ADB backs $350M for Thailand solar-plus-storage projects

The Asian Development Bank (ADB) has approved a $350 million loan to Gulf Renewable Energy to finance the construction of three solar projects in Thailand, signaling continued investment in renewable energy infrastructure within the region. The projects, developed by Gulf Renewable Energy Co. Ltd., a subsidiary of Gulf Development Public Co. Ltd. (GULF), include two solar-plus-storage projects with a combined capacity of 126 MW of solar and 151 MWh of storage, and a third 68 MW solar site. ADB acted as the sole mandated lead arranger and bookrunner for the financing, indicating a strong level of confidence in the project's viability and alignment with ADB's development goals. The projects are expected to support over 1,500 construction jobs and 12 operational jobs. This financing underscores the growing importance of hybrid renewable energy projects, particularly solar-plus-storage, in Southeast Asia. The involvement of multiple lenders, including DBS Bank Ltd, DEG, Development Finance Institute Canada, Export Finance Australia, and Leading Asia’s Private Infrastructure Fund 2, alongside the ADB, demonstrates a diversified funding approach and international interest in Thailand's renewable energy sector. The deal's focus on construction-stage projects highlights the ongoing efforts to expand renewable energy capacity and enhance grid stability through energy storage solutions.