The Asian Development Bank has signed off a $350 million loan to finance the construction of three solar projects in Thailand.
The loan facility is being delivered to Bangkok-headquartered developer Gulf Renewable Energy Co. Ltd., a subsidiary of 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, alongside 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 over 1,500 construction jobs and 12 operational jobs.
ADB acted as the sole mandated lead arranger and bookrunner for the financing.
ADB Country Director for Thailand Aaron Batten said that the projects demonstrate clear commercial bankability. “Battery-integrated solar is a cornerstone of Thailand’s affordable and reliable clean energy future,” he added.
