BANGKOK — The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited (GRE), a subsidiary of Gulf Development Public Company Limited (GULF), have signed a $350 million loan to expand renewable energy generation and decarbonize Thailand’s power sector. The financing will support the construction of three projects: two solar-plus-battery energy storage systems (BESS) with a total contracted capacity of 126 megawatts (MW) and 151 megawatt-hours of energy storage, and a solar power plant with a contracted capacity of 68 MW.
ADB is the sole mandated lead arranger and bookrunner. In addition to providing $75 million from its ordinary capital resources, ADB also structured and syndicated a B-loan of $50 million from DBS Bank Ltd.; $150 million parallel loans from DEG – Deutsche Investitions- und Entwicklungsgesellschaft (a German development finance institution), Development Finance Institute Canada (DFIC) Inc., and Export Finance Australia; and a $75 million loan from ADB-administered Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). The strong participation from cofinanciers reflects robust market confidence in the project.
“Battery-integrated solar is a cornerstone of Thailand’s affordable and reliable clean energy future,” said ADB Country Director for Thailand Aaron Batten. “This project demonstrates clear commercial bankability and highlights how strong partnerships with private investors and development finance institutions can accelerate progress toward Thailand’s renewable energy targets.”
Once operational, the projects are expected to reduce an average of 191,550 tons of carbon dioxide emissions annually. This will contribute directly to Thailand’s goal of reaching net-zero emissions by 2050. The projects also align with Thailand’s 5-gigawatt renewable energy feed-in tariff program, marking Southeast Asia’s first large-scale solar and BESS procurement.
“We are not just building power plants; together with ADB, we are pioneering a new model of grid stability,” said GULF Chief Financial Officer Yupapin Wangviwat. “The innovative integration of solar energy with large-scale battery storage sets a clear precedent for Thailand and for the region. With the support of our financial partners and ADB, we are demonstrating how combining renewable energy’s variability with BESS is unlocking new potential in the energy sector.”
Established in 2011, GULF is a leading power generation company in Thailand with a total installed generation capacity of 16,504 MW in operation as of December 2025. The company’s core businesses span energy, infrastructure and utilities, telecommunications and satellite, and digital sectors.
LEAP 2 is an ADB-managed fund with a $1.5 billion commitment from the Japan International Cooperation Agency. Established in 2023, it focuses on sustainable private sector infrastructure projects that reduce carbon emissions, improve energy efficiency, and provide affordable health care, education, and communication services to ADB’s developing member countries.
ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.
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