The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited (GRE) have signed a USD 350 million loan agreement to support construction of two solar plus battery energy storage system (BESS) projects with a contracted capacity of 126 MW and 151 MWh of storage and a 68 MW solar power plant in Thailand.
ADB acted as the sole mandated lead arranger and bookrunner for the transaction. The funding package includes USD 75 million from ADB ordinary capital resources, a USD 50 million B-loan from DBS Bank Limited and USD 150 million in parallel loans from DEG Deutsche Investitions- und Entwicklungsgesellschaft, Development Finance Institute Canada Inc, and Export Finance Australia.