In a recent disclosure to the Stock Exchange of Thailand, Gulf Energy Development Public Company Limited unveiled its latest endeavor aimed at bolstering Thailand's renewable energy sector. Building upon previous announcements made in 2023, the subsidiary of Gulf Energy Development, Saengdee Clean Energy Co., Ltd., has finalized a significant agreement with the Electricity Generating Authority of Thailand (EGAT).
According to the announcement, Saengdee Clean Energy Co., Ltd. has secured 25-year Power Purchase Agreements with EGAT for the development of solar farms integrated with battery energy storage systems (BESS) projects. These projects, with a combined capacity of 59 megawatts, are scheduled to commence commercial operation in 2026.
This latest development adds to Gulf Energy Development's existing portfolio, which 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. They are slated to be operational between 2024 and 2029, significantly contributing to Thailand's renewable energy landscape.
The solar farms and BESS projects are expected to benefit from a favorable Feed-in Tariff (FiT) rate, providing stability and predictability in electricity pricing over the contract term. By leveraging renewable energy sources, Gulf Energy Development aims to mitigate fuel price volatility and alleviate electricity costs for households and industrial sectors.
Furthermore, 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.
