Thailand’s GULF Secures Landmark $1.3 Billion Financing to Fast-Track Renewable Energy Expansion
Bangkok-based Gulf Development obtains major loan support for solar, storage, and waste-to-energy projects as part of its net-zero transition strategy
Gulf Development Public Company Limited (GULF), a leading Thailand-based energy and infrastructure company, has successfully secured a major loan package equivalent to approximately USD 1.3 billion to advance a portfolio of clean energy projects across the country.
The financing is part of a broader THB 60 billion (about USD 1.9 billion) facility arranged to support 27 renewable power initiatives with a combined contracted generation capacity of 939 megawatts (MW), underscoring the company’s commitment to helping Thailand’s energy transition and decarbonisation ambitions.
Under the terms of the facility, around THB 43 billion (approximately USD 1.3 billion) has been earmarked specifically for 15 solar farms and solar-plus-battery energy storage system (Solar BESS) projects with a total capacity of 843 MW. Twelve of these projects, amounting to 649 MW, are already in commercial operation, while the remaining three, accounting for 194 MW, are on track for completion in 2026. :contentReference[oaicite:1]{index=1}
The loan was orchestrated by the Asian Development Bank (ADB) as the mandated lead arranger and bookrunner, and supported by a broad syndicate of international and domestic financial institutions.
Participants include the Asian Infrastructure Investment Bank, Japan International Cooperation Agency, Export-Import Bank of China, Development Finance Institute Canada, Deutsche Investitions- und Entwicklungsgesellschaft, Export Finance Australia, and several major Thai banks such as Bangkok Bank, Kasikornbank, Krungthai Bank and Siam Commercial Bank, among others.
In addition to the solar portfolio, GULF also secured long-term financing of approximately THB 17 billion (around USD 550 million) to develop 12 industrial waste-to-energy plants with a combined capacity of 96 MW, slated to begin operations in 2027. This segment supports circular economy objectives by converting industrial waste into electricity and reducing landfill dependency.
GULF’s Chief Executive Officer, Sarath Ratanavadi, expressed appreciation for the confidence shown by both domestic and international lenders, highlighting that the financing milestone reflects strong support for the company’s diversified renewable portfolio.
The successful closure aligns with Thailand’s broader policy goals of expanding clean energy capacity and achieving net-zero greenhouse gas emissions by 2050.
The financing is part of a broader THB 60 billion (about USD 1.9 billion) facility arranged to support 27 renewable power initiatives with a combined contracted generation capacity of 939 megawatts (MW), underscoring the company’s commitment to helping Thailand’s energy transition and decarbonisation ambitions.
Under the terms of the facility, around THB 43 billion (approximately USD 1.3 billion) has been earmarked specifically for 15 solar farms and solar-plus-battery energy storage system (Solar BESS) projects with a total capacity of 843 MW. Twelve of these projects, amounting to 649 MW, are already in commercial operation, while the remaining three, accounting for 194 MW, are on track for completion in 2026. :contentReference[oaicite:1]{index=1}
The loan was orchestrated by the Asian Development Bank (ADB) as the mandated lead arranger and bookrunner, and supported by a broad syndicate of international and domestic financial institutions.
Participants include the Asian Infrastructure Investment Bank, Japan International Cooperation Agency, Export-Import Bank of China, Development Finance Institute Canada, Deutsche Investitions- und Entwicklungsgesellschaft, Export Finance Australia, and several major Thai banks such as Bangkok Bank, Kasikornbank, Krungthai Bank and Siam Commercial Bank, among others.
In addition to the solar portfolio, GULF also secured long-term financing of approximately THB 17 billion (around USD 550 million) to develop 12 industrial waste-to-energy plants with a combined capacity of 96 MW, slated to begin operations in 2027. This segment supports circular economy objectives by converting industrial waste into electricity and reducing landfill dependency.
GULF’s Chief Executive Officer, Sarath Ratanavadi, expressed appreciation for the confidence shown by both domestic and international lenders, highlighting that the financing milestone reflects strong support for the company’s diversified renewable portfolio.
The successful closure aligns with Thailand’s broader policy goals of expanding clean energy capacity and achieving net-zero greenhouse gas emissions by 2050.
