The Asian Development Bank (ADB) and Gulf Renewable Energy Company, a subsidiary of Gulf Energy Development Public Company, partnered for a $820 million loan agreement to fund the construction of 12 renewable energy projects in Thailand.
The projects will consist of eight ground-mounted solar photovoltaic (PV) plants and four solar PV plants integrated with battery energy storage systems (BESS). These installations are expected to generate a combined 393 MW from the solar PV plants, while the solar-plus-BESS plants will deliver 256 MW along with 396 MWh of energy storage capacity.
These projects are part of Thailand’s renewable energy feed-in-tariff scheme, designed to help the country double its solar and wind capacity by 2030. The initiatives are also in line with Thailand’s broader goal of achieving a 50% share of renewable energy in its energy mix by 2037.
ADB played a key role in structuring the financing for the projects, with $260 million coming from its own resources and $529 million raised through parallel loans from international financial institutions.
