Richest Thai sees US$10 billion hydro, LNG projects driving growth

[BANGKOK] Thailand’s richest person, Sarath Ratanavadi, expects US$10 billion investments in hydropower projects in neighbouring Laos and a new domestic liquefied natural gas (LNG) terminal to drive his business empire’s growth.

Sarath’s flagship company, Gulf Development, and partners are working with banks on a roughly US$9 billion funding plan for three hydro plants with a total generating capacity of 3,100 megawatts, he said. Construction on a US$1 billion LNG import terminal project, Thailand’s third, will start later this year before commercial operations are scheduled in 2029.

“We are turning our focus more on projects in Thailand and the region because of their lower risk relative to most other overseas projects,” Sarath said on Wednesday (Jul 30). “Our strength and profile have offered better leverage.”

Gulf Development, created earlier this year by combining Sarath’s operations in sectors including power, seaports, tollways and telecommunications, has accelerated its expansion in renewables and data centres to meet rising demand for clean energy and artificial intelligence. The company is also expanding into digital banking after being granted a license in June.

The investments in hydro and LNG will be in addition to US$1.75 billion announced in March for data centres. The hydro projects will start from 2031 to 2033.

The conglomerate seeks to boost total power generating capacity by 34 per cent over the next decade from about 9,000 megawatts currently, Sarath said. Most of that will be solar, wind and hydro in a bid to increase green energy capacity to 40 per cent of the total from around 13 per cent now.

The tycoon this week reclaimed his position as the nation’s richest person, with a net worth of about US$13 billion, as Gulf Development’s stock has gained more than 20 per cent since sinking to a record low in June. BLOOMBERG