Gulf1 has entered into a partnership with SCG Cleanergy to explore solar energy business in Thailand.
Gulf1 is a subsidiary of Gulf Energy Development Public Company while SCG Cleanergy is a renewable energy firm which is owned by Siam Cement Plc (SCC).
The duo has agreed to establish SG Solar Co (SG Solar) as a joint venture for the same. Both the companies will hold a 50% stake in the joint venture company.
According to SG Solar, it has registered a capital of 5 million baht. "The company will engage in the production and sale of solar energy from rooftops to existing industrial clients of both SCC and Gulf," a report mentioned.
Yupapin Wangviwat, Gulf's chief financial officer, remarked, "Gulf has expertise in the power and infrastructure business with a portfolio of renewable energy projects in both domestic and overseas markets and has an extensive business network."
Stating that "SCC is a well-established conglomerate in Thailand with core businesses, namely the cement-building materials business, chemicals business and packaging business," Yupapin was of view that the latest "partnership will expand the customer base and enhance the value of the business for both company groups."
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