GULF Recognized with “Renewable Energy Deal of the Year - Thailand” at The Asset’s Triple A Sustainable Infrastructure Awards 2025
Gulf Renewable Energy Co., Ltd., a subsidiary of Gulf Development Public Company Limited (GULF), has been honored with the “Renewable Energy Deal of the Year – Thailand” award at Triple A Sustainable Infrastructure Awards 2025. This prestigious award, presented by The Asset, a leading financial media group, recognizes GULF’s exceptional success to secure over US$957.35 million (approximately THB 32 billion) in financing for large-scale projects. These projects are strategically aligned with global sustainable development initiatives and government’s policies aimed at enhancing national competitiveness through clean energy. In the current global landscape, sustainable financing has emerged as a paramount focus, garnering substantial international interest and support from financial institutions. This achievement, therefore, not only reflects GULF’s strong financial standing but also further underscores the company’s commitment to increasing the renewable energy portfolio to at least 40% by 2035 and attaining net-zero emissions by 2050.
The “Renewable Energy Deal of the Year – Thailand” award acknowledges GULF’s successful funding for the development of 12 solar power projects in Thailand, totaling 649 contracted megawatts (MW). These projects are scheduled to begin Commercial Operation Dates (CODs) gradually between 2024 and 2025. This total includes 393 MW from eight ground-mounted solar farms and 256 MW from four ground-mounted solar farms paired with battery energy storage systems (BESS). The integration of BESS with solar power will enhance grid stability, facilitate greater use of renewable energy and support decarbonization efforts in Thailand.
Ms. Yupapin Wangviwat, Chief Financial Officer, GULF, stated, “GULF is honored to receive this award, which recognizes our successful financing of large-scale renewable energy projects across Thailand. We extend our sincere gratitude to the Asian Development Bank (ADB) for leading this landmark transaction, and to our valued partners – the Asian Infrastructure Investment Bank, Export Finance Australia, Export-Import Bank of China, Development Finance Institute Canada, Deutsche Investitions-und Entwicklungsgesellschaft (DEG), KEXIM Global (Singapore), and the Clean Technology Fund – for their trust and collaboration. The substantial oversubscription from both local and international commercial banks is a clear testament to the company’s financial strength and excellent credit rating. This recognition further inspires us to continue advancing renewable energy, not only as business, but as our responsibility to the community, the country, and the planet.”
The Asset Triple A Sustainable Infrastructure Awards are amongst the most influential and highly respected accolades in Asia’s finance and infrastructure sectors. Organized by The Asset, a leading financial media group in the region, these awards celebrate the achievements of financial institutions, companies, and infrastructure projects in Asia that demonstrate outstanding performance, contribute to meaningful change, and promote sustainable development. The awards place particular emphasis on projects that contribute to achieving the United Nations Sustainable Development Goals (SDGs), including those focused on renewable energy and ESG (Environmental, Social, and Governance) principles.
