ADB and Gulf Announce $820 Million Loan for Solar and Battery Storage Expansion in Thailand

The Asian Development Bank (ADB) has announced an $820 million loan to finance a portfolio of 12 renewable energy projects in Thailand, developed by Gulf Renewable Energy Company, a subsidiary of Gulf Energy Development.

The portfolio includes 8 solar photovoltaic (PV) plants with a combined capacity of 393 MW, and 4 solar PV plants integrated with battery energy storage, totaling 256 MW of solar capacity and 396 MW-hours of storage.

The financing package, arranged by ADB as the lead arranger, includes $260 million from ADB’s ordinary capital resources, along with $529 million in parallel loans from several institutions, including the Asian Infrastructure Investment Bank, DEG, and KEXIM Global. Additionally, ADB will provide $31.35 million in concessional finance from the Clean Technology Fund to mitigate the higher risks of solar-battery projects.

This initiative supports Thailand's ambitious renewable energy goals, including a target to increase renewable energy generation to 50% by 2037. The 12 projects are part of Thailand’s 5 GW renewable energy feed-in-tariff program, which aims to double the country’s solar and wind capacity by 2030.

ADB's Director General for Private Sector Operations, Suzanne Gaboury, emphasized that these projects will enhance Thailand's energy mix by providing clean power beyond daylight hours, boosting grid stability, and enabling greater integration of solar energy. Gulf CFO Yupapin Wangviwat added that the partnership with ADB is crucial in advancing Thailand's clean energy goals and fostering sustainable development.

Gulf Energy, established in 2011, is a leading power generation company in Thailand, with an installed capacity of 14,544 MW as of October 2024, focusing on energy, infrastructure, utilities, and digital sectors. ADB remains committed to supporting Asia's transition to a sustainable, inclusive, and resilient future.