06:10 | 07/07/2020 Economy
The Gulf Energy Development PLC of Thailand has announced the purchase of two wind power farms worth about 200 million USD in Vietnam, in order to take advantage of low interest rates as it seeks projects with a quick return on investment.
|Illustrative image - Photo: Bangkok Post|
The company reported to the Stock Exchange of Thailand that it entered into a share purchase agreement with Dien Xanh Gia Lai Investment Energy Joint Stock Co (DGI), the developer and operator of the two onshore wind farm projects, each with a capacity of 50 megawatts, the Bangkok Post said on July 4.
The projects, located in Ia Grai district of Gia Lai province, will be wholly owned by Gulf International Holding Pte (GIH) with a license to develop and operate the wind farms.
Gulf's Executive Director and Chief Financial Officer Yupapin Wangviwat said the projects will generate and sell power to Vietnam Electricity for 20 years. They are expected to start up in 2021.
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.