PVTIME – Gulf Energy Development PCL (Gulf), Thailand’s largest independent power developer and a firm listed on the Stock Exchange of Thailand, has announced that it will reach its 2035 target of adding 5.4 GW of clean energy capacity five years ahead of schedule, thanks to strategic investments and project acquisitions.
Gulf currently operates 1 GW of solar, wind and waste-to-energy projects, with a further 2.6 GW under development. The company has expanded its portfolio rapidly by acquiring 1.3 GW of under-construction and licensed clean energy assets spanning the solar, wind and waste-to-energy sectors for USD 184 million, pushing its operational renewable capacity beyond 1 GW.
Domestically, Gulf’s 2.6 GW pipeline of Thai projects includes utility-scale solar and wind schemes set to launch over the next five years. Between June and July 2025, the company bought stakes in local projects under Thailand’s Feed-in Tariff (FiT) scheme, including a 50% share in a 461 MW solar-and-battery storage project, a 50% share in a 436 MW onshore wind project and a 95% share in a 96 MW waste-to-energy facility. These moves have strengthened Gulf’s leading position in Thailand’s clean energy market and supported its power export plans.
Internationally, Gulf boosted its footprint by fully acquiring Laos’ 0.8 GW Pak Lay Hydropower Plant in July. Having purchased the remaining 60% stake from China Hydroelectric Construction Group, the plant is set to export hydropower to Thailand from 2033. This will generate enough electricity to power over one million households, thus cementing Gulf’s role as a Southeast Asian clean energy hub.
Gulf’s growth is supported by Thailand’s Feed-in Tariff (FiT) scheme, which provides long-term, fixed-price subsidies for eligible clean energy projects. The company notes that combining its 2025 acquisitions of 1.3 GW with its 2.6 GW pipeline will enable it to reach its 2035 target by 2025. Looking ahead, Gulf aims to achieve net-zero power generation by 2050, requiring the addition of 4.3 GW of renewable capacity within the next decade. This expansion is a pivotal step in the company’s transition.
Analysts emphasise that Gulf’s strategy closely aligns with Thailand’s energy transition goals, and its approach of balancing cross-border acquisitions with domestic projects could serve as a model for other Southeast Asian energy firms to follow.
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