The power and infrastructure conglomerate of Thailand, Gulf Development Public Company Limited (GULF), has secured THB 60,000 million in loan facilities to accelerate the development of 27 renewable energy projects, strengthening its push toward a Net Zero target by 2050.
The financing, led by Chief Executive Officer Sarath Ratanavadi and Chief Financial Officer Yupapin Wangviwat, has been channelled through GULF’s renewable energy and waste-to-energy subsidiaries.
The funding supports a combined renewable portfolio of 939 MW, comprising 15 solar and solar plus battery energy storage system (BESS) projects with a total capacity of 843 MW, alongside 12 industrial waste-to-energy projects totalling 96 MW.
The signing ceremony was attended by Angela Macdonald, Australian Ambassador to Thailand, and Ping Kitnikone, Canadian Ambassador to Thailand, along with senior executives from participating lending institutions.
Solar and Solar BESS Projects
The 15 solar and solar BESS projects represent a total investment exceeding THB 43,000 million (USD 1,300 million) and are expected to deliver 843 MW of capacity. Of these, 12 projects with a combined capacity of 649 MW have already commenced commercial operations. The remaining three projects, accounting for 194 MW, are scheduled for completion in 2026.
This portfolio has been financed by a syndicate of international and domestic lenders, with the Asian Development Bank (ADB) acting as the Mandated Lead Arranger and Bookrunner.
Waste-to-Energy Expansion
In parallel, GULF is advancing 12 industrial waste-to-energy projects with a combined capacity of 96 MW, scheduled to enter commercial operation in 2027. These facilities are designed to convert industrial waste into electricity, offering an alternative to landfilling while supporting the circular economy.
For these projects, GULF has secured approximately THB 17,000 million (USD 550 million) in long-term financing. The funding has been provided by development finance institutions, including ADB and AIIB, along with commercial lenders such as Siam Commercial Bank, Bank of Ayudhya, TMBThanachart Bank, Sumitomo Mitsui Banking Corporation (Bangkok Branch), and Standard Chartered Bank.
Sarath Ratanavadi, Chief Executive Officer, GULF, stated, “We would like to express our gratitude to the Multilateral Development Banks (MDBs), Development Finance Institutions (DFIs) such as the ADB, as well as leading onshore and offshore commercial banks for their financial support. This success reflects the strong confidence that both local and international financial institutions have in GULF. Currently, GULF has a diverse portfolio of projects under development, encompassing solar farms, solar with BESS, wind farms, hydropower, and waste-to-energy projects. The support from the financial sector reinforces our shared commitment to driving clean energy initiatives, which align with Thailand’s decarbonization policy and the national goal of achieving Net Zero Emissions by 2050.”
Aaron Batten, Country Director, Thailand Resident Mission of the Asian Development Bank, said, “As the sole mandated lead arranger and bookrunner for the renewable energy portfolio and the Environmental and Social (E&S) coordinator for the industrial waste-to-energy projects, ADB is proud to anchor this landmark transaction. Our support underscores the critical role of private sector investment in helping Thailand reach its ambitious renewable energy targets. This partnership represents a significant leap forward in the region’s journey toward a sustainable energy landscape.”
The financing marks one of the largest renewable-focused funding exercises in Thailand to date and highlights growing international and domestic lender confidence in large-scale clean energy and circular economy projects across the region.
