July 7, 2020 / 6:03 AM / a month ago

Thailand's Gulf Energy buys 50% stake in German wind farm for about $631 mln

BANGKOK, July 7 (Reuters) - Gulf Energy Development Pcl said on Tuesday it acquired a 50% stake in a German offshore wind farm for about 558 million euros ($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 (BKR2 Project), 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 had purchased a 100-MW wind project in Vietnam and also increased its stake in a gas-fired power plant infrastructure project in Oman.

The remaining stakes in North Sea-based BKR2 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.

$1 = 0.8842 euros Reporting by Chayut Setboonsarng, Editing by Sherry Jacob-Phillips

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