GULF Pushes Its Stake in 50MW Vietnam Solar Project “TTCIZ-02” to 90%

Gulf Energy Development Public Company Limited (GULF) has announced that, through its subsidiary, the company has entered into a share purchase agreement and shareholder agreement with Thanh Thanh Cong Industrial Zone Joint Stock Company (TTCIZ), a subsidiary under Thanh Thanh Cong Group (TTC Group) to acquire an additional stake in TTC Energy Development Investment Joint Stock Company, the operator of TTCIZ-02 solar project (the Project) in Vietnam by increasing its equity investment from 49% to 90%.

The share transfer is expected to be completed in the first quarter of 2019, after obtaining approval from relevant government authorities.

The Project is located in Trang Bang district, Tay Ninh province, Vietnam. It has an installed power generation capacity of approximately 50 MW and a total project cost of approximately $53.4 million (approx. ฿1.74 billion). The Project is currently under construction and is expected to commence commercial operation in May 2019.

 

Earlier, TTC Green Energy Investment Joint Stock Company, a joint venture in which GULF in directly holds 49% of shares through Gulf International Holding Pte. Ltd. and which operates the TTCIZ-01 solar power project in Vietnam, entered into the 20-year power purchase agreement with Vietnam Electricity on December 5, 2018, under agreed terms of a USD-equivalent tariff of approximately US9.35 cent/kWh.

The TTCIZ-01 is the first project, located in Trang Bang district, Tay Ninh province, Vietnam, with an approximate project cost of $66 million (฿2.15 billion) and installed power generation capacity of 68.8MW. The project is GULF’s first investment in Vietnam and is currently under construction, with a scheduled commercial operation date in March 2019.