gulf energy development public company limited company
TRANSCRIPT
Company PresentationInvestor RelationsJanuary 2021
Gulf Energy Development Public Company Limited
Index
2021 Outlook
2020 Highlights
Appendix
3
Hin Kong Power Burapa Power Stake in Marafiq BKR2 PTTNGD
✓ acquired 49% of ordinary
shares of HKH from RATCH
✓ to develop and operate Hin
Kong Power Project in
Ratchaburi province
✓ acquired 35% of ordinary
shares of BPH from NPS
✓ to develop and operate Burapa
Power Project in Chachoengsao
province
✓ restructured shareholding in
Oman project and increased its
equity stake to directly hold 49% shares in Marafiq
✓ Marafiq has exclusive rights to
provide utility services in Duqm
SEZ for 25 years
✓ acquired a 50% interest in
BKR2
✓ operating offshore wind farm
project in Germany
✓ guaranteed Feed-in-Tariff (FiT)
backed by the German
government
✓ acquired 40% of ordinary
shares in PTT NGD
✓ natural gas distribution business
✓ over 250 industrial customers
in 13 industrial areas in
Bangkok Metropolitan Region
and Rayong province
Contracted Capacity:
1,400 MW
Contracted Capacity:
540 MW
Installed Capacity (DIPWP):
Power: ≈ 326 MW
Water: ≈ 1,667 m3/hour
Installed Capacity:
464.8 MW
Sales Volume:
Approx. 30 million mmbtu/year
Shareholding:
49% GULF
51% RATCH
Shareholding:
35% GULF
65% NPS
Shareholding:
49% GULF
51% OQ
Shareholding:
50% GULF
50% Ørsted
Shareholding:
40% GULF
58% PTT
2% CPB Equity
Status:
• EIA approval obtained
• EPC contract signed in Sep 2020
• Expect to finalize GSA in Q1 2021
• Financial close and construction
expected to start in Q2 2021
SCOD :
Unit 1: Mar 2024 (700 MW)
Unit 2: Jan 2025 (700 MW)
Status:
• EIA approval obtained
• Start construction by 2025
SCOD :
Nov 2027
Status:
Under construction (DIPWP):
86.75% Completed
SCOD (DIPWP):
Phase 1 (40 MW): April 2021
Phase 2 (286 MW): 2022
Status:
• Achieved COD in Apr 2019
• Share transfer completed on Sep
24, 2020
Established: 1996
Recognize profit to GULF in 2021
2020 Highlights: Acquisitions
Power Generation Power Generation Power Generation Renewable Gas
4
Investment in PTT NGD
GULF acquired 40% of PTT NGD, strengthening its commitment in the Gas Business
✓ GULF acquired 40% ordinary shares in PTT
NGD from International Power S.A.
✓ Investment cost of USD 90 mn or approx. THB
2,700 mn
✓ Strengthen GULF’s gas business
Rojana Industrial Park (Ayudhaya)
Bangpa-In Industrial Estate
Nava Nakorn Industrial Estate
Rangsit Industrial Area
Bangkadi Industrial Park
Lad Krabang Industrial Estate
Bang Plee Industrial Estate
& M-Thai Industrial Estate
Bang Poo Industrial Estate &
Bang Poo Mai Industrial Area
Amata City Chonburi
Hemaraj Eastern
Seaboard Industrial Estate
& Eastern Seaboard
Industrial Estate
Amata City
Rayong
Source: PTT NGD
CPB Equity
80%
AMATA
20%
58% 2%40%
Established: 1996
Business Nature:
• Operates a natural gas distribution
business
• Purchases natural gas from PTT at
wholesale price and sells gas to over
250 industrial customers at retail price
in 13 industrial areas
• Revenue linked with fuel oil
• Cost linked with pool gas price
Sales volume:
approx. 30 million mmbtu/year
Status:
In operation, with profit to be
recognizable to GULF in 2021
5
2020 Highlights: Financial Achievements
Solid credibility and strong financial position
1) Bond issuance 2) Rights offering 3) GTN1 Refinance
• Bond size : THB 10,000 mn
• Tenor : 3-10 years
• Average rate : 2.98%
• Approx. 2.5x oversubscription
• Rights offering size : THB 32,000 mn
• Rights offering ratio : 10:1
• Rights offering price : THB 30/share
• Approx. 1.26x oversubscription
• Loan size : USD 43.3 mn
• Term : 17 years
• Lenders :
Export-Import Bank of Thailand (EXIM),
Siam Commercial Bank (SCB)
Index2020 Highlights
Appendix
2021 Outlook
7
2021 Project CODsGross installed capacity increased
• Adding 1,493 MW in 2021 from 6,409 MW to 7,902 MW from these projects:
6,409 MW
7,902 MW
2020 2021
+1,493 MW Shareholding: 70% GULF (75% dividends)
30% Mitsui & Co.
