Thailand’s Gulf Energy acquires 50% stake in German offshore wind farm

Thailand’s Gulf Energy Development will pay US$631 million to Global Infrastructure Partners (GIP) for a 50% stake in the Borkum Riffgrund 2 Offshore Wind Farm (BKR2 Project) in the German North Sea.

The latest overseas investment by Thailand’s second largest power producer will see it enter a 50:50 joint venture partnership at the 465MW wind site with Danish wind specialist Ørsted.

The BKR2 project started commercial operation in April 2019 and has since been selling electricity under a 20-year contract with Ørsted.

Gulf said the investment was in line with its strategy to expand its renewable energy business. Earlier this year, the company purchased a 100MW wind project in Vietnam.

The acquisition will help boost Gulf’s profit base and widen potential partnerships with Ørsted in overseas wind energy projects.

The company today announced another acquisition, in the shape of Vietnamese wind farm developer Dien Xanh Gia Lai Investment Energy (DGI).

DGI is developing two onshore wind farms with a combined capacity of 100MW and a total cost of approximately $200 million.

Gulf CEO Sarath Ratanavadi reportedly said that the company plans to take advantage of low interest rates to make several more renewable energy purchases in Asia and Europe.