ADB, GRE sign $350 million loan for solar-plus-BESS projects in Thailand

The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited (GRE), a subsidiary of Gulf Development Public Company Limited (GULF), have signed a $350 million loan agreement to expand renewable energy generation in Thailand. The financing will support construction of three projects combining solar power with battery energy storage systems (BESS).

The loan will fund two solar-plus-BESS facilities with a combined contracted capacity of 126 MW and 151 megawatt-hours of storage, along with a separate 68 MW solar power plant. Once operational, the projects are expected to reduce carbon dioxide emissions by an average of 191,550 tons annually. The initiative supports Thailand’s net-zero emissions target for 2050 and its 5 GW renewable energy feed-in tariff programme for solar paired with battery storage.

ADB acted as sole mandated lead arranger and bookrunner. The financing package includes $75 million from ADB’s ordinary capital resources, a syndicated B-loan of $50 million from DBS Bank Ltd., $150 million in parallel loans from DEG – Deutsche Investitions- und Entwicklungsgesellschaft, Development Finance Institute Canada (DFIC) Inc., and Export Finance Australia, and a $75 million loan from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2).

Aaron Batten, ADB Country Director for Thailand, said solar integrated with battery storage is central to delivering affordable and reliable clean energy. He stated that the project demonstrates commercial bankability and the role of partnerships between private investors and development finance institutions in meeting renewable energy targets. Yupapin Wangviwat, Chief Financial Officer (CFO) of GULF, said large-scale battery integration with solar sets a precedent for Thailand and the region and highlights the importance of storage in managing renewable variability.

GULF, established in 2011, had total installed generation capacity of 16,504 MW in operation as of December 2025 across energy, infrastructure and utilities, telecommunications and satellite, and digital businesses. LEAP 2 is an ADB-managed fund backed by a $1.5 billion commitment from the Japan International Cooperation Agency (JICA), established in 2023 to support sustainable private infrastructure projects across ADB developing member countries.

The featured photograph is for representation only.