Gulf Solar and Solar with Battery Energy Storage Systems Project

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The project comprises the construction and development of the Gulf Solar and Solar with Battery Energy Storage Systems Project, also known as GULF Renewable Power Project, using photovoltaic technology and Battery Energy Storage Systems. The project sponsor is Gulf Energy Development Public Company Limited (GED), which uses its subsidiaries under the subsidiary company Gulf Renewable Energy Limited as project entities: Phalangngan Rungrueang Co., Ltd., Breeze and Shine Power Company Limited, Solar Development Co., Ltd. The objective of the Project is to promote clean energy generation in Thailand through the development of a portfolio of solar photovoltaic (PV) power plants and the installation of battery energy storage systems (BESS). The work involves the development, construction, and operation of eight solar PV power plants with a total capacity of 393-megawatt (MW) and four solar PV power plants with a total capacity of 256 MW integrated with BESS or 649MW in total, located in in Suphanburi, Udon Thani and Kanchanaburi Provinces. Some of the facilities are Breeze and Shine Solar Power Plant, Phalangngan Rungrueang Solar Power Plant, Saeng Thai Phalangngan Solar Power Plant, Sky Power Solar Power Plant, and Solar Development Solar Power Plant. All generated electricity is expected to be sold to EGAT under 25 year-agreement. The project has been funded by Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB). The Asian Development Bank (ADB) provided two loans, approved on April 24th, 2024: an Ordinary capital resources loan of THB 10,000.00 million or $270.2 million and a Clean Technology Fund loan of $31.35 million, both in Environment category B. The funding from Asian Infrastructure Investment Bank (AIIB) is a loan of $170 million, officially approved on May 15th, 2024, under E&S Category B. The borrower of the loans is the subsidiary Gulf Renewable Energy Limited. [2025/03/12 Update] The projects comprise eight ground-mounted solar photovoltaic (PV) plants and four solar PV plants with integrated battery energy storage systems (BESS). The solar PV plants have a capacity of 393MW, and the solar plus BESS plants have a capacity of 256MW and 396MWh of energy storage. The solar power plants are: Breeze and Shine Solar Power Plant (SPP) in Suphanburi Province, Sky Power SPP in Huai Krachao District, Kanchanaburi Province, Phalangngan Rungrueang SPP in Udon Thani Province, Solar Development SPP in Huai Krachao District Kanchanaburi Province, Saeng Thai Phalangngan SPP in Udon Thani Province, and other three yet to be publicly announced. Each project has a dedicated project company. The sponsor is Gulf Energy Development PCL. On November 28th, 2024 the Asian Development Bank (ADB) signing a loan of $820.35m to support the development of the project portfolio. The financing package is led by ADB, which provided $260m from its ordinary capital resources, and includes $529m in parallel loans from the Asian Infrastructure Investment Bank, the German development finance institution DEG - Deutsche Investitions- und Entwicklungsgesellschaft, the Export-Import Bank of China and KEXIM Global (Singapore), among others. ADB will additionally provide $31.35m in blended concessional finance to address the higher execution and operating risks of solar plus battery projects. Export Finance Australia (EFA) provided $79m additionally in December 2024. The projects are part of Thailand’s 5-GW renewable energy feed-in-tariff programme that is set to double the country’s wind and solar capacity by 2030. Gulf Energy Development has signed 25-year-long power purchase agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) for the solar farms in May 2024. https://www.adb.org/projects/57173-001/main ; https://www.aiib.org/en/projects/details/2024/approved/Thailand-GULF-Renewable-Power-Project.html ; https://www.adb.org/sites/default/files/project-documents/57173/57173-001-iee-en.pdf ; https://www.adb.org/sites/default/files/project-documents/57173/57173-001-iee-en_1.pdf ; https://www.adb.org/sites/default/files/project-documents/57173/57173-001-iee-en_3.pdf ; https://solarquarter.com/2023/12/26/gulf-energy-development-expands-renewable-energy-portfolio-with-12-new-solar-projects-in-thailand/;https://renewablesnow.com/news/adb-leads-usd-820m-financing-for-thai-solar-storage-projects-1267311/ ; https://www.adb.org/projects/57173-001/main ; https://www.adb.org/projects/57173-001/main#project-pds ; https://www.adb.org/projects/57173-001/main#overview ; https://reglobal.org/egat-and-gulf-energy-to-develop-25-solar-farms-in-thailand/ ; https://www.exportfinance.gov.au/newsroom/export-finance-australia-backs-major-renewable-energy-project-in-thailand/ https://www.adb.org/projects/57173-001/main ; https://www.aiib.org/en/projects/details/2024/approved/Thailand-GULF-Renewable-Power-Project.html ; https://www.adb.org/sites/default/files/project-documents/57173/57173-001-iee-en.pdf ; https://www.adb.org/sites/default/files/project-documents/57173/57173-001-iee-en_1.pdf ; https://www.adb.org/sites/default/files/project-documents/57173/57173-001-iee-en_3.pdf ; https://solarquarter.com/2023/12/26/gulf-energy-development-expands-renewable-energy-portfolio-with-12-new-solar-projects-in-thailand/