Key Takeaways
- Gulf Energy and Google have teamed up to introduce a sovereign cloud service in Thailand.
- The merger with Intouch positions Gulf Energy for a projected 5% annual growth over the next five years.
- Gulf Energy is prioritizing investments in renewable energy and digital infrastructure, aiming for THB 100 billion over the next five years.
Gulf Energy’s Strategic Shift
Gulf Energy, Thailand’s largest private power producer, is aggressively investing in telecommunications and digital infrastructure to meet growing electricity demand. This push aims to accelerate the transition to low-carbon energy sources. Following its recent merger with telecom giant Intouch, Gulf Energy is expected to achieve a compound annual growth rate (CAGR) of 5% over the next five years, potentially impacting Thailand’s national climate targets.
Founded in 2011 from Gulf Holding, Gulf Energy has amassed over 30 years of experience in the power sector. The company is moving away from coal and is now focusing on lower-carbon natural gas and renewable energy. Gulf Energy’s portfolio boasts a significant installed capacity exceeding 23 gigawatts (GW), encompassing both operational and developmental projects.
In April 2025, Gulf Energy completed its merger with Intouch, leading to a market relisting with a valuation of USD 18.2 billion, making it the fourth-largest publicly listed company in Thailand. The merger aims to position Gulf Energy as a leader in energy, infrastructure, and digital industries. Intouch’s subsidiary, Advanced Info Services (AIS), will be integrated into Gulf Energy’s long-term strategic vision.
Over the next five years, Gulf Energy plans to invest THB 100 billion (approximately USD 2.9 billion), focusing 60-70% of this expenditure on the power sector. This investment strategy aims to integrate renewable energy assets with AIS’s telecom operations, enhancing synergies between energy production and digital services.
Gulf Energy is also making strides in digital infrastructure. Its subsidiary Gulf Edge has become the first Thai company to partner with Google to offer cloud services, expanding Gulf’s technological capabilities. Furthermore, it has engaged with NVIDIA’s Thai partner, Siam AI, and partnered with Singapore’s Singtel to develop state-of-the-art data centers in Thailand.
Despite concerns over the high energy consumption of AI-driven data centers, Gulf Energy is turning these challenges into opportunities. CEO Kantatorn Wannawasu notes that by merging power infrastructure with digital capabilities, Gulf can boost its renewable energy capacity.
CEO Sarath Ratanavadi, a significant figure in Thai business with close political ties, has reportedly made substantial contributions to the United Thai Nation Party, which may influence national energy policies. Analysts from Maybank attribute Gulf Energy’s resilience and projected profit increase of 6% this year to strategic acquisitions and diversification, supporting the company’s anticipated growth trajectory.
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