Ratch Public : - GULF join forces in developing Hin Kong Power Plant Supporting national policy on energy security

Nonthaburi- RATCH Group Public Company Limited (RATCH) announced today that the company and Gulf Energy Development Public Company Limited (GULF) have concluded the joint cooperation in 1,400-MW combined-cycle Hin Kong Power Plant project located at Hinkong sub-district, Muang district, Ratchaburi province. Accordingly, GULF has invested 49% shares of Hin Kong Power Holding Company Limited. Consequently, both companies will leverage their experience and expertise to develop Hin Kong Power Plant project to be a critical power source for accommodating security of national power system and competitive potential as well.

Mr. Kijja Sripatthangkura, RATCH CEO revealed that RATCH Group and GULF are regarded as leading independent power producers in Thailand with extensive experiences and competence in the power generation business. The collaboration of both parties will enable the combined-cycle Hin Kong Power Plant project to better create economic and social values, and also well support the national agenda on energy security and ASEAN's energy hub promotion. Besides, it brings business alliance to RATCH Group for expediting growth strategy towards its goal as a leading value-oriented energy and infrastructure company in Asia Pacific.

'We are confident that the 1,400 MW Hin Kong Power Plant project will be an electricity supply source that advantages to long-term socio-economic development of the country. Especially, power grid in western and southern regions will be more secured and power demand of households and industrial sectors are served efficiently. The above factor is also taken into account by the government in driving the energy security in the country. In addition, there is an opportunity to extend cooperation with GULF as a strategic partner in other projects in the future because of their similar business direction and goals. This could support RATCH Group's strategy to grow its enterprise value at 200,000 million baht by 2023,' said Mr. Kijja.

The 1,400-MW combined-cycle Hin Kong Power Plant project consists of two blocks of 700 MW each, fired by natural gas. Hin Kong Power Company Limited is the project operator, wholly owned by Hin Kong Power Holding Company Limited. The project has entered into the 25-year Power Purchase Agreement with Electricity Generating Authority of Thailand (EGAT) on 12 July 2019. The first block and the second block of the project are scheduled to commercially operate in 2024 and 2025 respectively. Currently, it has been under the conduct of the environmental impact assessment (EIA) study.

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