Gulf Energy Development Public Company Limited Q1 2019 Analyst - PowerPoint PPT Presentation

Gulf Energy Development Public Company Limited Q1 2019 Analyst Meeting May 2019

Business Updates 2

Key events in Q1 2019 Bidding submission of Laem Chabang Increased stake in TTCIZ-02 Port Phase 3 project from 49% to 90% GNPM (135 MW) COD GNLL2 (127 MW) COD Jan 1 Jan 25 Feb 1 Feb 15 Mar 1 Mar 6 Mar 29 TTCIZ-01 (69 MW) COD 7,500 million baht debentures allotment Bidding submission of Map Ta Phut Industrial Port Phase 3 project 3

Key activities in Q2 – Q4 2019 APR 19: TTCIZ-02 (50 MW) COD Mekong Wind Farm Mekong Wind Farm (Phase I: 30 MW) (Phase II: 49 MW) APR 25: commences commences NGD4 SCOD Signed SPA and SHA to construction construction (2,000,000 mmbtu/year) increase stake from 49% to 95% in Mekong GPD (2,500 MW) Project (Solar & Wind in financial close Vietnam) APR MAY JUN JUL AUG SEP OCT NOV DEC MAY 1: JUL 1: Tie-line program fully integrated GNRV1 (128 MW) COD GNRV2 (128 MW) SCOD (GNLL & GNLL2, GNK2 & GNPM, and GNRV1 & GNRV2) Plant A Plant B Turbine Turbine Turbine Turbine 100% 100% 100% 4

Business Overview 5

Business overview Gas-fired Business Renewable Business Other Business 11,426 MW 484 MW 40% 75% WHA WH A MT 35% Ownership Ownership ▪ ▪ 2 IPPs and 7 SPPs 4 Rooftop-solar VSPPs Ownership ▪ ▪ ▪ 4,237 MW 0.6 MW Natural Gas Distribution ▪ ▪ • COD: 2013-2015 COD: 2014-2015 2 NGD projects • 70% 100% 4,000,000 mmbtu/year • COD in 2018-2019 Ownership Ownership ▪ ▪ 12 SPPs 1 Biomass project Thailand ▪ ▪ 1,563 MW 25 MW ▪ ▪ COD: 2017-2019 COD: 2020 ▪ Investment 70% • 8.38% in SPCG • 0.46% in EDL-Gen Ownership (75% dividend) ▪ 2 IPPs ▪ 5,300 MW ▪ COD: 2021-2024 45% Duqm Power 49-95% Solar power projects Company (“DPC”) Ownership ▪ Ownership 3 Solar projects ▪ 1 Independent power ▪ 149 MW and water project ▪ COD: [2019-2020] Overseas ▪ 326 MW 95% Wind power project ▪ COD: 2020-2022 Ownership ▪ 1 Wind project ▪ 310 MW ▪ COD: 2021-2023 6

Power business With over 20 years of continued experience in Thailand’s Power industry, Gulf has become one of the largest power companies in the country, operating in all types of power producers – IPP, SPP and VSPP – using environmental-friendly fuels, mainly natural gas plus growing contribution from renewables. Thailand’s Thailand’s 1st IPP 2nd IPP Thailand’s Thailand’s Thailand’s Thailand’s 1st SPP 2nd SPP 3rd SPP 3rd IPP 1994 2007 2010 2013 2016 2018 Thailand (28 projects) Vietnam (4 projects) 33 Power projects in 3 countries Oman (1 project) Installed capacity Gross Equity In operation 5,791 MW 2,583 MW Preparing for or under construction/ development 6,119 MW 4,295 MW In operation Preparing for or Total 11,910 MW 6,878 MW under construction/ development 7

Power capacity growth – over 20% in 5 years Gross Installed Capacity (MW): 14,000 11,910 SPP 12,000 10,585 20% 9,145 10,000 7,596 8,000 4% 4,237 4,237 4,772 5,282 5,791 5,919 6,083 Renewables 1 6,000 1 1 4,000 2,485 1 76% 831 2,000 IPP 2 - 2013 2014 2015 2016 2017 2018 May-19 2019 2020 2021 2022 2023 2024 GJP GMP IPD GCG Gulf Solar Vietnam Oman Total Equity Installed Capacity (MW): 8,000 6,878 SPP 7,000 5,950 18% 6,000 4,913 5,000 3,827 6% 4,000 Renewables 1,683 1,683 1,964 2,253 2,583 2,673 2,775 3,000 1 1 1 2,000 982 1 76% 320 1,000 IPP 2 - 2013 2014 2015 2016 2017 2018 May-19 2019 2020 2021 2022 2023 2024 GJP GMP IPD GCG Gulf Solar Vietnam Oman Total Note : 1/ 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- 8 forma 40% stake for comparison purposes 2/ Include the gas-fired power project in Oman

