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September 9, 2022

Gulf Energy to acquire 49% stake in 1.2GW power project in US

The $409m deal was carried out by Gulf Energy’s subsidiary, Gulf Energy USA.

Thailand-based energy investment firm Gulf Energy has acquired a 49% equity stake in Jackson Generation, a 1.2GW gas-fired power project in Illinois, for $409m.

The company’s subsidiary, Gulf Energy USA, carried out the deal by entering a purchase and sale agreement with J-POWER Jackson Partners.

Located in Will County, Jackson Generation began operations on 4 May this year.

It features advanced combined-cycle gas turbine (CCGT) technology and is claimed to have the lowest greenhouse gas emissions of any natural gas-fired power plant in the US.

Jackson Partners owns the power plant under J-POWER Group.

Jackson Generation has been supplying electricity to the Pennsylvania-New Jersey-Maryland Interconnection (PJM), a regional transmission organisation.

PJM coordinates the movement of wholesale energy in 13 states and the District of Columbia, managing the highest reliability and electricity demand in the US.

J-POWER Group is also a joint venture partner in Gulf Energy’s gas-fired power projects under Gulf JP Group.

Gulf Energy Development Public Company chief financial officer Yupapin Wangviwat said: “The investment in Jackson Generation marks the company’s first step into the US energy market and is aligned with Gulf Energy’s commitment to enhance energy security through the provision of reliable, low-cost electricity through the energy transition towards a low-carbon society.

“Furthermore, the company will be able to recognise profits immediately since Jackson Generation has already begun commercial operation.

Completion of the deal is subject to customary closing conditions, including the receipt of required regulatory approvals.

Gulf Energy invests in conventional and renewable power generation and distribution businesses, as well as natural gas supply and distribution, infrastructure development projects, digital infrastructure businesses and other related businesses.

In July 2020, a subsidiary of the company agreed to acquire Borkum Riffgrund II Investor Holding, which owns 50% of the Borkum Riffgrund II offshore wind farm.

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