ADB and Gulf Renewable Energy Seal $820 Million Deal for Renewable Energy Expansion in Thailand

The Asian Development Bank (ADB) has partnered with Gulf Renewable Energy Company, a subsidiary of Gulf Energy Development Public Company, to finance 12 renewable energy projects in Thailand through an $820 million loan agreement. This significant investment aims to propel Thailand toward its renewable energy ambitions and contribute to a greener future.

Groundbreaking Renewable Energy Projects

The financing supports the development of eight ground-mounted solar photovoltaic (PV) plants and four solar PV plants integrated with advanced battery energy storage systems (BESS). These projects represent a combined capacity of:

393 MW from the solar PV plants

256 MW of solar energy coupled with 396 MWh of energy storage from the solar plus BESS plants.

The projects are part of Thailand’s feed-in-tariff program, which is central to the country’s objective of doubling its installed solar and wind energy capacity by 2030.

Accelerating Thailand’s Renewable Energy Goals

These initiatives align with Thailand’s ambitious target to generate 50% of its energy from renewable sources by 2037. By integrating solar PV with BESS, the country aims to enhance energy reliability and storage capabilities, ensuring a steady supply of clean energy.

Financing Structure and Contributions

ADB played a pivotal role in structuring the financing package as the mandated lead arranger and bookrunner. The package includes:

• $260 million from ADB’s capital resources.

• $529 million in parallel loans sourced from international financial institutions.

  
  

This collaboration underscores ADB’s commitment to fostering sustainable development in Southeast Asia and addressing climate change through innovative energy solutions.

A Step Towards a Greener Future

The agreement marks a milestone in Thailand’s renewable energy journey, paving the way for significant environmental and economic benefits. The projects are expected to enhance energy security, reduce greenhouse gas emissions, and set a benchmark for integrating solar energy with storage technologies.