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Thailand-based Gulf Energy to acquire two wind firms in Vietnam for $200 mn

Gulf Energy Vietnam
Gulf Energy acquired the farms from Dien Xanh Gia Lai Investment Energy (DGI)

Thailand-based energy company Gulf Energy, which is a wholly-owned subsidiary of Gulf International Holding, has acquired two wind farms in Vietnam for around $200 million, the media reported.

Gulf Energy acquired the wind farms from Dien Xanh Gia Lai Investment Energy (DGI).

According to the energy major, 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.

Both the farms will generate and sell electricity to Vietnam Electricity for the next 20 years. The development of these farms is expected to begin in 2021.

The projects, located in Ia Grai district of Gia Lai province, will be held by wholly-owned Gulf International Holding Pte (GIH) with a licence to develop and operate the wind farms.

According to its chief executive officer Sarath Ratanavadi, the company will make further acquisitions across Asia and Europe.

He said, “We’re looking for operative assets because they will quickly pay back investment returns, and at least one other asset acquisition will be announced this year.”

Recently, Gulf Energy also acquired Germany’s Borkum Riffgrund 2 (BKR2) offshore wind farm, worth more than ฿19 billion, the company revealed in a stock exchange filing.

Gulf Energy acquired Global Infrastructure Partners’ entire shareholding in Frankfurt-based Borkum Riffgrund 2 Investor Holding GmbH, entailing 50 percent of shares in Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co Ohg, which co-operates the wind farm with the other shareholder.

According to Gulf executive director and chief financial officer Yupapin Wangviwat, the agreement came into effect in July 3.

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