Gulf Energy Development Plc, Thailand's largest power producer by market value, is set to rake in more revenue after becoming an owner of Jackson Generation, a 1,200-megawatt gas-fired power plant in the US.
The company will immediately realise a share of profit from Jackson Generation, said Yupapin Wangviwat, Gulf's chief financial officer.
Gulf started a process to acquire a 49% share in Jackson Generation for US$409.6 million through its wholly-owned subsidiary Gulf Energy USA LLC in September last year.
Gulf Energy USA has fulfilled customary closing conditions under a purchase and sale agreement, said Ms Yupapin.
She earlier said that Gulf expects its revenue to grow by 50% this year, driven by projects that are scheduled for commercial operation in 2023.
Jackson Generation, which is based in Illinois, began commercial operations in May last year. It supplies electricity to the Pennsylvania-New Jersey-Maryland Interconnection merchant market, often referred to as PJM.
PJM is the wholesale electricity market for 13 states -- Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia -- and the District of Columbia.
According to Gulf, Jackson Generation has a gas supply agreement with a major natural gas supplier and is connected to three main gas pipelines, ensuring it will have sufficient fuel supply in the long term.
Last month, Gulf announced that its revenue grew by 92% to 101 billion baht in 2022, driven by earnings from its power generation facilities, divestments and InTouch Holdings Plc, the parent firm of telecom operator Advanced Info Service.
The company, InTouch's biggest shareholder, recorded 52.8 billion baht in revenue in 2021.
Its net profit in 2022 increased by 37% to 12.1 billion baht, up from 8.81 billion baht in 2021.
Ms Yupapin said the 2022 business growth partly resulted from the commercial operation of Gulf Sriracha power plant's units 3 and 4, with 1,325MW in capacity, in Thailand, along with the DIPWP gas-fired power plant in Oman, which has a capacity of 155MW.