Thailand secures $820m loan for renewable energy projects

The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited, a subsidiary of Gulf Energy Development Public Company Limited, have secured an $820 million loan to finance 12 renewable energy projects in Thailand.

This portfolio includes 8 ground-mounted solar PV plants with a combined capacity of 393 megawatts (MW) and 4 solar PV plants with battery energy storage totalling 256 MW and 396 MW-hours.

The financing package, led by ADB as the main arranger, consists of $260 million from ADB’s ordinary capital resources and $529 million from partners like the Asian Infrastructure Investment Bank and the German Development Finance Institution, among others.

ADB will also provide $31.35 million in concessional funding from the Clean Technology Fund to mitigate project risks.

This initiative supports Thailand’s renewable energy target of 50 per cent generation by 2037 and aligns with its 5 GW feed-in-tariff programme, which aims to double wind and solar capacity by 2030.

ADB’s Suzanne Gaboury highlighted that the projects would enhance grid stability and expand clean energy access. Gulf CFO Yupapin Wangviwat emphasised the importance of such support in achieving Thailand’s clean energy goals and sustainable development.

Attribution: the Asian Development Bank (ADB)

Subediting: M. S. Salama