2. Project Updates 9

GMP – 12 SPPs (1,563 MW) Construction progress on track Installed Electricity: 1,563.4 MW Steam: 225.0 TPH capacity COD Contracted Electricity: 1,466.5 MW 2017 Steam: 210.5 TPH capacity ✓ ✓ ✓ ✓ GVTP GTS1 GTS2 GTS3 COD 16 May 2017 COD 8 Jul 2017 COD 1 Sep 2017 COD 1 Nov 2017 ✓ PPA: Signed with EGAT, for 25 years ✓ GSA: Signed with PTT COD ✓ 2018 Signed with Toyo EPC: Engineering ✓ ✓ ✓ ✓ GTS4 GNC GBL GBP COD 1 Jan 2018 COD 1 Mar 2018 COD 1 Sep 2018 COD 1 Nov 2018 ✓ Signed with SIEMENS LTSA: and GE COD COD: 2017 – 2019 2019 Project cost: 6,200 MB → 6,000 MB ✓ ✓ ✓ GNLL2 GNPM GNRV1 GNRV2 (managed to be under budget) COD 1 Jan 2019 COD 1 Mar 2019 COD 1 May 2019 SCOD Jul 2019 98.3% • 11 projects in operation Overall status: • 1 project under construction As of May 2019 10

IPD – 2 IPPs (5,300 MW) Location: WHA Eastern Seaboard Location: Rojana Rayong 2 Industrial Estate 1, Chonburi Industrial Park, Rayong Installed 2,650.0 MW Installed 2,650.0 MW capacity capacity Contracted 2,500.0 MW Contracted 2,500.0 MW CHONBURI capacity: capacity: ✓ ✓ RAYONG Fuel type: Gas-fired Fuel type: Gas-fired ✓ ✓ PPA Signed with EGAT PPA Signed with EGAT for 25 years for 25 years ✓ ✓ In operation GSA Signed with PTT GSA Signed with PTT ✓ ✓ EPC Signed with Mitsubishi, EPC Signed with Mitsubishi, Under construction/ development MHPS and STEC MHPS and STEC LTSA Signed with MHPS LTSA Signed with MHPS SCOD: Unit 1-2: 2023 SCOD: Unit 1-2: Mar and Oct 2021 Unit 3-4: 2024 Unit 3-4: Mar and Oct 2022 51,000 MB → 50,000 MB Project cost: Approx. 51,000 MB Project cost: ( savings from FX hedging & IRS) • Debt: 38,000 MB (D/E 3:1) • Debt: 38,000 MB (D/E 3:1) • Equity back-ended structure • Equity back-ended structure • Overall Under development Overall Under construction status: status: 26% completed • Financial close is expected by Sep 2019 As of April 2019 11

GSRC’s project developments Civil works progress as planned 12

Gulf Chana Green (25 MW) (GCG) Location: Songkhla, Thailand Installed 25.0 MW capacity: Contracted 20.6 MW SONGKHLA capacity: Fuel type Parawood Tariff EP + Ft + Bt 1.3 adder for 7 years after COD ✓ PPA Signed with EGAT ✓ EPC Signed with STEC SCOD: Mar 2020 Project cost: Approx. 2,300 MB Overall Under construction status: 50% completed As of April 2019 13

NGD projects (4,000,000 mmbtu/year) Location: WHA Eastern Seaboard Location: WHA Eastern Seaboard Industrial Estate 2 Industrial Estate 4 Capacity: 2,000,000 mmbtu/year Capacity: 2,000,000 mmbtu/year Customers: 500,000 mmbtu/year Customers: 500,000 mmbtu/year (Around 60% was secured under (Around 20% was secured under ✓ 10-year, long-term contracts) 10-year, long-term contracts) ✓ ✓ GSA Signed with PTT (10 years) GSA Signed with PTT (10 years) COD: 1 Dec 2018 SCOD: Jun 2019 Project cost: Approx. 198 MB Project cost: Approx. 234 MB Overall Under construction status: 95% completed As of April 2019 14

New renewable investment in Vietnam One of the leading conglomerates in Vietnam, operating various businesses, including energy and industrial estates with an asset size of approx. US$1.9 billion Investment portfolio Gross Equity Approx. Fuel Equity installed installed project Project Province COD/SCOD type interest capacity capacity cost (MW) (MW) (US$m) TTCIZ-01 Tay Ninh Solar 49% 69 34 65 6 Mar 2019 TTCIZ-02 Tay Ninh Solar 90% 50 45 50 19 Apr 2019 Mekong Ben Tre Solar 95%* 30 28 33 [2019-2020] Solar Farm Mekong Ben Tre Offshore 95%* 310 295 618 2021-2023 In operation Wind Farm wind Total 460 402 766 Under construction/ development Note: *On April 25, 2019, GIH signed the Share Purchase Agreement and Shareholders Agreement to increase its equity interest in Mekong Projects from 49% to 95% and the share transfer is expected to be completed tentatively by the end of May 2019. 15

TTCIZ-01 and TTCIZ-02 (119 MW) reached COD TTCIZ-01 TTCIZ-02 Location Tay Ninh, Vietnam Location Tay Ninh, Vietnam Approx. 69 MW Approx. 50 MW Installed Installed capacity capacity Shareholding - GULF (49%) Shareholding - GULF (90%) - TTC Group (51%) - TTC Group (10%) Fuel type Solar Fuel type Solar EPC Signed with JGC Vietnam EPC Signed with JGC Vietnam Offtaker Vietnam Electricity (EVN) Offtaker Vietnam Electricity (EVN) Tariff US9.35c./kWh Tariff US9.35c./kWh PPA Signed with EVN for 20 years PPA Signed with EVN for 20 years COD COD 6 Mar 2019 19 Apr 2019 Project cost Approx. US$ 65 million Project cost Approx. US$ 50 million In operation As of April 2019 16