ADB Backs Gulf’s Solar Portfolio with USD 350 Million

Asian Development Bank (ADB) has approved a USD 350 million loan package to support construction of three solar projects in Thailand for Gulf Renewable Energy, a subsidiary of Gulf Development Public Company Limited. The portfolio includes two solar-plus-storage plants with a combined 126 MW of solar capacity and 151 MWh of battery energy storage, along with a standalone 68 MW solar project in Suphanburi and Phetchaburi provinces. ADB acted as sole mandated lead arranger and bookrunner for the transaction. The financing package includes USD 75 million from ADB’s ordinary capital resources, a USD 50 million B-loan from DBS Bank Limited, USD 150 million in parallel loans from DEG, Development Finance Institute Canada and Export Finance Australia and USD 75 million.