Gulf Development Public Company Limited (GULF) has secured loan facilities worth approximately $1.9 billion to support the development of 27 renewable energy projects in Thailand with a total contracted generation capacity of 939 MW. The financing has been arranged through the company’s renewable energy and waste-to-energy subsidiaries. The portfolio comprises 15 solar and solar-plus-battery energy storage projects with a combined capacity of 843 MW, along with 12 industrial waste-to-energy plants totalling 96 MW.
The solar and solar battery storage portfolio represents an investment of over $1,300 million and includes 15 projects aggregating 843 MW. Of these, 12 projects with a capacity of 649 MW have already commenced commercial operations, while the remaining three projects totalling 194 MW are scheduled for completion in 2026. The financing for these assets was supported by a syndicate of international and domestic lenders, including Asian Development Bank (ADB), Asian Infrastructure Investment Bank, Deutsche Investitions- und Entwicklungsgesellschaft, Development Finance Institute Canada, Export Finance Australia, Export-Import Bank of China, Japan International Cooperation Agency, KEXIM Global (Singapore), Bangkok Bank, Bank of Ayudhya, Export-Import Bank of Thailand, KASIKORNBANK, Krungthai Bank, Siam Commercial Bank, Sumitomo Mitsui Banking Corporation (SMBC), Sumitomo Mitsui Trust Bank (Thai), and DBS Bank.
Additionally, the industrial waste-to-energy projects are targeted for commercial operation in 2027. These projects have secured long-term financing of around $550 million. The funding has been provided by development finance institutions such as ADB and Asian Infrastructure Investment Bank, along with commercial lenders including Siam Commercial Bank, Bank of Ayudhya, TMBThanachart Bank, SMBC Bangkok Branch, and Standard Chartered Bank.
