Gulf Energy Development Public Company Limited (GULF) notified shareholders through SET of its entered into a Share Purchase Agreement (SPA) and Shareholders’ Agreement (SHA) with Ms. Huynh Bich Ngoc, an entrepreneur investing in various large-scale businesses in Vietnam such as real estate and energy business. The agreement will be done through Gulf International Holding Pte. Ltd. (GHI), a subsidiary registered in Singapore in which GULF indirectly holds 99.99% of shares.
Under the SPA and SHA, GIH will hold approximately 49.0% and Ms. Huynh Bich Ngoc will hold approximately 51.0% of shares to develop and operate a wind farm project and a solar farm project, with an aggregate installed capacity of approximately 340 MW and total project cost of approximately $650 million US.
The Offshore wind farm project with a total installed capacity of around 310 MW located in Binh Dai district, Ben Tre province, Vietnam: The project has been approved by the Ministry of Industry and Trade of Vietnam to generate and sell electricity to Vietnam Electricity (EVN). The development is divided into two phrases:
1) 30 MW is expected a COD in 2020
2) 280 MW is expected a COD in 2023
Solar farm project with an installed capacity of around 30 MW, located in Binh Dai district, Ben Tre province, Vietnam: expected a COD in June 2019.
The aforementioned projects were approved by GULF’s Board of Directors’ meeting dated August 10, 2018 in accordance with GULF’s business expansion plan in Vietnam following its initial investment in two solar power projects, namely TTCIZ-01 and TTCIZ-02, with Thanh Thanh Cong Group in April and May 2018, respectively.