GULF jointly invests in BWG-ETC, a 1.7 billion waste and fuel power plant.

GULF concludes deal of over 1.76 billion baht, joins forces with BWG-ETC to jointly invest in 12 industrial waste power plants totaling 96 megawatts and 3 solid fuel production plants from industrial waste or SRF.

Gulf Energy Development Public Company Limited (GULF) inform Stock Exchange of Thailand Announcing a major joint venture plan with Better World Green Public Company Limited (BWG) Earth Tech Environment Public Company Limited (ETC)

The three parties will jointly develop an industrial waste power plant and an industrial waste processing plant to use as fuel for electricity production (SRF) in a fully integrated manner, which is a complete extension of energy, industry, the environment, and the economy.

GULF states that BWG has more than 20 years of experience in sorting and landfilling industrial waste. Including the processing of non-hazardous industrial waste to be used as fuel for electricity generation (SRF).

While ETC is an expert in generating electricity from industrial waste and municipal waste with high standards.

By on March 8, 2567 Gulf Waste2 Energy Holdings Company Limited (GWTE) which is a subsidiary in which GULF holds 100% of shares, has signed a shareholder agreement with ETC to jointly develop an industrial waste power plant project, and GWTE has signed a shareholder agreement with BWG to jointly develop a solid fuel production plant from industrial waste.

“GWTE, a subsidiary in which GULF holds 100% of shares, has signed a shareholder agreement with ETC and BWG for a total of 17,600 million baht.”

1. Shareholder Agreement between GWTE and ETC

• • Shareholder agreement between ETC and GWTE to invest 50% in Get Green Power Company Limited (GGP), the developer of 10 industrial waste power plant projects, which has signed a power purchase agreement with the Provincial Electricity Authority ( PEA) for a period of 20 years on October 16, 2566. It is a very small power plant (VSPP) with a contracted power production capacity of 8 megawatts per project. Total contracted power generation capacity is 80 megawatts. Total project value is approximately 15,000 million baht. Commercial operation is scheduled for 2569.
  • GWTE, ETC and Westech Exponential Company Limited (WTX), a subsidiary under the Millcon Steel Public Company Limited (MILL) group, have signed a shareholder agreement to provide ETC Become a shareholder in 2 industrial waste power plant projects under Suntech Innovation Power Company Limited (SIP) by purchasing additional shares, which GWTE and WTX currently hold 51:49 shares respectively. After the said capital increase This will make the shareholding proportion in SIP of GWTE WTX and ETC at 34:33:33, respectively.

The two industrial waste power plants under SIP have a total contracted power capacity of 2 megawatts, which has already entered into a power purchase agreement with PEA for a period of 16 years on the 20th. Last October 16

2. Shareholder Agreement between GWTE and BWG

• • GWTE and BWG have signed a shareholders' agreement to acquire 50% of the shares of Circular Camp Company Limited (CC), the developer of three SRF production plant projects, with a total project value of 3 million baht, scheduled to open for operation. Commercially available in 2,600, CC will be the supplier of industrial waste fuel. To send to power plants in the GWTE group for further use in producing electricity.

After the above transactions, the Group will have 12 industrial waste power plant projects in Thailand that have signed power purchase agreements with PEA under the Feed-in-Tariff (FiT) model. The total contracted power generation capacity is 96 megawatts, scheduled for commercial operation in 2569, and there are 3 solid fuel production projects from industrial waste (SRF), which are scheduled for commercial operation in 2568.