Gulf Energy Development Public Company Limited Company Presentation 8 July 2020
GULF Overview Business Updates Financial Performance Appendix
Business overview Power Generation Renewable Energy Infrastructure & Utilities Gas Investment 1,019 MW 13,366 MW 40% Gulf JP 75% Gulf Solar 50%* Borkum Riffgrund 2 70% Gulf MTP 35% Gulf WHA MT 11.6% SPCG 4,237 MW 0.6 MW Industrial port development Natural gas distribution 465 MW Solar power company Ownership Ownership Ownership Ownership Ownership Ownership 2 IPPs and 7 SPPs 4 Solar rooftop VSPPs (land reclamation) 2 projects 1 Offshore wind farm COD: 2013 – 2015 COD: 2014 – 2015 3 years construction 4,000,000 mmbtu/year COD: 2019 COD: 2018 – 2019 70% Gulf MP 100% Gulf Chana Green 1,563 MW 25 MW Ownership Ownership 70% 0.5% Gulf MTP EDL Gen 12 SPPs 1 Biomass project 40% Laem Chabang Ph3 Existing Projects LNG terminal Major power company COD: 2017 – 2019 COD: 2020 Deep sea container port Ownership Ownership Ownership Up to 10.8 MTPA in Lao PDR > 4 million TEU/year SCOD: [2027] SCOD: [2024 – 2028] Independent Power GTN1 & GTN2 70% 90% (subject to LNG demand) Development 119 MW Ownership Ownership 5,300 MW 2 Solar farms (75% dividend) 2 IPPs COD: 2019 BGSR JV 40% 5.6% INTUCH COD: 2021 – 2024 LNG Shipper Licenses Intercity motorway Holding company with Ownership 1.7 MTPA Ownership Operation & Maintenance 95% Mekong Wind investments in LNG import for own 49% Hin Kong M6: 196 km 310 MW telecommunications, SPPs and Hin Kong Ownership 1,400 MW M81: 96 km Ownership 1 Offshore wind farm (8 phases) media and technology power plant gas demand 1 IPP SCOD: [2023] SCOD: sector COD: 2024 – 2025 Ph 1-3 (128 MW): 2021 Ph 4-8 (182 MW): TBC 35% Burapa One BKK 33% 540 MW Electricity distribution Ownership Ownership 100%* Ia Pech 1 & 2 1 IPP (240 MW) 100 MW COD: 2027 Ownership District chilled water 2 Onshore wind farms (40,000 RT) SCOD: 2022 Duqm Power 49%* SCOD: [2022 – 2024] 326 MW Ownership 1 power & water project COD: 2021 – 2022 Prospects LNG-to-power Laos Hydropower Other infrastructure projects (up to 6,000 MW) (2,366 MW) Note: * Subject to share transfer completion. Data as of 3 July 2020 3
Power capacity growth (committed PPAs) Gross Installed Capacity (MW): Gross Capacity by Plant Types 13,145 13,845 13,845 14,385 17% 11,120 37% 9,795 8% 53% 8,084 14,385 6,409 4,237 4,237 4,772 5,282 5,919 6,409 6,409 MW MW 1 1 2 76% 1 2,485 10% 1 831 July 2020 Year 2027 2013 2014 2015 2016 2017 2018 2019 Jul-20 2020 2021 2022 2023 2024 2025 2026 2027 IPP SPP Renewables GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total Equity Capacity by Plant Types Equity Installed Capacity (MW): 7,553 7,896 7,896 8,085 15% 6,282 42% 9% 5,355 46% 4,199 8,085 2,959 1,683 1,683 1,964 2,253 2,701 2,959 2,959 MW MW 1 1 1 2 1 982 75% 320 12% Year 2027 July 2020 2013 2014 2015 2016 2017 2018 2019 Jul-20 2020 2021 2022 2023 2024 2025 2026 2027 IPP SPP Renewables GJP GMP IPD GCG Gulf Solar Vietnam Borkum Oman HKP Burapa Total Note: Gulf's equity stake in GJP was 10% until August 15, 2016 when the stake was increased to 40%; equity installed capacities for 2013-2016 are based on the pro-forma 40% stake for comparison purposes 1/ 4 2/ Include the gas-fired power project in Oman
Percentage of Power sold to EGAT and Industrial Users EGAT: 2019 ✓ 25-year PPAs with EGAT 13% ✓ 80% Minimum Offtake (SPPs) Industrial Users ✓ Receive Availability Payment (IPPs) and Capacity Payment (SPPs) regardless of electricity dispatch ✓ Cost pass-through 87% Industrial Users (IUs): ✓ 15-year Long Term Agreements ✓ 50 – 70% Minimum Take ✓ Diversified across sectors including automotive, construction and building materials, food & beverage, electronics, packaging, paper 2027E and printing materials, petrochemicals, etc. 5% Industrial Users 95% 5
Impacts from COVID-19 Limited impact on GULF’s businesses from COVID -19 Limited impact on electricity sales Most of Gulf’s power generation capacity are secured with Food & EGAT’s PPAs while industrial users are diverse in sectors Petchem & Beverage, Chemicals, 6% 6% Textiles, 5% Electronics, 8% Steel, 3% 87% Packaging, 9% Others, 9% 13% Construction Material, 10% Automotive, 45% Industrial Users Limited impact on project progress Projects under construction & development in Thailand still progress as planned Mekong Wind Phase 1 (30MW) experienced a slight delay with SCOD postponed to Mar 2021 while tariff is maintained at 9.8 c/kWh 6
