Thailand’s Gulf Energy Development Pcl on Friday said it has invested $409 million in a 49 per cent stake in Jackson Generation, a 1,200-megawatt gas-fired power project in Illinois, its first expansion into the United States.<\/p>\n
Gulf is acquiring the stakes from its long-term Japanese partner, J-Power and joins other Thai firms in investing in US energy, including miner Banpu Pcl, owner of Denver-based BKV, which in May bought natural gas properties from Exxon Mobil for $750 million.<\/p>\n
“As electricity demand in the United States continues to increase, Gulf sees the opportunity to develop other power projects,” chief financial officer Yupapin Wangviwat said in a statement, adding Gulf was considering other interests in the United States, including renewable energy.<\/p>\n
The Jackson Generation deal is expected to conclude by December and Gulf would see profits immediately, as the project was already operating in operations.<\/p>\n
Gulf currently has total capacity of 9.4-gigawatts (GW) with a target to reach 14.5 GW by 2027, most of it in Thailand.<\/p>\n
Gulf is owned by Thai billionaire Sarath Ratanavadi, who Forbes ranks as the country’s fourth richest.<\/p>\n
In January, the company announced a joint venture with the world’s largest crypto exchange, Binance, to set up an exchange in Thailand.<\/p>\n
Gulf has been diversifying its business into digital infrastructure and last year took a controlling stake in InTouch Holdings Pcl, which owns Thailand’s top mobile operator, AIS<\/p>\n","protected":false},"excerpt":{"rendered":"
Thailand’s Gulf Energy Development Pcl on Friday said it has invested $409 million in a 49 per cent stake in Jackson Generation, a 1,200-megawatt gas-fired power project in Illinois, its first expansion into the United States. Gulf is acquiring the stakes from its long-term Japanese partner, J-Power and joins other Thai firms in investing in US energy, including miner Banpu Pcl, owner of Denver-based BKV, which in May bought natural gas properties from Exxon Mobil for $750 million. “As electricity demand in the United States continues to increase, Gulf sees the opportunity to develop other power projects,” chief financial officer […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-520864","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/520864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=520864"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/520864\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=520864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=520864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=520864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}