Gulf Development Public Company Limited announced that its wholly owned subsidiary, Gulf Hydropower Holdings Private Limited, has acquired the remaining 60% equity stake in Pak Lay Power Company Limited from Sinohydro (Hong Kong) Holding Limited for approximately US$128 million. The deal includes both equity and shareholder loans.
With this acquisition, Gulf Development now holds a 100% equity stake in the Pak Lay Hydroelectric Power Project, a 770MW run-of-the-river facility currently under construction on the Mekong River in Pak Lay District, Xayaburi Province, Lao People’s Democratic Republic.
The company stated that the investment aligns with its strategy to increase the share of power generation from renewable sources and achieve Net Zero Emissions.
The Pak Lay project has secured a 29-year Power Purchase Agreement with the Electricity Generating Authority of Thailand (EGAT), under which all electricity produced will be sold to EGAT. Commercial operations are scheduled to begin in 2032.
The company emphasized the project’s environmental approach, noting: “The Pak Lay project is a run-of-the-river hydroelectric power plant that generates electricity using the natural water flow of the Mekong River, with no large reservoir and no water diversion from the river, resulting in equal water inflow and outflow. Therefore, the project will have no impact on the water volume in the Mekong River, in line with the Company’s commitment to sustainable and environmentally responsible development in the long term.”
Scheduled commercial operation date of the project is March 2032
