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Thailand’s Gulf Energy spends $200mln to buy two wind farms in Vietnam

Xuan Thinh Sunday | 07/05/2020 10:10

Illustative. Photo: Bangkok Post

The Gulf Energy Development PLC of Thailand has announced the purchase of two wind power farms worth $200 million in Vietnam, the company said in a statement.

The company informed to the Stock Exchange of Thailand that it entered into a share purchase agreement with Dien Xanh Gia Lai Investment Energy JSC, the developer and operator of the two onshore wind farm projects, each with a capacity of 50 megawatts.

The Thai energy firm said the acquisition helps it to take advantage of low interest rates as it seeks projects with a quick return on investment in Vietnam.

The two wind farms projects, located in Ia Grai district of Gia Lai province, will be wholly owned by Gulf International Holding Pte with a license to develop and operate the wind farms.

After the purchase, both power plants will generate and sell electricity to Electricity of Vietnam Corporation (EVN) for 20 years. The company expects to begin the construction for both Ia Pech 1 and Ia Pech 2 within 2021. They are expected to reach commercial operation by quarter 4 of 2022.

Gulf 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.

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