May 18, 2018 / 7:11 AM / 3 months ago

Thailand's Gulf Energy plans $3.7 billion investment over six years

BANGKOK (Reuters) - Thailand’s third largest power producer, Gulf Energy Development Pcl, plans to invest 120 billion baht ($3.73 billion) over the next six years to double its generating capacity by 2024, a top executive said on Friday.

Gulf Energy is targetting annual revenue growth of 13.2 percent as it expands generating capacity from 5,283 megawatts (MW) currently to 11,126 MW by 2024, its chief business development and strategy officer, Ratthapol Cheunsomchit, said at an investor briefing.

The company, which was listed on the Thai bourse last year in the biggest corporate offering in a decade, is aiming for revenue growth of 120 percent this year after projects with a combined capacity of 500 MW come online, Ratthapol said.

Gulf, one of many Thai energy companies investing abroad, expects that revenue contribution from overseas to reach 30 percent within 5-6 years, he said.

Its latest overseas project was a $53.4 million solar development in Vietnam, while it expects to conclude a deal for a 300 MW gas power plant in Oman by June, Ratthapol added.

The company is also interested in acquiring small power producers in Thailand with capacity between 300 and 400 MW.

Reporting by Wirat Buranakanokthanasan and Chayut Setboonsarng

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