The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited, a subsidiary of Gulf Energy Development Public Company Limited, have secured an $820 million loan to support the construction of 12 renewable energy projects in Thailand. These projects include 8 solar power plants with a combined capacity of 393 megawatts (MW) and 4 solar power plants integrated with battery energy storage systems, offering 256 MW of solar capacity and 396 MW-hours of energy storage.
ADB, acting as the lead arranger and bookrunner, contributed $260 million from its own resources. The remaining $529 million was raised through parallel loans from the Asian Infrastructure Investment Bank, DEG (German Development Finance Institution), Export-Import Bank of China, and KEXIM Global, among other institutions.
Additionally, ADB will provide $31.35 million from the Clean Technology Fund to address the added risks associated with solar and battery energy storage projects. Thailand aims to generate 50% of its energy from renewable sources by 2037. The projects funded through this financing are part of the country’s 5 GW renewable energy feed-in-tariff program, which is set to double the nation’s wind and solar power capacity by 2030.
Suzanne Gaboury, ADB Director General for Private Sector Operations, said in a statement, “This portfolio of projects significantly enhances solar energy and solar energy with battery storage in Thailand, marking a major step forward in the country’s goal of achieving carbon neutrality. It also offers a compelling model that can be replicated throughout the region. By integrating battery storage with solar power, these projects will help to provide clean energy during non-daylight hours, grid stability, and facilitate further integration of solar power which will enhance Thailand’s energy mix. This initiative highlights ADB’s convening power in mobilizing capital for impactful projects in Asia.”
Yupapin Wangviwat, Gulf CFO, mentioned, “Support from institutions like ADB, and the catalytic role they have in mobilizing the necessary capital to develop large-scale projects, is pivotal to Thailand’s renewable energy sector. Together, ADB and Gulf Energy are contributing to Thailand’s clean energy goals and its sustainable development.”
Founded in 2011, Gulf is one of Thailand’s top power generation companies, with a total installed capacity of 14,544 MW as of October 2024. Its main business areas include energy, infrastructure and utilities, and digital sectors. Since its establishment in 1966, the Asian Development Bank (ADB) has worked to create a prosperous, inclusive, resilient, and sustainable Asia-Pacific region while striving to eliminate extreme poverty. ADB has 69 member countries, 49 of which are from the region.
