GULF Raises THB 60 Billion For Solar-Led RE Portfolio In Thailand

Gulf Development Public Company Limited (GULF) has raised THB 60 billion (equivalent to $1.9 billion) to develop 27 renewable energy projects in Thailand, with most of them comprising solar PV technology.  

GULF, the Thailand-based energy and infrastructure company, says the loan facilities secured will advance its pipeline of 939 MW. This includes 843 MW capacity to be deployed as 15 solar farms, and solar farms with battery energy storage systems (Solar BESS).  

These projects, with an investment value of over THB 43 billion, are scheduled to come online between 2024 and 2026. Commercial operations have already begun for 12 of the solar and solar BESS facilities, accounting for 649 MW capacity. The remaining 3 facilities with 194 MW combined capacity are under construction and due to come online this year.

GULF raised this capacity from a syndicate of domestic and international financial lenders, including the Asian Development Bank (ADB), 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), and KEXIM Global (Singapore) (KGS). 

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, also participated in the overall financing for the solar and solar BESS projects.  

The remaining 12 facilities, with a contracted capacity of 96 MW, will be installed as industrial waste-to-energy power projects, with a THB 17 billion investment. Commercial operations will be launched in 2027. 

Earlier, ADB lent $820 million to a company subsidiary for 12 solar and solar BESS projects in November 2024 (see ADB Lending $820 Million For Thai Solar & Storage Portfolio). 

Apart from solar, storage, and waste-to-energy, publicly listed GULF also invests in wind farms and hydropower projects. Its current installed capacity stands at 15.1 GW, with another 8.3 GW under construction or in development. This comprises 1.61 GW and 6.9 GW of renewable energy capacity, respectively. GULF targets 40% of its total power generation to come from renewable energy by 2035. 

This financing, says GULF, will drive its progress toward achieving net-zero emissions by 2050 and contribute to the country’s sustainable energy transition.  

Thailand aims to add 64 GW of new renewables capacity, including 36 GW of solar and 10.5 GW of BESS by 2037. Ember recommends adding another 32 GW of solar and 6 GW of BESS for the country to reliably meet its data center and EV charging demand (see Ember Recommends 32 GW More Solar For Thailand By 2037).