Thai firm buys wind farms in Europe and Viet Nam

Thai renewable power company Gulf Energy has the wind its sails, announcing the purchases of two onshore wind farms in Viet Nam and an offshore wind farm in Germany last week while surveying the landscape for more acquisitions.

Gulf acquired Germany’s Borkum Riffgrund 2 (BKR2) offshore wind farm by purchasing $619 million worth of shares from Global Infrastructure Partners. BKR2 is located in the North Sea.

The company also reported to the Stock Exchange of Thailand that it had entered into a share purchase agreement with Dien Xanh Gia Lai Investment Energy Joint Stock Company. That firm is the developer and operator of two onshore wind farm projects, Ia Pech 1 and Ia Pech 2, each with a capacity of 50 megawatts. The deal was worth roughly $200 million, the company said.

Thailand has a national goal of sourcing 30 percent of its energy from renewable sources by 2036. The country is committed to meeting its obligations under the Paris Climate Accords.

Gulf is helping to advance Thailand’s renewables goal in the private sector. The company has a portfolio of energy projects spanning natural gas, solar, rooftop solar, wind, and biomass. It has a total of 28 power projects already operating and five projects under construction.

Gulf CEO Sarath Ratanavadi said low-interest rates have made asset acquisition attractive. The company has an investment budget of $1.27 billion this year, he said.

“We’re looking for operative assets because they will quickly pay back investment returns, and at least one other asset acquisition will be announced this year,” Sarath said.

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