Gulf Energy Development, Thailand’s largest power company by market capitalization, is planning to acquire a new gas-fired power plant in the U.S. with a generation capacity of 1,000 megawatts, marking an expansion into international markets.
The announcement was made by CEO Sarath Ratanavadi during the “Chula Thailand Presidents Summit 2025,” hosted by Chulalongkorn University, which gathered business leaders to discuss insights on the Thai and global economies.
Ratanavadi clarified that this new acquisition is not part of the company’s capital expenditure budget for 2025, which is projected to be nearly 30 billion baht, as reported to the media during the summit session titled “Energising Society.”
Earlier, Gulf acquired a 49% stake in Jackson Generation, a gas-fired power plant located in Illinois with a capacity of 1,200 MW, in a deal valued at $400 million, which was finalized in 2023.
Jackson Generation began commercial operations in May 2022 and supplies electricity to the Pennsylvania-New Jersey-Maryland Interconnection, commonly known as PJM, which serves the wholesale electricity market across 13 U.S. states, plus the District of Columbia.
During the summit, Ratanavadi emphasized Gulf’s investments in renewable energy, particularly in offshore wind energy in Germany and the southern North Sea of the UK. “One reason for our international investments is to stay abreast of technological advancements in the energy sector,” he stated.
Deputy CEO and CFO Yupapin Wangviwat forecasted that the company’s revenue could increase by 10-15% this year, supported by the operation of new power generation facilities. This growth will partially stem from the second unit of the Hin Kong gas-fired power plant in Ratchaburi, which is crucial for electricity supply in the western region. The plant is managed by Hin Kong Power Holding Co., a joint venture where Gulf holds a 49% interest, and Ratchaburi Power Generating Plc owns the remaining 51%.
Additionally, Gulf’s revenue in 2025 will include income from five solar farms that are set to begin commercial operations.
