The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited (GRE), a subsidiary of Gulf Development Public Company Limited (GULF), have signed a $350 million loan agreement to expand renewable energy generation and accelerate the decarbonization of Thailand’s power sector.
The financing will support the construction of three major projects:
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Two solar-plus-battery energy storage systems (BESS) with a combined capacity of 126 MW and 151 MWh of energy storage.
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A solar power plant with a contracted capacity of 68 MW.
Financing Structure:
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ADB Contribution: $75 million from ordinary capital resources and $75 million via the LEAP 2 Fund.
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B-loan Syndication: $50 million from DBS Bank Ltd.
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Parallel Loans: $150 million from DEG (Germany), DFIC (Canada), and Export Finance Australia.
“This project demonstrates the commercial viability of battery-integrated solar and highlights the power of partnerships between private investors and development finance institutions,” said Aaron Batten, ADB Country Director for Thailand.
Once operational, the projects are expected to reduce an average of 191,550 tons of CO₂ emissions annually, contributing to Thailand’s net-zero emissions target by 2050. The projects also align with Thailand’s 5-gigawatt renewable energy feed-in tariff program, representing Southeast Asia’s first large-scale solar and BESS procurement initiative.
GULF’s CFO, Yupapin Wangviwat, emphasized the innovative approach:
“By integrating solar energy with large-scale battery storage, we are setting a clear precedent for grid stability and unlocking new potential in Thailand’s energy sector.”
About GULF:
Founded in 2011, GULF is a leading power generation company in Thailand with 16,504 MW of installed capacity as of December 2025. Its core businesses include energy, infrastructure, utilities, telecommunications, satellite, and digital sectors.
About LEAP 2:
Managed by ADB with a $1.5 billion commitment from JICA, LEAP 2 supports sustainable private sector infrastructure projects across Asia and the Pacific.
About ADB:
ADB is a multilateral development bank owned by 69 members, supporting inclusive, resilient, and sustainable growth in Asia and the Pacific through innovative finance and strategic partnerships.