Thailand’s power producer, Gulf Energy Development Plc, has completed a deal to acquire a 49 percent stake in the 1,200-megawatt gas-fired power project in Illinois as part of its expansion efforts in the United States.
The company initiated the acquisition through its subsidiary Gulf Energy USA in September 2022. The deal, valued at more than $400 million, gives Gulf Energy a 49 percent stake in the Jackson Generation natural gas-fired power project.
Gulf Energy chief financial officer Yupapin Wangviwat said on Wednesday that Gulf Energy USA had completed a buy and sale agreement and that Gulf would see profits immediately, Bangkok Post reported.
The deal with Gulf’s long-term Japanese partner, J-POWER, is expected to increase its revenue by 50 percent this year. Yupapin said last year that the investment will help Gulf’s expansion into the U.S. energy market….