Gulf Development Public Company Limited (SET: GULF) has successfully secured loan facilities totaling THB 60,000 million to support the development of 27 renewable energy power projects with a total contracted generation capacity of 939 MW. These projects comprise 15 solar farms and solar farms with battery energy storage system (Solar BESS) with a total contracted capacity of 843 MW, and 12 industrial waste-to-energy power projects with a total contracted capacity of 96 MW. The financing was arranged through GULF’s subsidiaries, namely, Gulf Renewable Energy Company Limited and Gulf Waste to Energy Holdings Company Limited.
This milestone represents a significant step in advancing GULF’s greenhouse gas emissions reduction strategy and its commitment to achieving net zero emissions by 2050, while promoting the use of clean energy to support Thailand’s sustainable energy transition.
With respect to the 15 solar farms and solar BESS projects, which have a combined contracted generation capacity of 843 MW and are scheduled to commence commercial operations during 2024–2026, the total investment value exceeds THB 43,000 million, or approximately USD 1,300 million.
The financing was supported by a syndicate of leading domestic and international financial institutions, with the Asian Development Bank (ADB) serving as the Mandated Lead Arranger and Bookrunner. Other prominent lenders include the Asian Infrastructure Investment Bank (AIIB), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Development Finance Institute Canada (FinDev Canada), Export Finance Australia (EFA), the Export-Import Bank of China (CEXIM), Japan International Cooperation Agency (JICA), KEXIM Global (Singapore) (KGS), and several leading Thai commercial banks such as Bangkok Bank, Bank of Ayudhya, Export-Import Bank of Thailand, KASIKORNBANK, Krungthai Bank, and Siam Commercial Bank, alongside Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank (Thai), and DBS Bank.
Currently, 12 of these solar farms and solar BESS projects, with a total contracted capacity of 649 MW, have commenced commercial operations during 2024–2025, while the remaining three projects, with a combined contracted capacity of 194 MW, are under construction and are expected to commence commercial operations in 2026.
Furthermore, GULF continues to promote the circular economy through the development of 12 industrial waste-to-energy power projects with a total contracted generation capacity of 96 MW, which are scheduled to commence commercial operations in 2027. These projects aim to sustainably convert industrial waste into energy, reduce reliance on landfilling, and enhance the efficiency of waste management. The projects have secured long-term financing facilities totaling approximately THB 17,000 million (or approximately USD 550 million) from a group of development financial institutions, including the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB), as well as leading commercial banks such as Siam Commercial Bank, Bank of Ayudhya, TMBThanachart Bank, Sumitomo Mitsui Banking Corporation, Bangkok Branch, and Standard Chartered Bank.
Mr. Sarath Ratanavadi, Chief Executive Officer, GULF, stated: “We would like to express our gratitude to the Multilateral Development Banks (MDBs), Development Finance Institutions (DFIs) such as the ADB, as well as leading onshore and offshore commercial banks for their financial support. This success reflects the strong confidence that both local and international financial institutions have in GULF. Currently, GULF has a diverse portfolio of projects under development, encompassing solar farms, solar with BESS, wind farms, hydropower, and waste-to-energy projects. The support from the financial sector reinforces our shared commitment to driving clean energy initiatives, which align with Thailand’s decarbonization policy and the national goal of achieving Net Zero Emissions by 2050.”
Mr. Aaron Batten, Country Director, Thailand Resident Mission of the Asian Development Bank, said: “As the sole mandated lead arranger and bookrunner for the renewable energy portfolio and the Environmental and Social (E&S) coordinator for the industrial waste-to-energy projects, ADB is proud to anchor this landmark transaction. Our support underscores the critical role of private sector investment in helping Thailand reach its ambitious renewable energy targets. This partnership represents a significant leap forward in the region’s journey toward a sustainable energy landscape.”
Mr. Kris Chantanotoke, Chief Executive Officer, Siam Commercial Bank Public Company Limited, stated: “Siam Commercial Bank is delighted to support GULF Group in implementing comprehensive sustainability projects, ranging from large-scale renewable energy initiatives such as solar farms and solar BESS to industrial waste-to-energy power projects, which play a vital role in driving sustainable development. This support reflects the bank’s commitment to promoting the circular economy and innovative infrastructure that addresses both waste management challenges and the continuously increasing demand for low-carbon energy. The financial structure of this project serves as a blueprint for future environmental projects and reinforces that industrial sustainability and financial viability within the context of Thailand’s evolving energy market.”
