The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited (GRE) have signed a USD350 million loan agreement to develop three renewable energy projects in Thailand, comprising two solar-plus-battery energy storage system (BESS) plants and one standalone solar project. The financing package supports 126 MW of solar capacity paired with 151 MWh of battery storage, alongside a separate 68 MW solar power plant.
The projects form part of Thailand’s 5 GW renewable energy feed-in tariff programme and are expected to reduce carbon dioxide emissions by an average of 191,550 tonnes annually. The development marks one of the country’s first large-scale procurements integrating solar generation with grid-scale BESS capacity, supporting power system flexibility and renewable integration.
ADB acted as sole mandated lead arranger and bookrunner for the transaction. The financing 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 – Deutsche Investitions- und Entwicklungsgesellschaft, Development Finance Institute Canada Inc., and Export Finance Australia. An additional USD75 million was provided by the ADB-administered Leading Asia’s Private Infrastructure Fund 2. The portfolio contributes to Thailand’s power sector decarbonisation strategy and its long-term net-zero emissions target by 2050.