- Gulf has secured THB 60 billion in loan facilities to develop 27 renewable and waste-to-energy projects in Thailand.
- The financing supports 939MW of clean energy capacity and strengthens the company’s pathway toward its 2050 Net Zero target.
Gulf Development Public Company Limited has secured THB 60,000 million in loan facilities to accelerate development of 27 renewable energy projects. The financing supports the company’s Net Zero target for 2050.
Chief Executive Officer Sarath Ratanavadi and Chief Financial Officer Yupapin Wangviwat led the financing process. GULF channelled the funding through its renewable energy and waste-to-energy subsidiaries.
Meanwhile, the funding supports a combined renewable portfolio of 939 MW. The portfolio includes 15 solar and solar plus battery energy storage system projects totalling 843 MW and 12 waste-to-energy projects totalling 96 MW.
Senior government and diplomatic representatives attended the signing ceremony. At the same time, Australian Ambassador Angela Macdonald and Canadian Ambassador Ping Kitnikone attended alongside executives from participating lending institutions.
The 15 solar and solar BESS projects require total investment exceeding THB 43,000 million. The projects will also deliver 843 MW of generation capacity across Thailand.
Twelve solar projects with a combined capacity of 649 MW have already started commercial operations. GULF expects the remaining three projects, totalling 194 MW, to reach completion in 2026.
Additionally, a syndicate of international and domestic lenders financed the solar portfolio. The Asian Development Bank acted as Mandated Lead Arranger and Bookrunner for the transaction.
GULF is also developing 12 industrial waste-to-energy projects with a combined capacity of 96 MW. In addition, the company expects the facilities to enter commercial operation in 2027.
The waste-to-energy plants will convert industrial waste into electricity. The facilities will reduce landfill use and support circular economy objectives.
GULF secured approximately THB 17,000 million in long-term financing for the waste-to-energy portfolio. Development finance institutions and commercial lenders provided the funding.
Furthermore, participating lenders include the Asian Development Bank, Asian Infrastructure Investment Bank and major regional commercial banks. Commercial lenders include Siam Commercial Bank, Bank of Ayudhya, TMBThanachart Bank, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank.
CEO Sarath Ratanavadi said financial sector support reflects strong confidence in GULF’s diversified clean energy portfolio. He also said GULF continues expanding across solar, battery storage, wind, hydropower and waste-to-energy technologies.
In addition, he said the financing supports Thailand’s decarbonisation policy and national Net Zero emissions target. He added that financial sector partnerships strengthen clean energy deployment across the country.
ADB Thailand Country Director Aaron Batten also said the bank is proud to support the transaction. He said private sector investment remains critical to achieving Thailand’s renewable energy targets.
The financing represents one of Thailand’s largest renewable-focused funding exercises. The transaction highlights strong international and domestic confidence in large-scale clean energy investments.