Gulf, Gunkul unite to jointly develop renewable projects
SET-listed Gulf Energy Development has announced the establishment of a joint venture company with Gunkul Engineering Plc to develop renewable energy projects, with the aim of reaching a target of 1,000 megawatts within five years.
The collaboration aligns with Thailand’s national energy plan to achieve carbon neutrality.
Yupapin Wangviwat, chief financial officer of Gulf Energy Development, said her firm welcomes the opportunity to work with Gunkul.
“The purpose of the venture is to study opportunities and operate renewable energy businesses, namely wind power projects in Thailand and overseas, solar power projects, and other types of renewable energy projects. This can include businesses related to energy innovation such as microgrids and smart meters,” said Ms Yupapin.
Both firms are expected to hold a 50% stake in the venture.
The venture is meant to leverage the strengths of each partner. Gulf is well-established in the power business with a portfolio of green energy projects in domestic and overseas markets, while Gunkul has expertise in integrated renewable energy business and construction.
The government’s national energy plan calls for an increase in the proportion of electricity generation capacity from renewable energy in order to achieve the target of carbon neutrality by 2050.
The investment also aligns with Gulf’s data centre business operations. The venture fulfils demand for electricity generated from clean energy by large customers known as “hyper scalers”, with the goal of reducing greenhouse gas emissions, in line with global energy trends.
Naruechon Dhumrongpiyawut, Gunkul Engineering’s chief operating officer for strategic investment and sustainable energy business, said the partnership marks a major step for Gunkul in completing the energy landscape, ranging from the residential and scaling up to utilities.
“The aim of this collaboration is to capture the potential of the future renewable energy space,” she said.
“The company intends to increase wind and solar energy production capacities, both domestically and internationally.”
Ms Naruechon said the collaboration is not only limited to environmental concerns, but also social and economic aspects through carbon credits and the renewable energy certificate scheme.
“Trading carbon credits as a result of the reduced greenhouse gas emissions from the growing renewable capacity should create promising revenue streams for both parties and lead to a transformation towards a green energy landscape in Thailand,” she said.