GULF Overview Business Updates Financial Performance Appendix
2020 Key Events Feb Jan Mar Apr May Jun Jul 1,400 MW Hin Kong GULF par split 5:1 25 MW 100 MW Ia Pech Power Project acquisition Gulf Chana Green onshore wind power LNG Shipper License Biomass project COD obtained project acquisition - Gulf: 0.3 MTPA - Hin Kong: 1.4 MTPA 540 MW Acquired additional 4% Burapa Power stake (from 45% to 49%) Project acquisition and changed shareholding structure to hold shares in Marafiq 465 MW Borkum offshore wind power project acquisition One BKK project Shareholders' Agreements and Utility Development Agreements signing 8
Power projects in Thailand Construction progress as planned for GSRC while GPD is expected to start construction in Q3’20 Gulf SRC Gulf PD Installed 2,650 MW 2,650 MW Capacity: Shareholding: 70% GULF (75% dividends) 70% GULF (75% dividends) 30% Mitsui & Co. 30% Mitsui & Co. Location: WHA Eastern Seaboard Industrial Estate 1, Rojana Rayong 2 Industrial Park, Chonburi province, Thailand Rayong province, Thailand Fuel Type: Gas-fired Gas-fired SCOD: Units 1 and 2: 2021 (1,325 MW) Units 1 and 2: 2023 (1,325 MW) Units 3 and 4: 2022 (1,325 MW) Units 3 and 4: 2024 (1,325 MW) Status: Construction progress: 69.7% • Financial close in Nov 2019 with long-term loan facilities of THB 36,000 million • Construction expected to commence in Q3'20 9
New power project acquisitions Acquisition of two projects will increase equity capacity by 875 MW Hin Kong Power Burapa Power Contracted 1,400 MW 540 MW Capacity: Consortium: 49% GULF 35% GULF 51% RATCH Group 65% NPS Location: Hin Kong subdistrict, Khao Hin Son subdistrict, Mueang district, Phanom Sarakham district, Ratchaburi province, Thailand Chachoengsao province, Thailand Fuel Type: Gas-fired Gas-fired PPA: Signed with EGAT for 25 years Signed with EGAT for 25 years GSA: Under negotiation Signed with PTT for 25 years SCOD: Unit 1: Mar 2024 (700 MW) Nov 2027 Unit 2: Jan 2025 (700 MW) Status: • Expect to get EIA approval within 2020 • Expect to get EIA approval within 2021 • Start construction by 2021 • Start construction by 2025 10
Commercial operation of GCG GCG achieved commercial operation on 1 March 2020, adding 25 MW to GULF’s portfolio Gulf Chana Green (GCG) Installed 25 MW Capacity: (100% interest) Contracted 20.6 MW Capacity: Location: Chana district, Songkhla province, Thailand SONGKHLA Fuel Type: Parawood Tariff: EP + Ft + THB 1.3/kWh adder for 7 years PPA: Signed with EGAT for 25 years EPC: Signed with STEC COD: Mar 1, 2020 In operation Under construction/ Project Cost: THB 2,570 million development 11
Infrastructure and utilities projects in Thailand New projects progressing in line with plan Map Ta Phut Ph.3 Laem Chabang Ph.3 M6 & M81 Motorways One Bangkok Consortium: 70% GULF 40% GULF 40% GULF 33% GULF 30% PTT Tank Terminal 30% PTT Tank Terminal 40% BTS Group 33% Mitsui & Co. 30% China Harbour Engineering 10% STEC 33% TGES 10% RATCH Group Investment Type: PPP PPP Net Cost PPP Gross Cost Private Authority: Industrial Estate Authority of Thailand Port Authority of Thailand (PAT) Department of Highways (DOH) - (IEAT) • Ph.1 Design & construction Scope: • Ph.1: Land reclamation • Design, build, O&M F1 and F2 • Electricity Distribution • Ph.2: LNG terminal Terminals ➢ Toll collection system, traffic • District Chilled Water Distribution (up to 10.8 MTPA) • 4 MTEU/year management & control system • Ph.2 O&M Construction • Ph.1: 3 years (2020 – 2023) • F1: 3 years (2022 – 2024) 3 years (2020 – 2023) 2020 – 2024 Period: • Ph.2: 4 years (2023 – 2027) • F2: 3 years (2026 – 2028) Operation Period: 30 years 35 years 30 years 30 years Investment Cost: THB [42.9] billion THB 30.0 billion [to be disclosed] THB 3.6 billion Status: • PPP contract signed • Under negotiation with PAT • PPP contract signing expected in • Under EPC contract bidding • EPC contract expected to sign in early July 2020 • EPC contract signing expected in July 2020 Q3’20 • Construction starts (Q3’20) 12
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