95% GULF
5% TTC Group
49% GULF
51% OQ
Installed
Capacity:2,650 MW up to 310 MW
Power: ≈ 326 MW
Water: ≈ 1,667 m3/hour
Location: WHA Eastern Seaboard Industrial Estate
1,
Chonburi province, Thailand
Ben Tre Province, Vietnam Duqm Special Economic Zone, Oman
Fuel Type: Gas-fired Offshore wind Gas/Diesel
Tariff: AP + EP US 9.8c./kWh Phase 1 (40 MW): ≈ US 22c./kWh
Phase 2 (286 MW): ≈ US 56c./kWh
PPA: 25 years with EGAT 20 years with EVN25 yrs (+5 yrs renewal) with Duqm
refinery
COD: Unit 1 (662.5 MW): March 31, 2021
Unit 2 (662.5 MW): October 1, 2021
Phase 1 (30 MW): May 2021
Phases 2-3 (98 MW): October 2021
Phases 4-8 (182 MW): Under MOIT
consideration to be included in
PDP8 within [Q1’21]
• Phase 1 (40 MW): April 2021
• Phase 2 (286 MW): 2022
Project Cost: THB 50.0 billion Approx. USD 618 million Approx. USD 483 million
Gulf SRC (IPP)
1,325 MW COD in 2021
1
Mekong Wind (Offshore Wind)
128 MW COD in 2021
2
DIPWP (Captive)
40 MW COD in 2021
3
8
1. M6 & M81 Motorways
PPP Contract Signing expected by
Q1’21
2. Hydropower Projects
Tariff MOU Signing:
• Pak Beng (912 MW) : Q1’21
• Pak Lay (770 MW) : Q1’21• Sanakham (684 MW) : Q2’21
3. Laem Chabang Phase 3
PPP Contract Signing expected by
Q2’21
2021 Key Activities
GNC ✓ Sell additional electricity to IUs in Kabinburi Industrial Zone
✓ GNC target to sell approx. 35 MW to new IU customers
✓ SCOD to start from Q4’21 to Q2’22
✓ Investment Cost: THB 200 million in the construction of a 17-km
22-kv transmission line (approx. 9-10 months construction,
including permit approvals)
Gulf1 ✓ Operate solar rooftops and energy related businesses such as
solar farms, and maintenance services
✓ Target to secure 200MW from customers this year
✓ SCOD to start from Q4’21 onwards
Map Ta Phut 3✓ PPP contract signed in Oct 2019
✓ EPC contract signed in Jul 2020
✓ NTP1 & Construction expected to start in Apr 2021*
✓ SCOD: 2023 (land reclamation), 2027 (LNG terminal)
Other projects under
study:
✓ M&As of renewables in Vietnam, Europe, UK, USA and Asia, etc.
