SET-listed Gulf Development, Thailand’s largest power producer by market value and a growing force in telecoms, has unveiled a major fundraising plan worth 300 billion baht to refinance existing debt and support future investments following its merger with Intouch Holdings Plc, the parent company of Advanced Info Service (AIS).
Gulf Development was formed through the merger of Gulf Energy Development Plc and Intouch Holdings. As part of the consolidation, shareholders of both companies approved a new debt issuance plan, replacing a previous 200-billion-baht program under which approximately 185 billion baht in bonds had already been issued.
“This new plan increases the ceiling for bond issuance, allowing us to raise up to 300 billion baht over the next five to ten years,” said Yupapin Wangviwat, Gulf’s Chief Financial Officer. “Of that, we still have around 115 billion baht in room for new issuance.”
Currently, Gulf holds outstanding debentures totaling 185.5 billion baht, maturing between 2025 and 2035. These will be refinanced under the new 300-billion-baht limit. The company expects to issue 30-50 billion baht worth of debentures annually, depending on investment requirements and prevailing market conditions.
The capital will support a wide range of strategic projects, both in Thailand and overseas. These include the expansion of renewable energy generation, the construction of a new liquefied natural gas (LNG) terminal, and a significant push into the data center business.
Gulf’s first data center, with an IT load capacity of 24 megawatts, is set to launch by mid-year, according to Sarath Ratanavadi, Gulf’s Chief Executive Officer. The company plans to expand the business quickly, aiming to boost data center power demand to 200 megawatts within the next two to three years.
Data centers typically require a steady supply of clean energy, aligning with global efforts to lower carbon emissions and promote sustainability—a space Gulf is actively positioning itself in.
