Gulf Energy stock in focus after 45 MW Thai solar acquisition
Published on 11/01/2026 at 00:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSRenewables portfolio expands in Thailand
- Gulf Development acquired half of a company developing two Thai solar farms.
- The projects have long-term power purchase agreements with EGAT and are scheduled to start commercial operations in 2029.
- The investment supports Gulf Development's plan to lift renewable energy to at least 40 percent of its portfolio by 2035.
Gulf Development Public Company Limited is expanding its Thai renewable-energy portfolio. On Thursday, October 29, 2026, its wholly owned subsidiary Gulf Renewable Energy acquired a 50 percent stake in Ubon Wealth 1 from Ubon Bio Agricultural, a subsidiary of Ubon Bio Ethanol. Kaohoon International reported the transaction details.
Solar capacity secured for 2029
The investment consideration was THB 107.6 million. Ubon Wealth 1 is developing two ground-mounted solar farms in Thailand with combined contracted capacity of 90 megawatts. Gulf Renewable Energy's share represents 45 megawatts of equity contracted capacity.
Ban Khi Lek 1 has contracted capacity of 40 megawatts, while Nok Ten 1 has 50 megawatts. Both projects have 25-year power purchase agreements with the Electricity Generating Authority of Thailand and are scheduled to begin commercial operations in 2029. The contracted tariff is THB 2.1579 per kilowatt-hour under Thailand's feed-in-tariff scheme.
Long-term clean-energy positioning
Gulf Development said the investment supports its target of increasing the renewable-energy share to at least 40 percent by 2035. The company also links the projects to lower exposure to fuel-price volatility and more predictable electricity supply for households and industrial customers.
For investors, the transaction adds contracted renewable capacity ahead of operations rather than immediate generation. The scheduled 2029 start makes project execution, construction progress and the future contribution from the PPAs the next milestones to watch.
Gulf Development's business profile
Gulf Development is a Thailand-based energy and infrastructure company with activities that include electricity generation and renewable-energy investment. Its current portfolio expansion includes solar projects supported by long-term power purchase agreements. The company is also developing its clean-energy platform alongside broader infrastructure and digital-business initiatives described in its investor-relations materials.
Gulf Development at a glance
- Company: Gulf Development Public Company Limited
- ISIN: TH8319010Z06
- SET ticker: GULF
- Latest transaction: 50 percent stake in Ubon Wealth 1 acquired on October 29, 2026
- Equity contracted capacity: 45 megawatts
- Commercial operations: Scheduled for 2029
Thailand's broader equity market remains the relevant market setting for Gulf Development investors; see current market reports.
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