✓ LNG-to-power
✓ Battery Energy Storage System
✓ Community Power Plant (Biomass/Biogas)
New Contracts Signing Expected Timeline
*subject to IEAT issue NTP1
9
Unit: THB million
approx. 28,000(Year 2021)
GULF’s Investment Plan
approx. 58,000(Year 2022 - 2030)
approx. 86,000(Year 2021 - 2030)
Investment Plan (2021F – 2030F)
A combination of:
• Internal cash flow from operating projects
• Bond issuance
• Long-term loans from financial institutions
Source of Funds
Use of Funds in 2021
POWER GENERATION
• 5,300 MW IPPs
• Hin Kong Power
• Burapa Power
• Oman DIPWP
RENEWABLE ENERGY
• Mekong Wind
• Gulf1 projects
INFRASTRUCTURE
• Map Ta Phut 3
• Laem Chabang 3
• Motorway projects
OTHER INVESTMENTS
• Future projects
≈ THB 28,000 million for projects including;
GAS
• PTT NGD
• Gulf LNG
Index
Appendix
2020 Highlights
2021 Outlook
11
Power Generation
49%Ownership
Duqm Power326 MW1 power & water projectCOD: 2021 – 2022
13,366 MW
40%Ownership
Gulf JP 4,237 MW2 IPPs and 7 SPPsCOD: 2013 – 2015
70%Ownership
Gulf MP 1,563 MW12 SPPsCOD: 2017 – 2019
70%Ownership
(75% dividend)
Independent Power Development 5,300 MW2 IPPsCOD: 2021 – 2024
49%Ownership
Hin Kong 1,400 MW1 IPPCOD: 2024 – 2025
35%Ownership
Burapa 540 MW1 IPPCOD: 2027
Infrastructure & Utilities
70%Ownership
Gulf MTPIndustrial port development(land reclamation)3 years constructionSCOD: [2023]
40%Ownership
Laem Chabang Ph3Deep sea container port> 4 million TEU/yearSCOD: [2024 – 2028]
40%Ownership
BGSR 6 & BGSR 81Intercity motorwayOperation & MaintenanceM6: 196 km M81: 96 kmSCOD: [2023]
33%Ownership
BSE (One BKK Proj.)Electricity distribution(240 MW)SCOD: 2022
District chilled water(40,000 RT)SCOD: [2023 – 2026]
Gas
35%Ownership
Gulf WHA MTNatural gas distribution2 projects4,000,000 mmbtu/yearCOD: 2018 – 2019
70%Ownership
Gulf MTPLNG terminalUp to 10.8 MTPASCOD: [2027](subject to LNG demand)
LNG Shipper LicensesTotal 1.7 MTPA• Hin Kong Holding :
1.4 MTPA• Gulf : 0.3 MTPA
Data as of December 2020
Hydro PowerRenewable Energy
919 MW
75%Ownership
Gulf Solar 0.6 MW4 Solar rooftop VSPPsCOD: 2014 – 2015
100%Ownership
Gulf Chana Green 25 MW1 Biomass projectCOD: 2020
95%Ownership
Mekong Wind Up to 310 MW1 Offshore wind farm (8 phases)SCOD: Ph 1-3 (128 MW): 2021Ph 4-8 (182 MW): under PDP8 consideration
90%Ownership
GTN1 & GTN2 119 MW2 Solar farmsCOD: 2019
50%Ownership
Borkum Riffgrund 2
465 MW1 Offshore wind farmCOD: 2019
[LNG-to-power]
[Laos Hydropower]
2,366 MW
3 Hydropower Projects
[30-35%]Ownership
Core Business Overview
PTT NGD Natural gas distribution30,000,000 mmbtu/year
40%Ownership
100%Ownership
Gulf1Solar energy related businesses
Power Generation
13
Power Generation & Renewable Energy Businesses
Thailand VietnamGermany
Oman
Installed capacity* Gross Equity
In operation (by end of 2021) 7,902 MW 4,027 MW
Under development / construction 6,383 MW 3,971 MW
Total (by 2027) 14,285 MW 7,998 MW
Preparing for or under construction/ development
In operation
26 projects
in operation
4 projects
under development/
construction
2 projects
in operation
1 project
under development/
construction
1 project
under construction
1 project
in operation
Total of 35 power projects in 4 countries
Note: * Installed capacity excludes any prospects such as LNG-to-power and hydropower projects.
