PROJECT DESCRIPTION
The transaction is a senior unsecured corporate finance loan to GRE to finance three renewable energy projects across Thailand: (i) two solar plus battery energy storage system (BESS)2 projects with a total contracted capacity of 126 megawatts (MW) and energy storage of 151 megawatt-hours, and (ii) one solar project with a contracted capacity of 68 MW. GRE is a 100% owned subsidiary of Gulf Development Public Company Limited (Gulf), one of Thailand’s leading private power generation companies, which will provide a comprehensive, unconditional, and irrevocable corporate guarantee for the loan. The transaction will provide a construction bridge loan to GRE to cover the financing gap until the underlying projects achieve their commercial operations date (COD) and can raise long-term project financing through bonds or loans. The loan has a tenor of up to 3 years, providing GRE with sufficient time to secure long- term take-out financing for the three renewable energy projects. The Asian Development Bank (ADB), acting as the sole mandated lead arranger and bookrunner (MLAB), will provide $100 million from its ordinary capital resources and is expected to directly mobilize an additional $250 million from development finance and commercial sources for the transaction
ADDITIONAL INFORMATION
The project end date is set as 31 December 2050 as the timeline is not available. For more information, please visit https//www.adb.org/projects/59124-001/main#project-pds