Source：taiyangnews

Projects part of Thailand’s 5 GW renewable energy FiT program for wind and solar energy

Gulf Energy has raised international finance to support its large-scale solar and storage projects in Thailand. (Photo Credit: Gulf Energy Development Public Company Limited)

Key Takeaways

• ADB as the lead arranger has raised €820 million loan for Thai solar and storage projects  
• The recipient Gulf Renewable Energy will deploy 789 MW of solar and 396 MWh of energy storage with the proceeds 
• The ADB believes this solar and storage model can be replicated across the region 

Thailand-based energy and infrastructure group Gulf Energy Development Public Company Limited has raised $820 million as a loan from the Asian Development Bank (ADB) to support the construction of a large-scale portfolio of solar and energy storage projects.  

The portfolio comprises 8 ground-mounted solar projects representing a combined 393 MW and 4 ground-mounted plants with a combined 256 MW PV and 396 MWh of energy storage capacity. It will be executed by Gulf Energy’s subsidiary Gulf Renewable Energy Company Limited. 

Coupled with energy storage, the solar power assets will provide clean energy during non-daylight hours, grid stability, and facilitate further integration of solar power in the country’s energy mix.  

“This portfolio of projects significantly enhances solar energy and solar energy with battery storage in Thailand, marking a major step forward in the country’s goal of achieving carbon neutrality. It also offers a compelling model that can be replicated throughout the region," said ADB Director General for Private Sector Operations Suzanne Gaboury.    

These projects are part of Thailand’s 5 GW renewable energy feed-in-tariff (FiT) program for wind and solar energy capacity to come online by 2030. The country targets to increase its renewable energy generation capacity to 50% by 2037.    

As the Lead Arranger of this facility, the ADB has shelled out $260 million from ordinary capital resources, and $31.35 million from the Clean Technology Fund as blended concessional finance.  

The remaining $529 million came in as parallel loans from the Asian Infrastructure Investment Bank (AIIB), DEG - Deutsche Investitions- und Entwicklungsgesellschaft (German Development Finance Institution), the Export-Import Bank of China and KEXIM Global (Singapore), among others. 

Apart from renewable energy, Gulf Energy invests in gas-fired power plants. The company is set to start commercial operations for 532 MW solar and battery storage capacity in December this year. In 2025, it targets to install 1.47 GW energy capacity, comprising 600 MW solar and storage farms, along with 100 MW solar rooftop PV capacity.