Gulf Development Public Company Ltd (GULF) has secured loan facilities worth THB 60 billion ($1.9 billion) to support the development of 27 renewable energy projects in Thailand.
The Thai company said that the financing will be used to accelerate the development of various solar projects, battery energy storage systems (BESS), and industrial waste-to-energy facilities.
The portfolio of projects boasts a combined contracted generation capacity of 939 MW, and underscores the company’s aims to achieve net zero by 2050, it said.
Commercial operation
Of the solar and BESS projects, some 12, boasting a combined capacity of 649 MW, have already entered commercial operation, with three more, representing 194 MW, set to be completed this year.
Elsewhere, 12 industrial waste-to-energy projects are scheduled to commence commercial operations in 2027.
The Asian Development Bank (ADB) served as the mandated lead arranger and bookrunner for the financing, with other supporting institutions including AIIB, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Development Finance Institute Canada (FinDev Canada), Export Finance Australia (EFA), the Export-Import Bank of China (CEXIM), Japan International Cooperation Agency (JICA), KEXIM Global (Singapore) (KGS) and a number of Thailand-based and international banks.
‘Strong confidence’
“We would like to express our gratitude to the Multilateral Development Banks (MDBs), Development Finance Institutions (DFIs) such as the ADB, as well as leading onshore and offshore commercial banks for their financial support,” commented Sarath Ratanavadi, chief executive, GULF.
“This success reflects the strong confidence that both local and international financial institutions have in GULF. Currently, GULF has a diverse portfolio of projects under development, encompassing solar farms, solar with BESS, wind farms, hydropower, and waste-to-energy projects. The support from the financial sector reinforces our shared commitment to driving clean energy initiatives, which align with Thailand’s decarbonisation policy and the national goal of achieving Net Zero Emissions by 2050.”
Elsewhere, Aaron Batten, country director, Thailand Resident Mission of the Asian Development Bank, added that the bank’s support for the project “underscores the critical role of private sector investment in helping Thailand reach its ambitious renewable energy targets. This partnership represents a significant leap forward in the region’s journey toward a sustainable energy landscape.” Read more here.
