Gulf Development Public Company Limited (GULF), a Thailand-based power and infrastructure company, has secured THB 60,000 million (~$1.9 billion) in loan facilities to support the development of 27 renewable energy projects.
Of the total financing, THB 43,000 million (~$1.3 billion) will be used to support 15 solar and solar-plus-battery energy storage projects with a combined capacity of 843 MW. To date, 12 projects totaling 649 MW have already reached commercial operations, while the remaining three projects (194 MW) are on track for completion in 2026.
The Asian Development Bank (ADB) served as the mandated lead arranger and bookrunner, supported by international institutions including AIIB, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Development Finance Institute Canada, Export Finance Australia, the Export-Import Bank of China, Japan International Cooperation Agency, and KEXIM Global (Singapore).
Several 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, and DBS Bank, also participated.
In addition, the company also secured THB 17,000 million (~$550 million) in long-term financing to advance the circular economy through 12 industrial waste-to-energy projects (96 MW), scheduled for commercial operation in 2027.
Mr. 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.”
Large-scale project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
In December, BayWa r.e., a renewable energy project developer, secured financing for the Jacumba Valley Ranch (JVR) Energy Park, which includes 90 MWac/127 MWdc solar and 70 MWac/280 MWh battery energy storage capacity located in Southeastern San Diego County, California.
