The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited, a subsidiary of Gulf Development Public Company Limited, have signed a $350 million loan to expand renewable energy generation and decarbonize Thailand’s power sector, ADB announced in a statement. The financing will support construction of three projects: two solar-plus-battery energy storage systems with a total contracted capacity of 126 megawatts and 151 megawatt-hours of energy storage, and a solar power plant with a contracted capacity of 68 MW.
ADB is the sole mandated lead arranger and bookrunner. In addition to providing $75 million from its ordinary capital resources, ADB also structured and syndicated a B-loan of $50 million from DBS Bank Ltd., $150 million in parallel loans from DEG, Development Finance Institute Canada, and Export Finance Australia, and a $75 million loan from ADB-administered Leading Asia’s Private Infrastructure Fund 2. The strong participation from cofinanciers reflects robust market confidence in the project.
“Battery-integrated solar is a cornerstone of Thailand’s affordable and reliable clean energy future,” said ADB Country Director for Thailand Aaron Batten. “This project demonstrates clear commercial bankability and highlights how strong partnerships with private investors and development finance institutions can accelerate progress toward Thailand’s renewable energy targets.”
Once operational, the projects are expected to reduce an average of 191,550 tons of carbon dioxide emissions annually, contributing directly to Thailand’s goal of reaching net-zero emissions by 2050. The projects also align with Thailand’s 5-gigawatt renewable energy feed-in tariff program, marking Southeast Asia’s first large-scale solar and battery energy storage system procurement.
“We are not just building power plants; together with ADB, we are pioneering a new model of grid stability,” said GULF Chief Financial Officer Yupapin Wangviwat. “The innovative integration of solar energy with large-scale battery storage sets a clear precedent for Thailand and for the region. With the support of our financial partners and ADB, we are demonstrating how combining renewable energy’s variability with battery storage is unlocking new potential in the energy sector.”
