Thailand’s Richest Man Plans $4.3 Billion Expansion Amid AI Boom
(Bloomberg) Thailand’s richest man, Sarath Ratanavadi, plans to spend as much as 140 billion baht ($4.3 billion) through Gulf Development Pcl over the next five years to expand data centers and other infrastructure needed to support the artificial intelligence boom.
The nation’s largest power producer aims to add as much as 2,000 megawatts of data center capacity during the period to meet rising demand for AI and cloud-computing services, Chief Financial Officer Yupapin Wangviwat said during a video conference with investors on Thursday. The company and its partners currently operate facilities with a combined capacity of about 200 megawatts.
“We see AI and cloud computing as major growth opportunities for our company,” she said. “Our strong footprint and expertise in the power business give us a significant advantage as we expand into these areas.”
The company’s shares jumped as much as 5.8% to a record on Thursday, set to push their gain for the year above 61%.
The move reflects a growing race across Southeast Asia to build the computing power needed for AI. Technology companies are pouring billions of dollars into data centers as they seek more capacity for AI tools and online services, creating new opportunities for energy and infrastructure providers.
After consolidating his power and telecommunications businesses into Gulf Development last year, Sarath — whose net worth stands at $18.3 billion, according to Bloomberg Billionaires Index — has been steering the company into new areas including digital infrastructure, virtual banking and AI-related services as it looks for new sources of growth.
Gulf Development has been strengthening its presence in the sector through partnerships with companies including Microsoft Corp. and Singapore Telecommunications Ltd., as demand for computing capacity accelerates across the region. It also entered into an agreement early this year with Alphabet Inc.’s Google to jointly explore business opportunities.
The Bangkok-based company expects to fund the expansion through operating cash flow, bond sales and bank borrowings, according to Yupapin. It is in talks with lenders for loans of between $400 million and $600 million, and plans to issue about 20 billion baht of bonds in September. Gulf Development is also considering its first foreign-currency debt sale.
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