14
Power capacity growth (committed PPAs)
Note: 1/ Gulf's equity stake in GJP was 10% until August 15, 2016 when the stake was increased to 40%; equity installed capacities for 2013-2016 are based on the pro-forma 40% stake for comparison purposes2/ Include the gas-fired power project in Oman
320 982
1,683 1,683 1,964 2,253 2,701 2,959 2,959
4,027
5,095
6,195
7,466 7,809 7,809 7,998
2013 2014 2015 2016 2017 2018 2019 2020 Jan-21 2021 2022 2023 2024 2025 2026 2027
GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total
831
2,485
4,237 4,237 4,772 5,282 5,919 6,409 6,409
7,902
9,513
11,020
13,045 13,745 13,745 14,285
2013 2014 2015 2016 2017 2018 2019 2020 Jan-21 2021 2022 2023 2024 2025 2026 2027
GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total
1
11 1
1
1
1 1
Gross Installed Capacity (MW):
Equity Installed Capacity (MW):
53%
37%
10%
Jan 2021
6,409MW
IPP SPP Renewables
77%
17%
6%
Year 2027
14,285MW
2
Gross Capacity by Plant Types
46%
42%
12%
Jan 2021
2,959MW
IPP SPP Renewables
76%
15%
8%
Year 2027
7,998MW
2
Equity Capacity by Plant Types
15
Percentage of Power sold to EGAT and IUs
EGAT:
✓ 25-year PPAs with EGAT
✓ 80% Minimum Offtake (SPPs)
✓ Receive Availability Payment (IPPs) regardless of electricity dispatch
✓ Fuel cost and FX pass-through
Industrial Users (IUs):
✓ 15-year Long Term Agreements
✓ 50 – 70% Minimum Take
✓ Diversified customers across different sectors
95%
5%Industrial Users
2027E
88%
12%
Q3/2020
Industrial Users
16
63.0% 62.6%
49.0%45.9%
50.3%
54.7%
59.2%62.4% 61.9% 63.5%
57.6%
Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Industrial Customers Load Factor
88%
12%
Industrial Users
Most of Gulf’s power generation capacity are secured with
EGAT’s PPAs while industrial users are diverse in sectors
Power Sold to Industrial CustomersWell-diversified customers limit impact from economic downturn
Industrial users demand is back to normal seasonality levelIU customers = 189 firms secured as of Dec 2020
Q3/20
Automotive,
43%
Construction
Material, 9%
Packaging, 9%
Electronics, 8%
Food &
Beverage, 6%
Petchem &
Chemicals, 6%
Textiles, 5%
Others, 13%
• Normal seasonality
• Slight drop due to
long public holidays
17
Power Generation
Operating Projects - Gulf JP – 2 IPPs & 7 SPPs (4,237 MW)
Electricity: 831 MW
Steam: 92 TPH
Electricity: 838 MW
Steam: 68 TPH
Signed with EGAT,
for 25 years
Signed with PTT
Signed with Toyo Engineering &
MIT-Power
Signed with SIEMENS
2013
Approx 44,000 MB
✓
✓
✓
✓
Installed
capacity
Electricity: 3,406 MW
Contracted
capacity
Electricity: 3,200 MW
PPA: Signed with EGAT,
for 25 years
GSA: Signed with PTT
EPC:Signed with MHPS &
STECON
LTSA: Signed with MHPS
COD: 2014 – 2015
