Mitsubishi Power Completes Landmark 5,300MW Combined Cycle Power Plant Project in Thailand -- Final Eighth M701JAC Unit Begins Operation at Gulf Group and Mitsui & Co., Ltd., Joint Venture Plant --

・ This marks Mitsubishi Power's largest-ever completed order by capacity, contributing to Thailand's energy security and decarbonization
・ The project's previous seven M701JAC gas turbine units installed across two GTCC plants in Rayong and Chonburi Provinces have collectively operated for 100,000 hours

Tokyo, October 9, 2024 - Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), has completed construction of the eighth and final M701JAC unit of a 5,300MW natural gas-fired power plant project in Thailand. The project, a joint venture between Gulf Energy Development Public Company Limited, one of Thailand's largest independent power producers (IPP), and Mitsui & Co., Ltd. (Mitsui & Co.), a Japanese trading company, successfully commenced full commercial operations on October 1, 2024.

The milestone marks the on-time completion of a multi-phase project awarded in 2018, featuring two gas turbine combined cycle (GTCC) plants in Chonburi and Rayong Provinces, key hubs for technological manufacturing and services, with a total installed capacity of 5,300 MW. Each plant is equipped with four M701JAC gas turbines, steam turbines, and heat recovery steam generators, ensuring a reliable and sustainable energy supply critical for Thailand's energy security and economic growth. On October 1, the first seven units installed in Chonburi and Rayong have collectively logged 100,000 actual operating hours (AOH), reinforcing their proven reliability.

The project's first phase at the Chonburi power plant(Note) marked a significant milestone as the site of Mitsubishi Power's inaugural J-Series Air-Cooled (JAC) gas turbine installation in Southeast Asia in 2021. The plant was fully completed in October 2022 and received the prestigious "Power Plant of the Year"' award at the Power and Energy Awards, presented during the annual Enlit Asia 2023 conference and exhibition. The units were delivered by Mitsubishi Power in close cooperation with its customers and construction partners, with constant application of learnings and improvements from previous units applied to enhance the quality of the project.

At the completion ceremony, Boonchai Thirati, Deputy Chief Executive Officer, Gulf Energy Development Public Company Limited said: "As a result of our collective efforts as a team, we successfully navigated challenges posed by COVID-19 and commenced the operation of all eight units on schedule. We thank all our partners for their excellent performance and look forward to continuing our partnership to deliver stable electricity to communities across Thailand."

Takao Tsukui, Executive Vice President, Mitsubishi Power, Ltd. said: "Having overcome challenging circumstances, including COVID-19, we completed each of the remaining units every 6 months. Today, all units are fully operational on schedule - a testament to the unwavering collaboration of everyone involved, and a milestone we take immense pride in. As our first JAC gas turbine project in Southeast Asia, the GTCC plants in Chonburi and Rayong Provinces set the stage for contracting over 90 JAC gas turbines globally. We are deeply grateful for the trust placed in us and are committed to ensuring the continued success of this project through our long-term service agreement."

Following the completion of the two GTCC power plants, Mitsubishi Power is committed to maintaining the facilities under the Long Term Service Agreement (LTSA). In conjunction with the Engineering, Procurement and Construction (EPC) contract, a 25-year power purchase agreement with the Electricity Generating Authority of Thailand (EGAT) and a 25-year LTSA with Mitsubishi Power have been established to ensure the plant continues to meet Thailand's growing energy needs at peak performance throughout its lifespan.

Mitsubishi Power has established a strong track record in large-scale gas turbine installations in Thailand. In 2011, the company received full-turnkey orders from a company backed by Gulf Energy Development to construct GTCC plants at Nong Saeng and U Thai, which began commercial operations in 2014 and 2015, respectively. In 2020, Mitsubishi Power secured an order from Hin Kong Power Company Limited, another Gulf Energy Development joint venture, for a GTCC plant comprising two M701JAC gas turbines.

The M701JAC gas turbines deliver an exceptional 64% power generation efficiency, drastically reducing fuel costs and carbon emissions. These advanced gas turbines support the region in enhancing energy stability as nations work to decarbonize their energy mixes. To meet the growing energy demand in the region, Mitsubishi Power remains dedicated to advancing its gas turbine and GTCC technologies. Through strategic partnerships and continuous innovation, the company aims to support a stable and reliable energy transition that meets the future energy needs of the region.

• The power plant in Chonburi Province is operated by Gulf SRC Company Limited.