Gulf Development Public Company Limited (GULF) has successfully secured loan facilities totaling THB 60,000 million (approximately USD 1.85 billion) to support the development of 27 renewable energy power projects across Thailand, with a combined contracted generation capacity of 939 MW.
The portfolio comprises 15 solar farms and solar projects integrated with battery energy storage systems (Solar BESS), totalling 843 MW, and 12 industrial waste-to-energy power projects with a combined capacity of 96 MW. The financing was arranged through GULF’s subsidiaries, Gulf Renewable Energy Company Limited and Gulf Waste to Energy Holdings Company Limited.
The funding milestone marks a significant step in advancing GULF’s decarbonisation strategy and commitment to achieving net-zero emissions by 2050, while supporting Thailand’s broader transition toward sustainable energy.
Solar and Solar BESS Projects
The 15 solar and Solar BESS projects, with total investments exceeding THB 43,000 million (USD 1.3 billion), are scheduled to commence commercial operations between 2024 and 2026. The financing was structured through a syndicate of leading domestic and international financial institutions, with the Asian Development Bank (ADB) serving as the Mandated Lead Arranger and Bookrunner.
Other lenders include the Asian Infrastructure Investment Bank (AIIB), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Development Finance Institute Canada (FinDev Canada), Export Finance Australia (EFA), Export-Import Bank of China (CEXIM), Japan International Cooperation Agency (JICA), KEXIM Global (Singapore), Bangkok Bank, Bank of Ayudhya, Export-Import Bank of Thailand, KASIKORNBANK, Krungthai Bank, Siam Commercial Bank, as well as Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank (Thai), and DBS Bank.
Currently, 12 projects with a combined capacity of 649 MW have commenced commercial operations during 2024–2025, while the remaining three projects totaling 194 MW are under construction and expected to come online in 2026.
Waste-to-Energy Portfolio
In parallel, GULF continues to advance the circular economy through 12 industrial waste-to-energy projects totaling 96 MW, scheduled for commercial operations in 2027. These projects aim to sustainably convert industrial waste into electricity, reduce landfill dependency, and enhance waste management efficiency.
The waste-to-energy portfolio has secured long-term financing of approximately THB 17,000 million (USD 550 million) from development financial institutions, including ADB and AIIB, along with commercial banks such as Siam Commercial Bank, Bank of Ayudhya, TMBThanachart Bank, Sumitomo Mitsui Banking Corporation (Bangkok Branch), and Standard Chartered Bank.
Leadership Commentary
Sarath Ratanavadi, Chief Executive Officer of GULF, said the financing reflects strong confidence from both domestic and international financial institutions. He noted that GULF’s diversified renewable portfolio — spanning solar, solar BESS, wind, hydropower, and waste-to-energy projects — aligns closely with Thailand’s decarbonisation policies and its national net-zero target by 2050.
Aaron Batten, Country Director of ADB Thailand Resident Mission, highlighted the transaction as a landmark deal, stating that ADB’s role as mandated lead arranger and environmental and social coordinator underscores the importance of private sector investment in achieving Thailand’s renewable energy ambitions.
Meanwhile, Kris Chantanotoke, Chief Executive Officer of Siam Commercial Bank, said the bank’s participation reflects its commitment to supporting large-scale sustainability initiatives, promoting the circular economy, and driving innovative infrastructure development that supports Thailand’s low-carbon energy transition.
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