Billionaire Sarath Ratanavadi’s Gulf Energy Makes Maiden Investment In U.S. Electricity Market

—has agreed to buy a 49% stake in a U.S. power plant from Japan’s Electric Power Development in its maiden investment in the U.S. electricity market.

The Bangkok-based company will pay about $410 million for the minority stake in Jackson Generation, which operates a 1,200-megawatt gas-fired power plant in Illinois.

Founded by Sarath in 2007, Gulf Energy has grown to become Thailand’s biggest private power generation company. Apart from building its energy business overseas, the company has been diversifying into new businesses. Last year, it increased stakes in ​​InTouch Holdings and its wireless unit Advanced Info Service. In January, the company partnered with billionaireBinance—the world’s biggest cryptocurrency exchange by volume—to build a digital asset exchange platform in Thailand. With a net worth of $11.1 billion, Sarath ranks No. 4 in the list of Thailand’s 50 Richest that was published in July.

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