Gulf Development Public Company Limited (GULF) has secured THB60 billion (approximately USD 1.9 billion) in loan facilities to develop a 939 MW portfolio of renewable energy and waste-to-energy projects across Thailand. The financing covers 27 projects and has been raised through GULF’s renewable energy and waste-to-energy subsidiaries.
The portfolio comprises 15 solar and solar-plus-battery energy storage system (BESS) projects totalling 843 MW, and 12 industrial waste-to-energy projects with a combined capacity of 96 MW. Of the solar portfolio, 12 projects (649 MW) are already in commercial operation, while the remaining three projects (194 MW) are scheduled for completion in 2026. The waste-to-energy facilities are planned to enter commercial operation in 2027.
The solar and solar BESS projects, representing an investment of over THB43 billion, have been financed through a syndicate of international and domestic lenders, with the Asian Development Bank (ADB) acting as mandated lead arranger and bookrunner. For the waste-to-energy portfolio, approximately THB17 billion in long-term financing has been secured from development finance institutions including ADB and AIIB, alongside commercial lenders such as Siam Commercial Bank, Bank of Ayudhya, TMBThanachart Bank, Sumitomo Mitsui Banking Corporation (Bangkok Branch), and Standard Chartered Bank. The projects support Thailand’s renewable energy targets and GULF’s objective of achieving net-zero emissions by 2050.