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Business deals

Thai power generator buys wind projects in Germany and Vietnam

Gulf Energy targets growing global decarbonization trend with overseas expansion

Gulf Energy Development plans to spend 140 billion baht ($4.5 billion) on expanding its business between 2020 and 2024.   © Reuters

BANGKOK -- Thai electricity company Gulf Energy Development has acquired a wind power project in Germany and another in Vietnam in the space of a week, targeting the growing global trend towards decarbonization.

Gulf Energy Development announced on Tuesday that its wholly-owned subsidiary Gulf International Holding had entered a share purchase agreement with New York-based infrastructure investor Global Infrastructure Partners to acquire 100% of Borkum Riffgrund 2 Investor Holding, based in Frankfurt, for more than 548 million euros ($618 million). The contract came into effect on July 3.

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