The Asian Development Bank has signed off a $350 million loan to finance the construction of three solar projects in Thailand.

The loan facility is being delivered to Bangkok-headquartered developer Gulf Renewable Energy Co. Ltd., a subsidiary of holding company Gulf Development Public Co. Ltd. (GULF), to develop two solar-plus-storage projects with a combined capacity of 126 MW of solar and 151 MWh of storage, alongside a third solar site totaling 68 MW.

The projects will be located in the central provinces of Suphanburi and Phetchaburi and are expected to support over 1,500 construction jobs and 12 operational jobs.

ADB acted as the sole mandated lead arranger and bookrunner for the financing. The package includes $75 million from the bank’s ordinary capital resources, a $50 million B-loan from DBS Bank Ltd, a $150 million loan from German development finance institution DEG, Development Finance Institute Canada and Export Finance Australia, and a $75 million loan from the ADB-administered Leading Asia’s Private Infrastructure Fund 2.

ADB Country Director for Thailand Aaron Batten said that the projects demonstrate clear commercial bankability. “Battery-integrated solar is a cornerstone of Thailand’s affordable and reliable clean energy future,” he added.

GULF Chief Financial Officer Yupapin Wangviwat claimed that the projects 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,” said Wangviwat.

According to its social media pages, GULF has secured loan facilities totaling THB 60,000 million ($1.92 million) for 27 renewable energy projects to date, including 15 solar or solar-plus-storage projects.

Total investment in the solar and solar-plus-storage projects exceeds approximately $1.3 million, the company adds, with a combined contracted capacity of 843 MW. With twelve already in operation, the remaining three are scheduled to reach commercial operations later this year.

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