Gulf Energy Development forms JV to supply utility services for Thailand’s largest mixed-use project, One Bangkok
SET-listed Gulf Energy Development Plc on Friday announced a joint venture for power distribution and a district cooling system for the country’s largest mixed-use project, One Bangkok
The deal is worth 3.57 billion baht under a 30-year contract.
Gulf informed the Stock Exchange of Thailand that it had joined with Mitsui & Co and Tokyo Gas Engineering Solutions Corporation in forming a holding company, Bangkok Smart Energy (BSE), with each holding a one-third stake.
Yupapin Wangviwat, Gulf executive director, said BSE entered into two shareholders’ agreements on Monday.
The first contract was with One Power Services Co, a subsidiary of One Bangkok Co, to operate the power distribution system for One Bangkok through Bangkok Smart Power Co (BSP).
BSE and One Power Services have shareholdings in BSP of 40% and 60%, respectively.
The second contract was with One DCS Services Co, a subsidiary of One Bangkok Co, to operate the district cooling system for One Bangkok through Bangkok Smart DCS Co (BSD).
BSE and One DCS Services have shareholdings in BSD of 49% and 51%, respectively.
BSP and BSD entered into utility development agreements with One Bangkok Co on Thursday to sell electricity with an installed capacity of 240 megawatts and chilled water with an installed capacity of 36,000 refrigeration tonnes to One Bangkok.
BSP and BSD secured two 30-year contracts with a project cost of 3.57 billion baht.
One Bangkok project is located at Witthayu intersection in downtown Bangkok, on a total area of 104 rai. The project’s construction started last June and it is expected to commence operation in 2023.