The Asian Development Bank (ADB) has signed aggregate loan agreements totaling 16.6 billion baht (about $511.9 million) with 12 companies indirectly owned by Gulf Waste to Energy Holdings Company Limited (GWTE), a subsidiary of Gulf Development Public Company Limited (GULF). The financing will support energy generation from nonhazardous industrial waste, promote diversion from landfills, and reduce illegal waste disposal activities in Thailand.
In addition to providing 3.0 billion baht ($91.9 million) from its ordinary capital resources, ADB was the environmental and social (E&S) coordinator of the transaction, mobilizing 13.6 billion baht ($420.0 million) from six parallel lenders. This mobilization ensures that borrowers meet the E&S standards of both ADB and the participating lenders.
The funds will be used to develop, construct, and operate 12 industrial waste-to-energy (WTE) power plants with a total contracted capacity of 96 megawatts (MW) in Thailand’s central and eastern regions, which are key industrial areas that generate large volumes of industrial waste.
In 2023, Thailand’s Ministry of Industry introduced the polluter pays principle and a new waste disposal code to hold waste generators accountable across the entire disposal lifecycle and promote the use of certain nonhazardous materials as alternative fuels. These measures support Thailand’s 2nd National Action Plan on Waste Management, which positions WTE projects as a key solution for managing residual waste.
“This project underscores the pivotal role of the private sector in driving Thailand’s circular economy,” said ADB Country Director for Thailand Aaron Batten. “This is the country’s first large-scale industrial WTE project. By developing a bankable loan structure that reduces risk perception, ADB has helped build market confidence in the viability of large-scale WTE projects in Thailand and across Southeast Asia.”
By 2029, the plants are expected to divert over 600,000 tons of nonhazardous industrial waste from landfills annually, supporting Thailand’s goal of reducing greenhouse gas emissions by 30% by 2030.
“This marks a turning point in industrial waste management by creating a scalable model that can be implemented across the region to significantly reduce landfill waste and convert it into energy,” said GULF Chief Financial Officer Yupapin Wangviwat. “Securing this financing is a major milestone in our WTE strategy and reinforces our commitment to circular economy principles. This initiative directly supports Thailand’s policy to increase renewable energy in the power mix while balancing industrial growth with environmental responsibility.”
GWTE is a subsidiary of GULF, which has a portfolio of core businesses in conventional and renewable energy, infrastructure and utilities, telecommunications and satellites, and digital businesses. GULF is Thailand’s leading power generation company with a total installed generation capacity of 16,504 MW as of December 2025.
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.
