Gulf Energy leverages telecom, AI to advance renewable energy expansion

Gulf Energy partnered with Google to launch a sovereign cloud service in Thailand. (Photo: Gulf Energy)

Gulf Energy, Thailand’s largest private power producer, has ramped up investments in telecommunications and digital infrastructure in recent years, leveraging the resulting electricity demand to accelerate the development of low-carbon energy.

Following its merger with telecom company Intouch, analysts project the company could achieve a compound annual growth rate (CAGR) of 5% over the next five years, potentially influencing Thailand’s national climate targets.

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Founded in 2011, Gulf Energy originated from Gulf Holding (GHC) and brings over three decades of experience in the power sector. The company has shifted from coal-fired power toward lower-carbon natural gas and renewable energy. Across both operational and development-phase projects, Gulf’s domestic and international portfolio now exceeds 23 GW in installed capacity.

In April, Gulf Energy completed its merger with Intouch and was relisted, reaching a market capitalization of USD 18.2 billion, making it the fourth-largest publicly listed company in Thailand. The merged entity aims to become a national leader in energy, infrastructure, and digital industries.

Intouch’s subsidiary, Advanced Info Services (AIS), is one of Thailand’s leading mobile service providers and will be integrated into Gulf’s long-term strategy. Over the next five years, Gulf plans to invest THB 100 billion (about USD 2.9 billion), with 60–70% of that going into the power sector as it seeks to unify its renewable energy assets with AIS’s telecom operations.

In digital infrastructure, Gulf is taking bold steps. In 2024, its wholly owned subsidiary Gulf Edge became the first Thai company to partner with Google on cloud services. The firm has also teamed up with NVIDIA’s Thai partner Siam AI, and is working with Singapore’s Singtel to develop data centers in Thailand.

Gulf Energy shifted from coal to low-carbon natural gas and renewable energy in recent years. (Photo: Gulf Energy)

Gulf Energy leverages influence and AI to stay ahead

Despite the high electricity consumption of AI-powered data centers—often seen as a challenge for emission reductions—Gulf is turning this into a competitive advantage. According to Kantatorn Wannawasu, CEO of Thai consultancy Mediator, Gulf is boosting its renewable capacity by integrating power with its own data infrastructure.

CEO Sarath Ratanavadi, one of Thailand’s wealthiest individuals, is also known for his close political ties. Reports suggest he has made significant contributions to the United Thai Nation Party, part of the governing coalition, giving him potential sway over national energy policy.

Maybank analysts view Gulf’s strategic acquisitions as a key factor behind the company’s resilience and growth. With expanded capacity and diversified assets, the company is projected to see a 6% profit increase this year and a 5% CAGR over the next five years.

Source: Nikkei Asia, Gulf, Reuters, The Nation