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. 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. The projects are located in Suphanburi and Phetchaburi provinces and are expected to support over 1,500 construction jobs and 12 operational jobs. ADB acted as the sole mandated lead arranger and bookrunner for the financing.
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Counterparts (8)
Lender
Export Finance Australia
company
Export Finance Australia is the Australian Government's export credit agency, providing finance solutions such as loans, bonds, and guarantees. It supports Australian businesses, from SMEs to large corporates, foreign governments, and infrastructure projects, to engage in export trade and overseas infrastructure development.
DEG
company
DEG is a German development finance institution that invests in private sector companies in developing and emerging countries to promote sustainable development. They provide long-term financing and advisory services to companies investing in sectors such as renewable energy, infrastructure, and manufacturing.
Asian Development Bank
company · 3 deals
The Asian Development Bank (ADB) is a regional development bank committed to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. ADB supports projects in developing member countries through direct loans, guarantees, equity investments, and technical assistance.
Development Finance Institute Canada
company
Development Finance Institute Canada (DFC) is Canada's development finance institution. Its mandate is to provide financial solutions and support private sector investment in developing countries to reduce poverty and inequality.
L
Leading Asia’s Private Infrastructure Fund 2
company
Leading Asia’s Private Infrastructure Fund 2 (LAPIF 2) is a closed-end infrastructure fund managed by InfraRed Capital Partners, focusing on mid-market infrastructure assets across Asia. The fund targets investments in sectors such as renewable energy, digital infrastructure, and essential utilities, aiming for long-term capital appreciation and stable returns by capitalizing on the region's growing infrastructure demand.
DBS Bank Ltd
company · 2 deals
DBS Bank is a leading financial services group headquartered in Singapore. It operates in 19 markets around the world and is focused on serving customers in Asia.
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Deal Analysis
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.
- ADB provided a $350 million loan to Gulf Renewable Energy for solar projects in Thailand.
- The projects include two solar-plus-storage facilities with a combined capacity of 126 MW solar and 151 MWh storage.
- ADB acted as the sole mandated lead arranger and bookrunner.
- Multiple lenders, including DBS Bank Ltd, DEG, Development Finance Institute Canada, Export Finance Australia, and Leading Asia’s Private Infrastructure Fund 2, participated in the financing.
Source Intelligence
KEY DETAILS
The projects include two solar-plus-storage projects with a combined capacity of 126 MW of solar and 151 MWh of storage, alongside a third solar site totaling 68 MW. The projects are expected to support over 1,500 construction jobs and 12 operational jobs. ADB acted as the sole mandated lead arranger and bookrunner for the financing. The package includes $75 million from the bank’s ordinary capital resources.
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Deal Size
ADB backs $350 million for three solar-plus-storage projects in Thailand
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Capacity
ADB backs $350 million for three solar-plus-storage projects in Thailand The Asian Development Bank (ADB) has approved a $350 million loan to Gulf Renewable Energy to build 194 MW of solar capacity, including two battery-integrated projects, in central Thailand.
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Location
The projects will be located in the central provinces of Suphanburi and Phetchaburi
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Announcement
February 19, 2026
PARTIES MENTIONED IN SOURCE
A
Asian Development Bank
lender
"The Asian Development Bank (ADB) has approved a $350 million loan to Gulf Renewable Energy"
G
Gulf Renewable Energy
developer
"The Asian Development Bank (ADB) has approved a $350 million loan to Gulf Renewable Energy"
G
Gulf Development Public Co. Ltd.
developer
"Gulf Renewable Energy Co. Ltd., a subsidiary of holding company Gulf Development Public Co. Ltd. (GULF), to develop two solar-plus-storage projects"
D
DBS Bank Ltd
lender
"a $50 million B-loan from DBS Bank Ltd"
D
DEG
lender
"a $150 million loan from German development finance institution DEG, Development Finance Institute Canada and Export Finance Australia"
D
Development Finance Institute Canada
lender
"a $150 million loan from German development finance institution DEG, Development Finance Institute Canada and Export Finance Australia"
E
Export Finance Australia
lender
"a $150 million loan from German development finance institution DEG, Development Finance Institute Canada and Export Finance Australia"
L
Leading Asia’s Private Infrastructure Fund 2
lender
"a $75 million loan from the ADB-administered Leading Asia’s Private Infrastructure Fund 2"
high quality
Enriched Feb 21, 2026
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Global Infrastructure Sherpa