Project cost: Approx 41,000 MB
✓
✓
✓
✓
2 IPPs 7 SPPsGulf JP Company Limited
40% 60%
2 IPPs: 7 SPPs:
GKP1 GKP2
GTLC GNNK
GNLL GCRN
GNK2
18
Power Generation
Operating Projects - Gulf MP – 12 SPPs (1,563 MW)
GVTP
COD 16 May 2017
GNC
COD 1 Mar 2018
GBL
COD 1 Sep 2018
GBP
COD 1 Nov 2018
GNLL2
COD 1 Jan 2019
GTS4
COD 1 Jan 2018
GNPM
COD 1 Mar 2019
GNRV1
COD 1 May 2019
GNRV2
COD 1 Jul 2019
GTS1
COD 8 Jul 2017
GTS2
COD 1 Sep 2017
GTS3
COD 1 Nov 2017✓ ✓ ✓
✓ ✓
COD
2017
COD
2018
COD
2019
All projects in operation
✓
✓ ✓ ✓
Installed capacityElectricity: 1,563.4 MW
Steam: 225.0 TPH
Contracted capacityElectricity: 1,489.7 MW
Steam: 210.5 TPH
PPA: Signed with EGAT, for 25 years
GSA: Signed with PTT
EPC: Signed with Toyo Engineering
LTSA: Signed with SIEMENS and GE
COD: 2017 – 2019
Project cost: 6,000 - 6,200 MB / SPP
✓
✓
✓
✓
✓
✓
✓
Gulf MP Company Limited
70% 30%
Gulf MP – 12 SPPs
19
IPPs under construction/development in Thailand
Construction and development progress as planned for all projects
Gulf SRC Gulf PD Hin Kong Power Burapa Power
Installed
Capacity: 2,650 MW 2,650 MW 1,400 MW 540 MW
Shareholding: 70% GULF (75% dividends)
30% Mitsui & Co.
70% GULF (75% dividends)
30% Mitsui & Co.
49% GULF
51% RATCH Group
35% GULF
65% NPS
Location: WHA Eastern Seaboard Industrial Estate 1,
Chonburi province, Thailand
Rojana Rayong 2 Industrial Park,
Rayong province, Thailand
Hin Kong subdistrict,
Mueang district,
Ratchaburi province, Thailand
Khao Hin Son subdistrict,
Phanom Sarakham district,
Chachoengsao province, Thailand
Fuel Type: Gas-fired Gas-fired Gas-fired Gas-fired
SCOD: Units 1 & 2: Mar & Oct 2021 (1,325 MW)
Units 3 & 4: Apr & Oct 2022 (1,325 MW)
Units 1 & 2: Mar & Oct 2023 (1,325 MW)
Units 3 & 4: Apr & Oct 2024 (1,325 MW)
Unit 1: Mar 2024 (700 MW)
Unit 2: Jan 2025 (700 MW)
Nov 2027
Project Cost: THB 50.0 billion Approx. THB 50.0 billion [to be disclosed] [to be disclosed]
Status: • Construction progress: 88.3%• 1st sync: 30 Oct 2020
• Currently under trial run (6 months)
• Construction progress: 24.0% • EIA approval obtained
• EPC contract signed in Sep 2020
• Expect to finalize GSA in Q1 2021
• Financial close and construction
expected to start in Q2 2021
• EIA approval obtained
• Start construction by 2025
Power Generation
Note: Project progress as of Dec 2020
20
Location: Duqm Special Economic Zone, Oman
Installed
Capacity:
Power: ≈ 326 MW
Water: ≈ 1,667 m3/hour
Contracted
Capacity:
Power: ≈ 208 MW
Water: ≈ 1,250 m3/hour
Fuel type: Gas/Diesel
Gas turbine: SIEMENS SGT800
EPC: Signed with consortium of 4 companies:
1) Alghanim International General Trading &
Contracting Co. W.L.L.
2) Cobra Instalaciones y Servicios S.A.
