currently operational. Electricity generated is sold to EGAT under 25-year Power Purchase Agreements (PPA).
Our offshore wind projects comprise approximately 593 MW of installed capacity currently in operation. This includes a project in Vietnam supplying electricity to EVN under a 20-year Power Purchase Agreements (PPA) and another project located in the German North Sea, c.59 km from the Norddeich harbor with an attractive market premium mechanism until 2028 and floor price thereafter scheme until 2038. Additionally, GULF is investing in a 1,500 MW wind farm in the United Kingdom, which is currently in the pre-development stage.
Hydroelectric Power
GULF has been developing three hydroelectric power projects in the Mekong River Basin in Lao PDR, namely Pak Beng, Pak Lay and Luang Prabang hydroelectric power projects, with total installed capacity of 3,142 MW, for electricity supply to Thailand. All projects entered into the Power Purchase Agreements (PPA) with the Electricity Generating Authority of Thailand (EGAT) with a term of 29-35 years, pursuant to the Memorandum of Understanding between Thailand and Lao PDR regarding Cooperation on the Development of Electrical Energy in Lao PDR. As a run-of-river type without reservoir, the projects utilize natural flow rate of water to generate electricity, ensuring that water inflow is equal to water outflow with no impact on the Mekong River's natural water flow.
Biomass Power
We operate a biomass Small Power Producer (SPP) project in Thailand, which uses wood chips as fuel. This project has a total installed capacity of 25 MW. The electricity generated is sold to PEA under a non-firm 5-year Power Purchase Agreement (PPA) that is renewable with 5-year increments after the previous term ends and is already in commercial operation.
Waste-to-Energy
GULF invests in waste-to-energy initiatives in Thailand, with a total installed capacity of 128.3 MW. Details of the projects are as follows:
This project has an installed power generating capacity of 9.5 MW and selling electricity to the grid with capacity of 8.0 MW and is designed to process municipal waste with a capacity of 650 tons . The waste disposal phase is already operational, including waste sorting and sanitary landfill. The power plant is currently under construction, with a 20-year Power Purchase Agreement (PPA) to supply electricity to PEA, and tentatively SCOD within 2026.
GULF's industrial waste-to-energy portfolio consists of twelve (12) projects, each to provide a installed power generating capacity of 9.9 MW and selling electricity to the grid with capacity of 8.0 MW. Together, they will have the capability to process industrial waste with capacity of 200 - 250 tons per day. As of 2024, the twelve (12) projects are currently in the development phase and plan to SCOD within 2026 with PEA under 20-year Power Purchase Agreements (PPA).
As a portfolio of Gulf's industrial waste-to-energy, the production of Solid Recovered Fuel (SRF) is to secure and management of industrial waste by deriving non-hazardous waste with heating value 3,000-5,000 kcal/kg to supply as fuel to twelve (12) industrial power plants with total capacity of 3,000 tons per day or equivalent to approximately I million tons per year. The project plan to SCOD within beginning of 2026.
Our Projects
Nakorn Ratchasima
3 Projects
WED
Capacity: 50 MW
GNP
Capacity: 67.5 MW
KWE
Capacity: 50 MW
Chonburi
2 Projects
Gulf Solar BV
Capacity: 0.13 MW
Gulf Solar KKS
Capacity: 0.25 MW
Rayong
2 Projects
Gulf Solar TS1
Capacity: 0.13 MW
Gulf Solar TS2
Capacity: 0.09 MW
Songkhla
1 Project
GCG
Capacity: 25 MW
Kanchanaburi
1 Project
SKP
Capacity: 63.4 MW
SLD
Capacity: 142.2 MW
Udon Thani
1 Project
STP
Capacity: 77 MW
PRR
Capacity: 72.5 MW
Suphanburi
1 Project
BRSP
Capacity: 176.7 MW
Tay Ninh
3 Projects
GTN1
Capacity: 68.8 MW
GTN2
Capacity: 50 MW
MKW
Capacity: 128 MW
North Sea
1 Project
BKR2
Capacity: 464.8 MW
