The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited have finalised an $820 million loan to provide construction financing for 12 renewable energy projects in Thailand. The portfolio includes eight ground-mounted solar photovoltaic (PV) plants with a contracted capacity of 393 MW and four solar PV plants with battery energy storage systems totaling 256 MW of contracted capacity and 396 MWh of energy storage.
ADB will provide $260 million from its capital resources, with the remainder $529 million being sourced from several international financial institutions, including the Asian Infrastructure Investment Bank, the Export-Import Bank of China, KEXIM Global and DEG – Deutsche Investitions- und Entwicklungsgesellschaft. The package also includes $31.35 million in concessional financing from the Clean Technology Fund to allow for the higher execution and address risks associated with solar-battery projects.
In July 2024, the ADB sanctioned loans totaling $240.5 million for financing rooftop solar systems in India, with $90.5 million allocated to the State Bank of India (SBI) and $150 million to the National Bank for Agriculture and Rural Development (NABARD) to support developers and end-users in deploying rooftop solar systems across the country.