3) Sojitz Corporation
4) Tecnicas De Desalinizacion De Aguas
PPA: Signed with Duqm refinery for 25 years
(+5 years renewal)
Project cost: ≈ USD 483 million
SCOD: • Phase 1 (40 MW): April 2021
• Phase 2 (286 MW): 2022
Status: Under construction: 86.75% Completed
DIPWP Project in Oman
Potential to expand business in Duqm SEZ
Duqm Independent Power & Water Project (DIPWP)
In operation
Under construction/
development
DUQM SEZ
• GULF has increased its equity stake in Oman projects in September
2020 and have restructured shareholding to directly hold 49% shares
in Marafiq
• Marafiq has exclusive rights to provide utility services in Duqm SEZ
for 25 years
• Opportunities to develop and operate future utilities projects in
Duqm SEZ with Marafiq
Potential Projects
(as of June 2020)
OQ (previously Oman Oil)
100.0%
49.0% 51.0%
Power
Business
Water
BusinessGas
Business
Future
Projects
Kuwait Petroleum
Capacity: 230,000 bbl/day
Project cost: US$7,000mDesalinated
water
50.0% 50.0%
ElectricityDIPWP
Duqm SEZ
Future
Projects
Future
Projects
Power Generation
Note: Project progress as of Dec 2020
21
Additional Electricity Sales from GNC power plantSigned contract for additional electricity sales to industrial customers in Kabinburi Industrial Zone (KIZ)
Additional electricity sales to IUs in Kabinburi Industrial Zone
Scope: • Invest in the construction of a 22-kilovolt transmission line
• Sell additional electricity of 35 MW to industrial customers
in KIZ
Cooperation Agreement: 22 years with Kabinburi Industrial Zone Ltd.
Contracted
Capacity: Approx. 35 MW
COD (to new customers for 35 MW):
Q4’21 – Q2’22
Investment Cost: Approx. THB 200 million (for the transmission line only)
Gulf MP
70%
100%
IUs in Sahapat Kabinburi
Industrial Park (18 MW)
GNC(126.5 MW SPP)
IUs in KIZ (35 MW)
Electricity
Renewable Energy
23
Operating Projects - Gulf Chana Green Biomass Project (25 MW)
Renewable
Location: Songkhla, Thailand
Installed
capacity:
25.0 MW
Contracted
capacity:
20.6 MW
Fuel type Parawood
Tariff EP + Ft + Bt 1.3/kWh adder for 7 years
after COD
PPA Signed with EGAT
EPC Signed with STEC
COD: Mar 2020
Project cost: Approx. THB 2,300 million
Q3/2020
Performance
Highlight:
EGAT dispatch factor: 97%
Plant availability: 93%
In operation
Under construction/
development
SONGKHLA
✓
✓
Gulf Chana Green Co., Ltd.
100%
Gulf Chana Green (GCG)
24
Operating Projects - GTN1 and GTN2 (119 MW) Solar Projects in Vietnam
Renewable
Location Tay Ninh, Vietnam
Installed capacity Approx. 69 MW
ShareholdingGULF (90%)
TTC Group (10%)
Fuel type Solar
EPC Signed with JGC Vietnam
Offtaker Vietnam Electricity (EVN)
Tariff US9.35c./kWh
PPA Signed with EVN for 20 years
COD 6 Mar 2019
Project cost USD 60.0 million
GTN1 GTN2
Location Tay Ninh, Vietnam
Installed capacity Approx. 50 MW
ShareholdingGULF (90%)
TTC Group (10%)
Fuel type Solar
EPC Signed with JGC Vietnam
Offtaker Vietnam Electricity (EVN)
Tariff US9.35c./kWh
PPA Signed with EVN for 20 years
COD 19 Apr 2019
Project cost USD 46.7 million
• Capacity factor: approx. 18.2%
• Plant availability: 99.9%
25
Wind projects in Vietnam
Wind projects in Vietnam progressing as planned
Mekong Wind
Installed
Capacity:up to 310 MW
Shareholding: 95% GULF
5% TTC Group
Location: Ben Tre Province, Vietnam
Off-taker Vietnam Electricity (EVN)
Tariff US 9.8c./kWh
Fuel Type: Offshore wind
Status & SCOD: • Phase 1 (30 MW): SCOD May 2021
Overall progress 49.1% completed
• Phases 2-3 (98 MW): SCOD Oct 2021
Overall progress 5.7% completed
• Phases 4-8 (182 MW):
Under MOIT consideration to be included in
PDP8 within [Q1’21]
Project cost Approx. USD 618 million
Note: Project progress as of Dec 2020
Renewable
26
✓ Project in operation, with revenue and profit to
be immediately recognizable to GULF
✓ Strategic partnership with the global market
leader in offshore wind (Ørsted) would increase
GULF’s credibility and competitiveness on a
global scale
✓ Long term contracted cash flows backed by
the German government
Borkum Riffgrund 2 Offshore Wind Project in Germany (464.8 MW)
Location: German North Sea
≈ 59 km northwest of Norddeich harbor
≈ 34 km north from the island of Borkum
Installed capacity: 464.8 MW
Fuel type: Offshore Wind
Tariff: Year 1 – 9.5:
FiT backed by German government
Year 9.5 – 20:
merchant price with guaranteed floor
price
PPA: Signed with Ørsted for 20 years
SWA (Services and
Warranty Agreement)
Signed with MHI Vestas Offshore Wind
for 10 years + 5 years extendable
Investment Cost ≈ EUR 550 million
Project Cost: Project cost = EUR 4mn/MW
COD Apr 2019
Germany
In operation
Under construction/
development
50.0%
GIH
50.0%
100.0%
BKR2 Holding Ørsted HoldCo.
