The Asian Development Bank (ADB) and Gulf Renewable Energy Company, a subsidiary of Gulf Energy Development Public Company, have finalized an $820 million loan agreement to fund 12 renewable energy projects in Thailand.
These include eight ground-mounted solar photovoltaic (PV) plants and four solar PV plants integrated with battery energy storage systems (BESS).
The projects have a combined solar PV capacity of 393 MW, with the solar plus BESS plants adding 256 MW of generation capacity and 396 MWh of energy storage.
The initiative supports Thailand’s renewable energy feed-in-tariff program, aimed at doubling the country’s wind and solar capacity by 2030 and achieving 50% renewable energy output by 2037.
ADB structured the financing package as lead arranger and bookrunner, contributing $260 million from its resources and $529 million from international financial institutions.
Additionally, $31.35 million from the Clean Technology Fund will address risks associated with solar BESS projects.
ADB’s private sector operations director-general Suzanne Gaboury highlighted the transformative potential of the projects, which will improve grid stability and provide clean energy during non-daylight hours. Gulf CFO Yupapin Wangviwat emphasized ADB’s role in mobilizing capital for large-scale renewable projects, reinforcing Thailand’s clean energy and sustainable development goals.
Gulf Energy, a major player in Thailand’s energy sector with over 14.5 GW of installed capacity, continues to drive progress in renewable energy and infrastructure.