Gulf Energy Development Public Company Limited (GULF) sent GULF1 Company Limited (GULF1), a subsidiary in which the Company holds 99.99% stake involving in businesses related to solar energy in Thailand including solar rooftops, to join forces with SCG Cleanergy Company Limited (SCG Cleanergy), a company that operates renewable energy businesses in which The Siam Cement Public Company Limited (SCC) holds 100.00% stake, to establish SG Solar Company Limited (SG Solar) in Thailand as a joint venture company with GULF1 and SCG Cleanergy holding 50% stake and 50% stake, respectively. SG Solar has a registered capital of THB 5,000,000 and will engage in the production and sale of solar energy from rooftops to industrial users which are companies in SCC's Group and customers of the Company's SPP power plants. Further, SG Solar plans to expand its customer base to industrial and commercial customers within the network of both company groups.
Ms. Yupapin Wangviwat, Chief Financial Officer, GULF, stated "This collaboration leverages the strengths of both company groups as GULF has expertise in the power and infrastructure business with a portfolio of renewable energy projects in both domestic and overseas markets and has an extensive business network. SCC is a well-established conglomerate in Thailand with core businesses, namely, cement-building materials business, chemicals business, and packaging business. This partnership will expand the customer base and enhance the value of the business for both company groups."
Moreover, the establishment of the joint venture is aligned with GULF's policy to emphasize investments in renewable energy businesses in accordance with government policies and global trends that aim to reduce greenhouse gas emissions to counter the negative effects of climate change.