100.0%
Borkum
Riffgrund 2
Ørsted Wind Power
A/S
100.0%
Share transfer completed and Borkum Riffgrund 2 will start to contribute revenue and profit to the Company in Q4’20
Renewable
27
Hydropower
28
Hydropower Projects in Lao PDR
Location Mekong River, Lao PDR
Installed capacity Pak Beng (Run-of-River)
Pak Lay (Run-of-River)
Sanakham (Run-of-River)
912 MW
770 MW
684 MW
Total: 2,366 MW
Shareholding GULF plans to hold 30% - 35% equity interest in each project
Fuel type Run-of-river hydro power plants
Off-taker EGAT
SCOD & Status • SCOD: 2029 – 2030
• Under tariff negotiation
• Expect to sign tariff MOU in Q1’21 to Q2’21
1
2
3
3
1
2
Hydropower projects under study in Lao PDR
Hydropower
Infrastructure & Utilities
30
Map Ta Phut Ph.3 Laem Chabang Ph.3 M6 & M81 Motorways
Consortium: 70% GULF
30% PTT Tank Terminal
40% GULF
30% PTT Tank Terminal
30% China Harbour Engineering
40% GULF
40% BTS Group
10% STEC
10% RATCH Group
Investment Type: PPP PPP Net Cost PPP Gross Cost
Authority: Industrial Estate Authority of Thailand (IEAT) Port Authority of Thailand (PAT) Department of Highways (DOH)
Scope: • Ph.1: Land reclamation
• Ph.2: LNG terminal
(up to 10.8 MTPA)
• Design, build, O&M F1 and F2 Terminals
• 4 MTEU/year
• Ph.1: Design & construction
➢ Toll collection system, traffic
management & control system
• Ph.2: O&M
Construction Period: • Ph.1: 3 years (2020 – 2023)
• Ph.2: 4 years (2023 – 2027)
• F1: 3 years (2022 – 2024)
• F2: 3 years (2026 – 2028)
3 years (2020 – 2023)
Operation Period: 30 years 35 years 30 years
Investment Cost: Ph.1: THB 11.0 billion
Ph.2: THB [30.0] billion
THB 30.0 billion [to be disclosed]
Status: • PPP contract signed in Oct 2019
• EPC contract signed in Jul 2020
• NTP1 & Construction expected to start in Apr 2021*
• PPP contract signing expected in Q2 2021 • PPP contract signing expected in Q1 2021
• LLA & LTA signing expected in Jan 2021
• EPC is being concluded
Infrastructure and utilities projects in Thailand
Note: Project progress as of Jan 2021
Infrastructure
Public Private Partnership (PPP) in Thailand
*subject to IEAT issue NTP1
Shareholding:
Investment Type: Private partnership
Off-taker: 100% by Customers in One Bangkok Project
Construction Period/ SCOD:
• 2021: EPC contract signing in Jan
• 2022: Power SCOD
• 2023: DCS Ph.1 SCOD (25,000 RT)
• 2024: DCS Ph. 2 SCOD (8,000 RT)
• 2025: DCS Ph.3 SCOD (2,000 RT)
• 2026: DCS Ph.4 SCOD – All facilities
completion
Operation Period: 30 years from SCOD
Project Cost: THB 3,100 million
Status: EPC contract signed in Jan 2021
Private Partnership in Thailand
Nature of Business: Electricity Distribution
System
(Power)
District Chilled Water
Distribution System
(DCS)
Installed Capacity: 240 MW 40,000 RT
Connected Capacity: 123 MW 36,000 RT
Note: Project progress as of Jan 2021
Infrastructure
One Bangkok
Gas
33
License Holder Gulf Energy Development Hin Kong Power Holding Ltd.
