Gulf Partnering with TTC Group Launch Solar Projects TTCIZ-01 and TTCIZ-02 in Vietnam

Gulf Energy Development Public Company Limited or GULF in partnership with TTC Group (Vietnam) organized the inauguration ceremony of TTCIZ-01 and TTCIZ-02 solar projects in Tay Ninh province, Vietnam after the two plants previously commenced the sale of electricity to Vietnam Electricity (EVN) in March and April 2019. Sarath Ratanavadi, Chief Executive Officer of Gulf Energy Development Public Company Limited presided over the opening ceremony of the solar power plants.

Sarath Ratanavadi, Chief Executive Officer of Gulf Energy Development Public Company Limited, stated at the ceremony, “According to Government of Vietnam’s policy to produce 5% of its energy from renewables by 2020, Gulf as a leading energy producer in Thailand is willing to promote the policy for it corresponds to Gulf’s business philosophy which grounds on sustainable development. Since CO₂ is the cause of climate change, which is currently a global issue, the renewable energy projects will reduce emissions of CO₂ by about 85.45 tons per year. Furthermore, to collaborate with strategic partner like TTC Group, these jointed projects will tighten the international relations between Thailand and Vietnam, and we at Gulf hope that the projects will bring the regional energy security and economic growth in ASEAN.”.

In TTCIZ-01 Project, Gulf Energy Development Public Company Limited indirectly holds 49% of shares through Gulf International Holding Pte. TTCIZ-01 solar project, with an installed power generation capacity of 68.8 megawatts, commenced the sale of electricity to Vietnam Electricity (EVN) on March 6, 2019.

Meanwhile, TTCIZ-02 solar power project, which is located adjacent to TTCIZ-01, Gulf Energy Development Public Company Limited or GULF has partnered with Thanh Thanh Cong Group (TTC Group) in the shareholding proportion of 90%. The project has installed power generation capacity of 50 megawatts and has commenced commercial operation and started to supply electricity to Vietnam Electricity (EVN) on April 19, 2019.

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