Gulf Development Public Company Limited (GULF) has secured THB 60bn ($1.85bn) in loan facilities to fund 27 renewable energy projects totalling 939 MW across Thailand.
The financing covers 15 solar and solar-plus-battery projects delivering 843 MW, and 12 waste-to-energy plants at 96 MW, arranged by subsidiaries Gulf Renewable Energy and Gulf Waste to Energy Holdings.
The move supports GULF’s net zero emissions target by 2050 goal and Thailand’s decarbonisation drive by feeding clean power into the grid while cutting greenhouse gases.
Twelve of the projects (649 MW) within the solar portfolio – valued at over THB 43bn ($1.3bn) – are already up and running, with three more (194 MW) due online in 2026. Asian Development Bank (ADB) led the lenders, which include the Asian Infrastructure Investment Bank (AIIB), JICA, China’s CEXIM, Export Finance Australia, and Thai financial institutions including Siam Commercial Bank (SCB), Kasikornbank, and Bangkok Bank.
Meanwhile, the waste-to-energy projects, due start up in 2027, received THB 17bn from ADB, AIIB, and others to process industrial waste into power.
GULF CEO Sarath Ratanavadi thanked backers for their confidence in its clean energy portfolio, while ADB’s Thailand chief Aaron Batten called it key for Thailand’s renewables targets. SCB CEO Kris Chantanotoke added that the deal sets a template for blending sustainability with bankable returns in Thailand’s shifting energy scene.
