ADB Signs $350M Deal to Expand Solar and Battery Storage in Thailand

The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited (GRE), a subsidiary of Gulf Development Public Company Limited (GULF), have signed a $350 million loan package to accelerate renewable energy expansion and decarbonize Thailand's power sector.

The financing will support the construction of three major clean energy projects, including two solar-plus-battery energy storage systems (BESS) and a large-scale solar power plant, marking a significant step forward in Thailand's transition toward a low-carbon electricity system.

Major Investment in Solar and Battery-Integrated Power

Under the agreement, the loan will fund:

• Two solar + BESS projects with a combined contracted capacity of 126 MW and 151 megawatt-hours of storage

• One solar power plant with a contracted capacity of 68 MW

These projects will strengthen Thailand's ability to integrate more renewable energy into the grid by improving reliability and reducing dependence on fossil fuels.

Innovative Financing Structure Draws Strong Market Support

ADB is acting as the sole mandated lead arranger and bookrunner, demonstrating its central role in mobilizing private capital for clean infrastructure.

The $350 million financing package includes:

• $75 million from ADB's ordinary capital resources

• A structured $50 million B-loan from DBS Bank Ltd.

• $150 million in parallel loans from DEG (Germany), Development Finance Institute Canada (DFIC), and Export Finance Australia

• $75 million from the ADB-administered Leading Asia's Private Infrastructure Fund 2 (LEAP 2)

ADB said the strong participation of cofinanciers reflects high confidence in the commercial viability and regional significance of battery-integrated solar projects.

Supporting Thailand's Net-Zero Pathway

Once operational, the projects are expected to reduce an average of 191,550 tons of carbon dioxide emissions annually, directly supporting Thailand's national target of achieving net-zero emissions by 2050.

ADB Country Director for Thailand Aaron Batten highlighted the importance of storage-backed renewables:

"Battery-integrated solar is a cornerstone of Thailand's affordable and reliable clean energy future. This project demonstrates clear commercial bankability and shows how partnerships with private investors and development finance institutions can accelerate progress toward Thailand's renewable energy targets."

Southeast Asia's First Large-Scale Solar + BESS Procurement

The projects align with Thailand's ambitious 5-gigawatt renewable energy feed-in tariff program, described as Southeast Asia's first large-scale procurement combining solar generation with battery storage.

This positions Thailand as a regional leader in next-generation renewable infrastructure.

Gulf Development Expands Role in Regional Clean Energy

GULF Chief Financial Officer Yupapin Wangviwat said the initiative represents more than just power generation:

"We are not just building power plants; together with ADB, we are pioneering a new model of grid stability. The innovative integration of solar energy with large-scale battery storage sets a clear precedent for Thailand and for the region."

Founded in 2011, GULF is one of Thailand's leading power producers, with a total installed generation capacity of 16,504 MW in operation as of December 2025. Its businesses span energy, infrastructure, telecommunications, satellite services, and digital sectors.

LEAP 2 Fund Boosts Sustainable Private Infrastructure

Part of the financing comes from LEAP 2, an ADB-managed fund backed by a $1.5 billion commitment from the Japan International Cooperation Agency.

Established in 2023, LEAP 2 focuses on sustainable private sector infrastructure projects that:

• Reduce carbon emissions

• Improve energy efficiency

• Expand access to essential services such as health care, education, and communication

Driving a Clean Energy Future for Thailand

The agreement underscores Thailand's growing momentum in scaling up renewable energy, strengthening grid resilience through battery storage, and attracting global investment into its clean power transition.

With ADB and GULF jointly advancing solar-plus-storage solutions, the deal is expected to serve as a landmark model for Southeast Asia's future energy systems.