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Thailand’s leading power conglomerate Gulf Development Public Company Limited has closed a landmark $1.9 billion financing deal to accelerate development of 27 renewable energy projects totaling 939 MW of generation capacity. The massive funding package, equivalent to THB 60 billion, represents one of Southeast Asia’s largest renewable energy financings and provides a template for clean energy transitions across emerging markets including the Middle East.
Record-Breaking Solar and Waste-to-Energy Portfolio
The financing supports an ambitious portfolio split between 15 solar and Solar Battery Energy Storage System projects delivering 843 MW, and 12 industrial waste-to-energy plants contributing 96 MW. The solar component alone commands over $1.3 billion in investment value, with 12 projects totaling 649 MW already operational and three remaining projects on track for 2026 completion.
CEO Sarath Ratanavadi and CFO Yupapin Wangviwat led the financing initiative, which channels funds through GULF’s renewable energy and waste-to-energy subsidiaries. The deal ceremony featured Australian Ambassador Dr. Angela Macdonald and Canadian Ambassador Ping Kitnikone, highlighting the international significance of the transaction.
International Development Bank Coalition
The Asian Development Bank served as Mandated Lead Arranger and Bookrunner, assembling a prestigious syndicate of international and domestic lenders. Key participants include the Asian Infrastructure Investment Bank, Germany’s DEG development bank, Development Finance Institute Canada, Export Finance Australia, China’s Export-Import Bank, and Japan International Cooperation Agency.
Domestic Thai institutions provided substantial support through Bangkok Bank, Bank of Ayudhya, Export-Import Bank of Thailand, KASIKORNBANK, Krungthai Bank, and Siam Commercial Bank. Japanese institutions Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank joined alongside Singapore’s DBS Bank.
Waste-to-Energy Innovation
GULF’s 12 industrial waste-to-energy projects, scheduled for 2027 commercial operation, secured approximately $550 million in dedicated financing. These facilities convert industrial waste into clean energy, offering sustainable alternatives to landfilling while advancing circular economy principles.
ADB Country Director Aaron Batten emphasized the critical role of private sector investment in helping Thailand reach ambitious renewable energy targets, describing the partnership as “a significant leap forward in the region’s journey toward a sustainable energy landscape.”
Strategic Implications
The financing aligns with Thailand’s national decarbonization policy and Net Zero emissions goal by 2050. GULF’s diverse development portfolio encompasses solar farms, wind projects, hydropower, and waste-to-energy facilities, demonstrating comprehensive renewable energy integration strategies that could inform similar transitions across the Middle East region where countries are increasingly diversifying away from hydrocarbon dependence.
