Gulf Energy Public Company Limited announces an investment of $ 409.6 million or approximately 14,490 million baht to close the deal to buy a 49% stake in the 1,200 MW Jackson Combined Cycle Power Plant in the United States, identified as an operational project. Commercial activities can recognize profit sharing into the financial statements immediately.
Yupapin Wangviwat, Chief Financial Officer of Gulf Energy Development Public Company Limited or GULF, informed the Stock Exchange of Thailand that according to the company Informed the Stock Exchange of Thailand on September 9, 2022 about the establishment of Gulf Energy USA, LLC (Gulf USA), a company registered in the United States. and a 100% owned subsidiary of the Company. Gulf USA entered into a Purchase and Sale Agreement with J-POWER Jackson Partners, LLC (Jackson Partners) to acquire shares in Jackson Generation, LLC. (Project Jackson) in the proportion of 49% or equivalent to a total investment of $ 409.6 million or approximately 14,490 million baht. Gulf USA will pay for the shares and transfer the shares after the completion of the conditions in the contract.
In this regard, the company would like to inform that on February 27, 2023, Gulf USA has complied with the conditions In the above share purchase agreement has been completed. Therefore, the transfer of shares according to the above share purchase agreement has been completed. and became an official shareholder in the Jackson project. Resulting in the company being able to recognize profit sharing into the financial statements immediately. Since the Jackson project has already started commercial operation.
The Jackson project is a natural gas-fired power plant project. It has a capacity of 1,200 megawatts (MW) located in Ville County. Illinois, United States of America, commenced commercial operation on May 4, 2022. The Jackson Project is a combined cycle power plant. (Combined-Cycle Gas Turbine) that uses modern technology. most efficient It is the lowest emission natural gas power plant in the United States. which supplies electricity to the Pennsylvania-New Jersey-Maryland grid. (Pennsylvania-New Jersey-Maryland Interconnection: PJM) under the Merchant Market.
PJM is a free and stable electricity trading market. and has the highest demand for electricity in the United States It covers 13 states and the District of Columbia.
