Gulf Energy Development PCL has announced that that a subsidiary of the company has entered into a share purchase agreement with three Vietnamese entrepreneurs in order to acquire 100 per cent shares in Dien Xanh Gia Lai Investment Energy JSC.
Dien Xanh Gia Lai is the developer and operator of onshore wind farm projects, namely Ia Pech 1 and Ia Pech 2 with the contractedcapacity of 50MW each. These projects located in Ia Grai district, Gia Lai province,Vietnam.
Both projects will generate and sell electricity to Vietnam Electricity (EVN) for 20 years, witha total project cost of approximately $200 million.
Gulf says that it expects to begin the constructionfor both Ia Pech 1 and Ia Pech 2 within 2021 and the Projects are expected to reach commercialoperation by quarter 4 of 2022.
Foreseeing the rapideconomic growth in Vietnam and the continuous growth in electricity demand in accordance withVietnam’s Power Development Plan, Gulf has begun investing in solar power andwind power projects since 2018.
In mid-2019, Thanh Thanh Cong Group and Gulf set up a joint venture to put investment in two solar power plants namely TTC 1 and TTC 2 located in Tay Ninh province. Lately, Gulf Energy has increased its holding to 90 per cent of shares at the two plants from 49 per cent last year.
It also holds 95 per cent of shares at wind power projects in Ben Tre province. The $650 project has a capacity of approximately 340MW.
Last November, Gulf also announced a cooperation agreement with the Ninh Thuan Provincial People’s Committee in the development of a gas-fired power project with the installed power generation capacity of approximately 6,000MW along withan LNG terminal with capacity of 6 million tons per annum. The projects are located in Ca Na sub-district, Thuan Nam district, Ninh Thuan province.