The Asian Development Bank (ADB) has partnered with Gulf Renewable Energy Company Limited (GRE), a subsidiary of Gulf Development Public Company Limited (GULF), to advance Thailand’s clean energy transition through a $350 million financing package. The loan will support the development of three renewable energy projects, including two solar-plus-battery energy storage systems (BESS) with a combined contracted capacity of 126 megawatts and 151 megawatt-hours of storage, along with a standalone 68-megawatt solar power plant. Together, these projects aim to expand renewable energy generation, strengthen grid stability, and accelerate the decarbonization of Thailand’s power sector.
As the sole mandated lead arranger and bookrunner, ADB played a central role in structuring the financing. The bank is directly providing $75 million from its ordinary capital resources and arranged additional funding through a $50 million B-loan from DBS Bank Ltd. The package also includes $150 million in parallel loans from DEG – Deutsche Investitions- und Entwicklungsgesellschaft, Development Finance Institute Canada (DFIC) Inc., and Export Finance Australia, as well as a $75 million loan from the ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). The strong response from international cofinanciers reflects the project’s credibility and the growing confidence in Thailand’s renewable energy market.
ADB Country Director for Thailand, Aaron Batten, noted that battery-integrated solar solutions are essential for the country’s transition to affordable, reliable clean energy. He emphasized that the project demonstrates strong commercial viability and shows how coordinated efforts between private investors and development finance institutions can accelerate the achievement of national renewable energy goals.
Once commissioned, the three projects are expected to reduce an average of 191,550 tons of carbon dioxide emissions each year. This reduction will play a direct role in helping Thailand reach its target of net-zero emissions by 2050. The initiative is also aligned with the country’s 5-gigawatt renewable energy feed-in tariff program, representing Southeast Asia’s first large-scale procurement of solar and BESS projects—an important milestone in the region’s energy transition.
Yupapin Wangviwat, Chief Financial Officer of GULF, highlighted that this initiative goes beyond constructing new power plants. She explained that the integration of large-scale solar with battery storage offers a transformative model for grid stability in Thailand and sets a benchmark for the region. She added that with strong support from ADB and financial partners, the project demonstrates how combining renewable energy’s intermittency with BESS can unlock new possibilities for the energy sector.
GULF, founded in 2011, has grown into one of Thailand’s leading power generation companies, with an operational capacity of 16,504 megawatts as of December 2025. Its businesses span power generation, infrastructure, utilities, telecommunications, satellite operations, and digital services, positioning it as a key contributor to the country’s energy and infrastructure development.
LEAP 2, which is providing part of the financing, is an ADB-administered fund supported by a $1.5 billion commitment from the Japan International Cooperation Agency. Established in 2023, the fund focuses on sustainable private sector infrastructure projects across ADB’s developing member countries, with an emphasis on reducing emissions, improving energy efficiency, and expanding access to essential services such as healthcare, education, and communications.
ADB continues to play a major role in advancing sustainable, inclusive, and resilient development across Asia and the Pacific. Through innovative financial instruments and partnerships, the bank supports countries in addressing complex challenges, expanding clean infrastructure, and promoting environmental sustainability. Since its establishment in 1966, ADB has grown to include 69 member countries, including 50 from within the region, and remains committed to creating lasting impact through collaborative development.
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