The Asian Development Bank (ADB) has signed loan agreements totaling 16.6 billion baht (approximately $511.9 million) with 12 companies indirectly owned by Gulf Waste to Energy Holdings Company Limited (GWTE), a subsidiary of Gulf Development Public Company Limited (GULF). This financing package aims to expand Thailand’s waste-to-energy (WTE) capacity by generating power from nonhazardous industrial waste, reducing landfill dependence, and addressing illegal waste disposal practices.
As part of the transaction, ADB is providing 3.0 billion baht ($91.9 million) from its ordinary capital resources. Additionally, the bank served as the environmental and social (E&S) coordinator, ensuring project compliance with rigorous E&S standards while mobilizing 13.6 billion baht ($420.0 million) from six parallel lenders. This blended approach strengthens project oversight and ensures alignment between ADB and participating financiers throughout implementation.
The financing will support the development, construction, and operation of 12 industrial waste-to-energy power plants with a combined contracted capacity of 96 megawatts. These facilities will be located in Thailand’s central and eastern regions, which are major industrial hubs that generate substantial volumes of waste. By converting nonhazardous industrial waste into energy, the plants will provide an alternative to traditional waste disposal methods, while simultaneously contributing to cleaner, more efficient power generation.
Thailand has recently strengthened its waste management framework. In 2023, the Ministry of Industry introduced the polluter pays principle and a revised waste disposal code, requiring waste generators to take responsibility across the full disposal lifecycle. The reforms also promote the use of approved nonhazardous materials as alternative fuels. These policies are part of the country’s 2nd National Action Plan on Waste Management, which identifies waste-to-energy technologies as a central strategy for managing residual waste.
ADB Country Director for Thailand, Aaron Batten, emphasized the importance of private sector participation in advancing the circular economy. He noted that this initiative marks Thailand’s first large-scale industrial WTE project, and that ADB’s risk-aligned loan structure has helped build confidence in the long-term viability of similar projects both within the country and across Southeast Asia.
GULF Chief Financial Officer, Yupapin Wangviwat, described the project as a significant step forward for Thailand’s industrial waste management system. She highlighted that the initiative establishes a scalable model for the region, demonstrating how waste can be transformed into a valuable energy resource. She added that securing this financing advances GWTE’s long-term waste-to-energy strategy and reinforces the company’s commitment to circular economy principles. The project also aligns strongly with Thailand’s goal of increasing renewable and alternative energy sources in the national power mix while ensuring environmental sustainability alongside industrial expansion.
By 2029, the 12 plants are expected to divert more than 600,000 tons of nonhazardous industrial waste from landfills each year. This diversion will support Thailand’s broader climate ambitions, including the target of reducing greenhouse gas emissions by 30 percent by 2030. GWTE operates under GULF, Thailand’s leading power generation company, which had an installed capacity of 16,504 megawatts as of December 2025. GULF’s broader portfolio spans conventional and renewable energy, infrastructure and utilities, telecommunications and satellites, and digital services.
ADB continues to play a central role in promoting sustainable, resilient, and inclusive development across Asia and the Pacific. Through financial partnerships, technical expertise, and innovative funding mechanisms, the bank supports its member countries in building efficient infrastructure, improving environmental outcomes, and addressing complex development challenges. Since its establishment in 1966, ADB has grown to include 69 members, 50 of which are from the region.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
