Asian Development Bank (ADB) has approved a USD350 million loan package to support the construction of three solar projects in Thailand, including two battery-integrated facilities. The financing will be extended to Gulf Renewable Energy, a subsidiary of Gulf Development Public Company Limited (GULF).
The projects comprise two solar-plus-storage plants with a combined capacity of 126 MW of solar and 151 MWh of battery energy storage, alongside a standalone 68 MW solar facility. Located in Suphanburi and Phetchaburi provinces, the developments are expected to generate over 1,500 construction jobs and 12 permanent operational roles.
ADB acted as sole mandated lead arranger and bookrunner for the transaction. The financing structure includes USD75 million from ADB’s ordinary capital resources, a USD50 million B-loan from DBS Bank Ltd, USD150 million in parallel loans from DEG, Development Finance Institute Canada and Export Finance Australia, and USD75 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2.