The Asian Development Bank (ADB) and Thailand-based Gulf Renewable Energy Company Limited, a subsidiary of Gulf Energy Development Public Company Limited, have signed an $820 million loan agreement to fund 12 renewable energy projects in Thailand. The portfolio includes eight ground-mounted PV plants with 393 MW of contracted capacity and four PV plants integrated with battery storage, delivering 256 MW and 396 MWh of storage. ADB contributes $260 million from its capital, while $529 million comes from parallel loans from institutions like the Asian Infrastructure Investment Bank and the Export-Import Bank of China. Additionally, $31.35 million in concessional finance from the Clean Technology Fund supports solar-battery integration. Gulf claims this initiative aligns with Thailand’s goal of achieving 50% renewable energy by 2037, boosting grid stability and advancing the nation’s renewable energy targets under its 5 GW feed-in-tariff program.
Gulf partners with ADB for $820M renewable energy projects
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