GULF Launches 6 Solar Projects for 2.3-2.7 Billion Revenue

MGR Online•Economy•21d ago

Reader Briefing

Gulf Energy Development is expanding its renewable energy capacity with six solar projects including two already operational in Suphan Buri.

•Gulf Energy Development commenced commercial operations (COD) for two solar projects in Suphan Buri on September 1, 2026.
•Four additional solar projects are scheduled for COD between November and December 2026.
•The total installed capacity for these six projects is approximately 623 megawatts.
•InnovestX estimates these projects will generate an annual profit of approximately 600 million baht for Gulf Energy Development.

•Gulf Energy Development announced to the Stock Exchange of Thailand that its subsidiaries under Gulf Renewable Energy opened two solar projects for commercial operation on September 1, 2026.
•The two operational projects in Suphan Buri have a combined contracted capacity of 135 megawatts and a total installed capacity of 250.1 megawatts.
•Luminous Energy and Siam Shining Energy are the two companies operating the Suphan Buri projects, with the latter incorporating a battery energy storage system (Solar BESS).
•Gulf Energy Development plans to begin commercial operations for four more solar projects between November and December 2026.
•The six-project group is estimated to generate annual revenue between 2,300 and 2,700 million baht when fully operational.
•These projects are sold to the Electricity Generating Authority of Thailand (EGAT) under 25-year power purchase agreements using a Feed-in Tariff (FiT) structure.
•InnovestX predicts a normal profit growth of approximately 18% for Gulf Energy Development in 2026, supported by various factors including renewable energy COD.
•Analysts from 16 firms provided a 'Buy' recommendation for Gulf Energy Development with an average target price of 78.75 baht as of August 27, 2026.

Full article content is available on the original source.

Gulf Energy Development(บริษัท กัลฟ์ ดีเวลลอปเมนท์ จำกัด (มหาชน))ℹ️

A public company expanding its renewable energy capacity through several solar power projects.

Gulf Renewable Energy(กัลฟ์ รีนิวเอเบิล เอ็นเนอร์จี จำกัด)

A company through which Gulf Energy Development indirectly holds 100% shares in solar project subsidiaries.

Electricity Generating Authority of Thailand(กฟผ.)ℹ️

The state entity purchasing electricity from Gulf Energy Development's solar projects under 25-year contracts.

Luminous Energy(บริษัท ลูมินัส เอ็นเนอร์จี จำกัด)

A company operating a ground-mounted solar farm in Suphan Buri with a contracted capacity of 68 megawatts.

Siam Shining Energy(บริษัท สยาม ไชน์นิ่ง เอ็นเนอร์ยี่ จำกัด)

A company operating a ground-mounted solar farm with battery storage in Suphan Buri with a contracted capacity of 67 megawatts.

Stock Exchange of Thailand(ตลาดหลักทรัพย์แห่งประเทศไทย)ℹ️

The entity to which Gulf Energy Development reported its commercial operation updates.

InnovestX

A securities firm that estimates the profits and target price for Gulf Energy Development.

Maybank Securities (Thailand)(บริษัทหลักทรัพย์ เมย์แบงก์ (ประเทศไทย))

A securities firm recommending a 'Buy' for Gulf Energy Development with a target price of 68 baht.

Globlex Securities(บริษัทหลักทรัพย์ โกลเบล็ก)

A securities firm recommending a 'Buy' for Gulf Energy Development with a target price of 82 baht.

ADVANC

A company whose increased profits contribute to the normal profit growth of Gulf Energy Development.

Suphan Buri(สุพรรณบุรี)ℹ️

The province where the first two solar projects of Gulf Energy Development are located.

Bangkok(กรุงเทพฯ)ℹ️

The reference city used to describe the distance to the projects in Suphan Buri.