Gulf Development Public Company Limited (GULF) has successfully secured THB 60,000 million in loan facilities to accelerate the development of 27 renewable energy projects. Led by CEO Mr. Sarath Ratanavadi and CFO Ms. Yupapin Wangviwat, the financing?channeled through GULF?s renewable energy and waste-to-energy subsidiaries?supports a 939 MW portfolio consisting of 15 solar and Solar BESS projects (843 MW) and 12 industrial waste-to-energy plants (96 MW). This landmark financing underscores GULF?s commitment to achieving Net Zero by 2050.
The signing ceremony was graced by H.E. Dr. Angela Macdonald, Australian Ambassador to Thailand, and H.E. Ping Kitnikone, Canadian Ambassador to Thailand, alongside senior executives from partner lending institutions. The 15 solar and Solar BESS projects, representing a total investment of over THB 43,000 million (USD 1,300 million), are set to deliver a combined 843 MW. To date, 12 projects (649 MW) have successfully commenced commercial operations, with the remaining three (194 MW) on track for completion in 2026.
This large-scale initiative was financed by a prestigious syndicate of international and domestic lenders. The Asian Development Bank (ADB) served as the Mandated Lead Arranger and Bookrunner, supported by prominent institutions including AIIB, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Development Finance Institute Canada (FinDev Canada), Export Finance Australia (EFA), the Export-Import Bank of China (CEXIM), Japan International Cooperation Agency (JICA), KEXIM Global (Singapore) (KGS), and several leading Thai commercial banks such as Bangkok Bank, Bank of Ayudhya, Export-Import Bank of Thailand, KASIKORNBANK, Krungthai Bank, and Siam Commercial Bank, alongside Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank (Thai), and DBS Bank. In parallel, GULF is advancing the circular economy through 12 industrial waste-to-energy projects (96 MW) scheduled for commercial operation in 2027.
These facilities offer a sustainable alternative to landfilling by converting industrial waste into clean energy. GULF has secured approximately THB 17,000 million (USD 550 million) in long-term financing for these projects. This funding was provided by a group of development financial institutions, including ADB and AIIB, as well as leading commercial banks such as Siam Commercial Bank, Bank of Ayudhya, TMBThanachart Bank, Sumitomo Mitsui Banking Corporation, Bangkok Branch, and Standard Chartered Bank.
