Gulf

Gulf Energy Development Public Company Limited (SET: GULF) is one of Thailand's largest private power producers. Founded in 2007 by billionaire Sarath Ratanavadi, the company went public in 2017 in what was Thailand's largest IPO in a decade at the time. As of December 2023, Gulf reported annual revenue of THB 116 billion (USD 3.2 billion).

Gulf's core business activities are diversified across three segments:

• Energy Business: This includes gas-fired power generation, renewable energy projects, and natural gas supply and distribution. Gulf manages a portfolio of gas-fired and renewable power plants serving both public and private clients in Thailand's industrial zones. The company aims to increase the proportion of renewable energy in its portfolio to at least 40% by 2035.

• Infrastructure & Utilities Business: Gulf is involved in various infrastructure development projects.

• Digital Business: In January 2024, Gulf launched a cryptocurrency exchange called Binance TH through a joint venture with Binance.

In recent years, Gulf has expanded beyond its core energy business through strategic acquisitions and partnerships. In 2021, the company acquired stakes in telecom giant InTouch Holdings and its wireless unit Advanced Info Service (AIS). Gulf is also partnering with Singtel to set up data centers in Thailand. The company has international operations in countries like Germany and the US. In March 2024, Gulf signed major supply agreements with Sungrow and JinkoSolar for 3.5 GWp of solar PV and battery energy storage equipment to be deployed across various projects in Thailand by 2030.