Thailand is boosting its renewable energy capacity in line with government targets with the help of financing from the International Finance Corporation.
Thai solar firm Solar Power Company has signed an agreement with the IFC and the Clean Technology Fund covering loans totalling $12 million to help the construction of two 6 MW solar photovoltaic (PV) power plants.
The two plants are being developed under Thailand’s Very Small Power Project programme and will help the country to reach its target of generating 20 per cent of its energy needs from renewable sources by 2022. Solar Power Company has secured a total of 34 licences to build and operate grid-connected solar farms across Thailand.
The IFC is to provide an $8 million loan, while the Clean Technology Fund – a multi-donor facility run by the World Bank – will provide a $4 million facility.
“IFC’s investments in Solar Power Company plants will help catalyse private sector investment in renewable energy, specifically solar, in Thailand,” said Sergio Pimenta, IFC director for East Asia and the Pacific. “Especially, this first investment of the Clean Technology Fund in Thailand’s renewable energy sector demonstrates the viability of lending to small-scale solar projects, and helps to attract more financing from the banking sector.”
The two new plants are also receiving debt financing from local banks Kasikorn Bank, Bank of Ayudhya, and Thanachart Bank.
Linkedin
