Thai Solar and storage projects portfolio (649MW)

active

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://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/