GUNKUL Signs EGAT Deal, Targets 3,000 MW by 2030
GUNKUL signed a new power purchase agreement with EGAT for 261.8 MW of renewable energy projects, bringing its total clean energy portfolio to 2,101 MW and raising its 2030 target to 3,000 MW.
GUNKUL is expanding its clean energy portfolio after signing a new power purchase agreement (PPA) with EGAT under the RE Biglot Phase 2.1 renewable energy project, announced by Chief Executive Officer Nuchol Damrongpiyawut on September 28, 2026. The agreement covers four new projects totalling 261.8 megawatts: three wind power plants with a combined capacity of 242.4 MW and one solar power plant with 19.4 MW, expected to begin commercial operations from 2027 onwards.
When combined with three previously signed projects totalling 57.2 MW, GUNKUL has now completed all RE Biglot Phase 2.1 commitments with a total contracted capacity of 319 megawatts. The company has also restructured its shareholding in 12 power plants into a joint venture partnership with Gulf Development, representing 336.7 megawatts of equity capacity valued at 467 million baht. This restructuring aligns with GUNKUL's financial strategy of growth through joint ventures with strategic partners, enhancing economies of scale and competitive capacity in renewable energy development.
The transaction reflects GUNKUL's commitment to sustainable growth while maintaining financial discipline and strong financial ratios. The improved financial position will provide flexibility to pursue upcoming opportunities in Thailand's Power Development Plan 2026 (PDP2026), which targets increasing renewable and clean energy to 65-89% of total generation capacity, as well as new growth sectors such as data centres. Following this transaction, GUNKUL's renewable energy equity capacity now totals 2,101.2 megawatts, surpassing its 2,000 MW target set for 2027, while setting a new goal of 3,000 megawatts by 2030.
