Gulf Energy Development Public Company Limited announced that on October 16, 2023, the Project Companies entered into Power Purchase Agreements with the Provincial Electricity Authority ("PEA") for the development of 2 industrial waste-to-energy projects with a contracted capacity of 8 megawatts each, or a total contracted capacity of 16 megawatts, with a total project cost of approximately THB 3,500 - THB 3,600 million. The Power Purchase Agreements cover a period of 20 years from the date of commercial operation, which is scheduled for 2026. The Company's investment in industrial waste-to-energy power plants aligns with the Thai government's policy to decarbonize and increase the proportion of renewable energy projects during the energy transition period as the Project Companies use technology and processes in order to efficiently manage industrial waste, adding value to waste products from industrial manufacturing processes, in accordance with the circular economy concept while also reducing the amount of landfill waste in the country which can be considered a key action to help mitigate negative environmental impacts. The Company will provide further updates should there be any progress on the matter.
