The Asian Development Bank (ADB) has approved a $350 million loan to Gulf Renewable Energy to build 194 MW of solar capacity, including two battery-integrated projects, in central Thailand.
The Asian Development Bank has signed a $350 million loan to finance the construction of three solar projects in India Thailand.
The loan facility will be provided to Bangkok-based developer Gulf Renewable Energy Co. Ltd., a subsidiary of the holding company Gulf Development Public Co. Ltd. (GULF), to develop two solar-plus-storage projects with a combined capacity of 126 MW of solar and 151 MWh of storage, in addition to a third solar site totaling 68 MW.
The projects will be located in the central provinces of Suphanburi and Phetchaburi and are expected to support more than 1,500 construction jobs and 12 operations jobs.
ADB acted as the sole mandated lead arranger and bookrunner for the financing. The package includes $75 million from the bank’s ordinary capital resources, a $50 million B-loan from DBS Bank Ltd, a $150 million loan from German development finance institution DEG, Development Finance Institute Canada and Export Finance Australia, and a $75 million loan from the ADB-managed Leading Asia’s Private Infrastructure Fund 2.
ADB Country Director for Thailand Aaron Batten said the projects demonstrate clear commercial bankability. “Battery-integrated solar energy is a cornerstone of Thailand’s affordable and reliable clean energy future,” he added.
GULF Chief Financial Officer Yupapin Wangviwat claimed that the projects are pioneering a new model of grid stability. “The innovative integration of solar energy with large-scale battery storage sets a clear precedent for Thailand and for the region,” said Wangviwat.
According to its social media pages, GULF has so far secured loan facilities worth THB 60,000 million ($1.92 million) for 27 renewable energy projects, including 15 solar or solar plus storage projects.
The total investment in the solar and solar-plus-storage projects exceeds approximately $1.3 million, the company added, with a combined contracted capacity of 843 MW. Twelve are already in operation and the remaining three will become commercially operational later this year.
This content is copyrighted and may not be reused. If you would like to collaborate with us and reuse some of our content, please contact: editors@pv-magazine.com.
