Logo of Phnom Penh Post newspaper Phnom Penh Post - Thai firm buys two wind power farms in VN across from Cambodia

Thai firm buys two wind power farms in VN across from Cambodia

Thai firm buys two wind power farms in VN across from Cambodia

Thailand's Gulf Energy Development Plc has announced the purchase of two wind power farms worth $200 million in Vietnam.

The move aims to take advantage of low building costs and a quick return on investment.

The company reported to the Stock Exchange of Thailand that it entered into a share purchase agreement with Dien Xanh Gia Lai Investment Energy JSC (DGI), the developer and operator of the two onshore wind farm projects, each with a capacity of 50MW.

The projects, located in Gia Lai province’s Ia Grai district, will be wholly owned by a subsidiary of Gulf Energy Development Plc, namely Gulf International Holding Pte (GIH), holding a licence to develop and operate the wind farms.

Ia Grai borders Andong Meas district’s Nhang commune in Cambodia’s Ratanakkiri province.

Gulf’s executive director and chief financial officer Yupapin Wangviwat said the projects would generate and sell power to Vietnam Electricity for 20 years, as reported by Bangkok Post. They are expected to start construction next year.

Gulf Energy Development 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.

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • South Korea’s first lady brings hope to ill boy

    South Korea’s first lady Kim Keon-hee – wife of current president of the Republic of Korea, Yoon Suk Yeol – met with a 14-year-boy with congenital heart disease during her trip to the Kingdom for the ASEAN Summit. After their meeting it was announced that the

  • Hun Sen gets Covid, shuns G20, APEC summits

    Prime Minister Hun Sen said he has tested positive for Covid-19 in Indonesia, where he is slated to attend the G20 summit in his capacity of the ASEAN chair. In a social media post addressing the Cambodian public, he said: “Before leaving Cambodia, I always

  • Moody’s sets outlook rating to ‘negative’ for Cambodia

    US global rating agency Moody’s Investors Service Inc on November 15 announced that it downgraded Cambodia’s outlook from “stable” to “negative” and maintained its B2 local and foreign currency issuer ratings. “The negative outlook reflects a deteriorating external position as illustrated by the severe

  • Hun Sen’s Covid infection caused by ‘weakened antibody’ after summit

    Prime Minister Hun Sen said exhaustion from heavy workload before and during the recent ASEAN Summit may have led to him contracting Covid-19 due to his weakened immune system, while rejecting speculations that the infection was caused by leaders of some countries who did not

  • Korean first lady paves way for ill boy’s surgery

    A 14-year-old boy with congenital heart disease who was lucky enough to meet with South Korean first lady Kim Keon-hee may get the chance of a lifetime and receive surgery and treatment at Asan Medical Center in Seoul, South Korea. After seeing his plight, many

  • Kingdom’s rice crowned world’s No1

    Cambodia’s Phka Rumduol jasmine variety has been crowned the World’s Best Rice for the fifth time at the TRT (The Rice Trader) World Rice Conference in Phuket, Thailand on November 17, according to leaders of the Kingdom’s apex rice industry body. Phka Rumduol