Gulf1 and SCG Cleanergy team to establish SG Solar to sell solar energy in Thailand
Gulf1 has teamed up with SCG Cleanergy to establish SG Solar Co (SG Solar) as a joint venture that focuses on solar energy business in Thailand.
Each firm will hold a 50% stake in the company. Gulf1 is a subsidiary of SET-listed Gulf Energy Development, while SCG Cleanergy is a renewable energy firm which is owned by Siam Cement Plc (SCC).
SG Solar has registered capital of 5 million baht. The company will engage in the production and sale of solar energy from rooftops to existing industrial clients of both SCC and Gulf.
The new joint venture is part of SG Solar’s vision to expand its customer base to more clients in the commercial sector within the networks of both firms.
Yupapin Wangviwat, Gulf’s chief financial officer, said the collaboration leverages the strengths of both groups.
“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,” Ms Yupapin said. “SCC is a well-established conglomerate in Thailand with core businesses, namely the 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 of emphasising investments in renewable energy businesses in accordance with government policies and global trends that aim to reduce greenhouse gas emissions to counter the effects of climate change.