Gulf Energy Development to buy 100 MW of wind projects in Vietnam

A subsidiary of Gulf Energy Development PCL (BKK:GULF) has signed a deal to acquire the developer of two 50-MW onshore wind projects in Vietnam, the Thai energy company announced last week.

More specifically, Gulf International Holding Pte Ltd (GIH) will take over Dien Xanh Gia Lai Investment Energy JSC (DGI) from three entrepreneurs in Vietnam, namely Nguyen Tran Thao Nhi, Tran Thi Thanh Mai and Tran Thi Minh Trang.

DGI is the developer of the Ia Pech 1 and Ia Pech 2 projects in Ia Grai district, Gia Lai province. Gulf Energy anticipates to start building these wind farms next year and have them up and running by the final quarter of 2022. Their total project cost is estimated at USD 200 million (EUR 177m).

Upon completion, the wind parks will sell power to Vietnam Electricity (EVN) under 20-year contracts.

(USD 1.0 = EUR 0.885)

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