The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited have finalised an USD820 million loan to provide construction financing for 12 renewable energy projects in Thailand.
The portfolio includes eight ground-mounted solar photovoltaic (PV) plants with a contracted capacity of 393 MW and four solar PV plants with battery energy storage systems totaling 256 MW of contracted capacity and 396 MWh of energy storage. ADB will provide USD260 million from its capital resources, with the remainder USD529 million being sourced from several international financial institutions, including the Asian Infrastructure Investment Bank, the Export-Import Bank of China, KEXIM Global and DEG – Deutsche Investitions- und Entwicklungsgesellschaft. The package also includes USD31.35 million in concessional financing from the Clean Technology Fund to allow for the higher execution and address risks associated with solar-battery projects.