Thailand’s Gulf Energy to acquire $200m wind farms in Vietnam

Wind turbine. Photo: Pixabay

Thai energy major Gulf Energy, through its wholly-owned subsidiary Gulf International Holding, will be acquiring Vietnamese wind farm developer Dien Xanh Gia Lai Investment Energy (DGI).

DGI is the developer and operator of two onshore wind farm projects in the central highland of Vietnam, which have a total cost of approximately $200 million.

Both projects, with a combined capacity of 100 MW, will generate and sell electricity to Vietnam Electricity for 20 years, Gulf Energy said in a stock exchange filing.

The company added that it plans to begin the construction for both projects within 2021 and start commercial operation by the fourth quarter of 2022.

Gulf Energy’s CEO Sarath Ratanavadi was quoted by local media as saying that the firm was seeking asset acquisitions to tap low-interest rates. He reportedly added that Gulf Energy will make several more renewable energy purchases in Asia and Europe.

The firm has also taken a 50 per cent interest in a Germany-based wind farm with a total investment value of around 548-558 million euros, according to another regulatory filing.

Thai media said Gulf Energy conducted due diligence on the Vietnam-based wind farm deal during the COVID-19 lockdown through video conferencing and flying drones over the project site.

In 2018, Gulf Energy invested around $650 million in a joint venture with Vietnamese diversified group Thanh Thanh Cong to develop real estate and energy businesses, including solar and wind power plants, in the country. In 2019, the Thai firm increased its ownership in the solar power business from 49-90 per cent.

Vietnam has recently attracted a spate of investments from Thai corporations. Prior to the Gulf Energy deal, Super Energy announced to invest about $457 million into four solar projects in Vietnam. Stark Corporation of Thailand also acquired Thinh Phat Cables and Dong Viet Non-Ferrous & Plastic for a combined enterprise value of $240 million earlier this year.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.