Import Amount 300,000 TPA 1,400,000 TPA
Usage 19 SPPs under Gulf group
(partially)
Hin Kong Power Project
License 10 years (extendable) 10 years (extendable)
LNG Shipper Licenses
Gas
34
Investment in GMIM
GULF acquired 70.5% in Global Mind Investment Management, preparing for future expansion in Vietnam
✓ GULF acquired 70.5% total shares in Global Mind
Investment Management Pte. Ltd. (“GMIM”)
through KOLPOS (Gulf’s subsidiary incorporated in
Singapore) with investment cost of USD 40 million orapprox. THB 1,200 million
✓ Strengthen GULF’s expansion in Vietnam
About Global Mind Investment Management Pte. Ltd. :
• Established in 2016
• Incorporated in Singapore
• Operates as a holding company investing in variousbusinesses
• Portfolio includes direct and indirect investments in
renewable energy businesses such as solar energy,
hydropower and wind energy, infrastructure
businesses such as cargo port and warehouse, as
well as agriculture-related businesses in Vietnam
Before
After
Nech Opportunities
Fund (SG)
GMIM
100%
Nech Opportunities
Fund (SG)
70.5% 29.5%
KOLPOS PTE.
LTD. (SG)
GMIM
Renewable
Energy
Infrastructure
Businesses
Agriculture-related
Businesses
This document is for information and reference only and does not constitute or form part of and should not be construed as, an offer to sell
or issue or subscription of, or the solicitation of an offer to buy or acquire any securities of Gulf Energy Development Public Company
Limited (the “Company”) in any jurisdiction or an inducement to enter into investment activity.
The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or
implied, is made as to, and no reliance should be placed on, the fairness, reliability, accuracy, completeness or correctness of the
information or the opinions contained herein. This document should not be regarded by recipients as a substitute for the exercise of their
own judgment. The information contained in this document should be considered in the context of the circumstances prevailing at the time
and has not been, and will not be, updated to reflect developments which may occur after the date of the document. None of the Company
or any of its affiliates, directors, officers, employees, agents, advisors or representatives shall have any liability whatsoever (in negligence or
otherwise) for any damages or loss howsoever arising from any use of this document or its contents or otherwise arising in connection with
the document.
This document contains "forward-looking statements", which include all statements other than statements of historical facts, including,
without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends",
"will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual results,
performance or achievements of the Company to be materially different from future results, performance or achievements expressed or
implied by such forward-looking statements. You are cautioned not to rely on such forward-looking statements. Neither the Company nor
any of its respective affiliates, agents, employees, advisors or representatives intends or has any duty or obligation to supplement, amend,
update or revise any of the forward-looking statements contained in this document.
This document contains data sourced from and the views of independent third parties. In such data being replicated in this document, the
Company does not make any representation, whether express or implied, as to the accuracy of such data. The replication of any views in
this document should be not treated as an indication that the Company agrees with or concurs with such views.
Disclaimer
IR ContactGulf Energy Development Public Company Limited
Investor Relations Department
87 M.Thai Tower 11th Floor, All Seasons Place, Wireless Road,
Lumpini, Pathumwan, Bangkok 10330, Thailand
Tel: +66(0) 2080 4488
Fax: +66(0) 2080 4455
Email: [email protected]
Website: www.gulf.co.th