Gulf Energy Development Pcl said on Tuesday it acquired a 50 percent stake in a German offshore wind farm for about 558 million euros (US$631.10 million) in the latest overseas investment by Thailand’s second-largest power producer.
Gulf Energy said acquiring the stake of the Borkum Riffgrund 2 Offshore Wind Farm, which has an installed capacity of 464.8 megawatts (MW), was in line with the company’s strategy to expand its renewable energy business.
Earlier this year, the Thai company purchased a 100MW wind project in Vietnam and also increased its stake in a gas-fired power plant infrastructure project in Oman.
The remaining stakes in the North Sea-based Borkum Riffgrund 2 project would be held by Denmark-based power company Orsted A/S.
The acquisition would help boost Gulf Energy’s profit base and widen potential partnerships with Orsted in overseas wind energy projects.