Gulf Development Public Company Limited
Gulf Development Public Company Limited (GULF) is one of Thailand’s largest power producers and infrastructure companies. Its goal is to deliver sustainable, future-driven energy, infrastructure and digital infrastructure across boundaries.
Need
To develop eight solar and four solar plus Battery Energy Storage System (BESS) projects, GULF needed substantial financing.
Solution
We provided Gulf Renewable Energy Company Limited, a subsidiary of GULF, with a US$79 million loan, which supported a US$820 million equivalent construction facility arranged by the Asian Development Bank (ADB), to back the renewable energy projects.
Focused on ‘building a strong foundation for a sustainable future,’ GULF is expanding its renewable energy portfolio across Southeast Asia and we provided finance for one of its latest large-scale solar projects.
GULF is one of Thailand’s leading power producers and infrastructure companies. As part of Thailand’s utility-scale renewable energy program, it announced plans to develop 12 ground-mounted solar photovoltaic plants, including four with BESS attached, with a total capacity of 649 megawatts.
As one of the first large-scale BESS projects in Southeast Asia, these projects are expected to significantly strengthen Thailand’s future energy needs, increasing the country’s wind and solar capacity. Given the scale of the project, GULF required significant financial backing.
The transaction reflects the trust that leading global development banks place in GULF, which we truly appreciated. We look forward to working with Export Finance Australia to develop more renewable energy projects in the near future.
Ms. Yupapin Wangviwat
CFO of GULF
Re-energising Thailand’s grid
We played a crucial role in financing GULF‘s solar projects, providing a US$79 million loan, which supported a US$820 million equivalent construction facility arranged by ADB.
The loan marks our first major infrastructure investment into Thailand and our Managing Director & CEO, John Hopkins, said it supports our “broader commitment to support the energy transition across Southeast Asia.”
“The project also aligns with the Australian Government’s priorities in the region, as outlined in Invested: Australia’s Southeast Asia Economic Strategy to 2040,” he said.
Ms. Yupapin Wangviwat, CFO of GULF, added that “support from leading global multilateral development banks and finance institutions, including Export Finance Australia, the Asian Development Bank and so forth, is crucial to the development of Thailand’s renewable energy sector.
“This supports GULF’s decarbonisation commitment to increase our renewable energy proportion to at least 40% by 2035.
“The transaction reflects the trust that leading global development banks place in GULF, which we truly appreciated. We look forward to working with Export Finance Australia to develop more renewable energy projects in the near future.”
With our support, GULF is well-positioned to meet its clean energy goals and further Thailand’s sustainability efforts.
Backing Southeast Asia’s energy transition
The Australian Government has identified the energy transition and associated infrastructure as core priorities for our engagement in Southeast Asia, recognising the region’s rapid growth and rising energy demand.
These projects reflect Australia’s commitment to supporting Southeast Asia’s shift to cleaner energy while maintaining energy security, reliability and affordability.
