Gulf Energy Acquires Waste Manager WAC for 400M Baht
Gulf Energy acquired waste manager WAC for 400 million baht to secure fuel supply for its 12 waste-to-energy plants launching in 2027.
Gulf Energy Development (GULF) informed the Stock Exchange of Thailand that on October 30, 2026, its fully owned subsidiary Gulf West to Energy Holdings (GWTE) acquired all ordinary shares in West Absolute (WAC) for a total investment of roughly 400 million baht, making WAC a GULF subsidiary. The purchase was split between Universal Waste Management (51 percent) and World Owner Trading (49 percent). WAC operates non-hazardous industrial waste treatment and sanitary landfill disposal, and will support the sourcing and selection of suitable industrial waste that meets legal standards to feed GULF's solid recovered fuel (SRF) plants and waste-to-energy power plants. It will also handle ash disposal from the power generation process in line with academic standards. GULF is currently developing 12 waste-to-energy projects with a combined contracted capacity of 96 megawatts and three SRF fuel production projects under GWTE. All 12 power projects have signed 20-year power purchase agreements with the Provincial Electricity Authority and are slated to begin commercial operation in 2027. GULF said the investment aligns with its strategy to expand across the industrial waste management value chain, improving waste handling efficiency, securing fuel supply, and supporting long-term project cost management. The transaction qualifies as a significant acquisition but falls below the threshold requiring full compliance with SET significant-transaction rules and is not a connected transaction; GULF reported it because the acquisition results in WAC becoming a subsidiary.
