BANGKOK, THAILAND, (28 November 2024) — The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited, a subsidiary of Gulf Energy Development Public Company Limited (Gulf), have signed an $820 million loan to provide construction financing for a portfolio of 12 renewable energy projects across Thailand. The portfolio comprises 8 ground-mounted solar photovoltaic (PV) plants with contracted capacity of 393 megawatts (MW) and 4 ground-mounted solar PV plants with battery energy storage with contracted capacity of 256 MW and 396 MW-hours of energy storage.
The financing package, led by ADB as the mandated lead arranger and bookrunner, comprises $260 million from ADB''s ordinary capital resources, and $529 million in parallel loans from the Asian Infrastructure Investment Bank, DEG - Deutsche Investitions- und Entwicklungsgesellschaft (German Development Finance Institution), the Export-Import Bank of China and KEXIM Global (Singapore), among others.
ADB will also provide blended concessional finance of $31.35 million from the Clean Technology Fund to allow for the higher execution and operating risks of solar–battery energy storage system projects.
"This portfolio of projects significantly enhances solar energy and solar energy with battery storage in Thailand, marking a major step forward in the country''s goal of achieving carbon neutrality. It also offers a compelling model that can be replicated throughout the region," said ADB Director General for Private Sector Operations Suzanne Gaboury. "By integrating battery storage with solar power, these projects will help to provide clean energy during non-daylight hours, grid stability, and facilitate further integration of solar power which will enhance Thailand''s energy mix. This initiative highlights ADB''s convening power in mobilizing capital for impactful projects in Asia."
Thailand is targeting to increase its renewable energy generation to 50% by 2037. The projects supported by this financing are part of Thailand''s 5 GW renewable energy feed-in-tariff program that will double Thailand''s installed wind and solar capacity by 2030.
"Support from institutions like ADB, and the catalytic role they have in mobilizing the necessary capital to develop large-scale projects, is pivotal to Thailand''s renewable energy sector," said Gulf CFO Yupapin Wangviwat. "Together, ADB and Gulf Energy are contributing to Thailand''s clean energy goals and its sustainable development."
Established in 2011, Gulf is a leading power generation company in Thailand with a total installed generation capacity of 14,544 MW as of October 2024. The company''s core businesses are in the energy, infrastructure and utilities, and digital sectors.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
ADB Board of Governors has unanimously elected Masato Kanda as ADB''s 11th President.
The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
สมาคมเทคโนโลยีระบบกักเก็บพลังงานไทย จัดงาน International Energy Storage Forum 2024 – TESTA Annual Symposium ครั้งที่ 4 ภายใต้หัวข้อ "นวัตกรรมและนโยบายการจัดการแบตเตอรี่หลังสิ้นอายุขัยเพื่อความยั่งยืนของระบบกักเก็บพลังงาน" ณ ห้องประชุม MR 111 ชั้น 1 ศูนย์ประชุมแห่งชาติสิริกิติ์ กรุงเทพมหานคร เมื่อวันที่ 5
Thailand Energy Storage Technology Association (TESTA)114 Thailand Science Park Phahonyothin RoadKhlong Nueng, Khlong LuangPathum Thani 12120
E-mail: General Contactcontact@testa.or.th
ASEAN''s top priority in facing this situation is to supply the growing demand with clean and sustainable energy. Determinedly, the region has set the targets of 23 per cent renewable energy share in Total Primary Energy Supply (TPES), and 35 per cent share of renewable energy in ASEAN installed power capacity by 2025. This means that energy storage is required.
AMS has begun to make efforts to balance the intermittency issue of renewable energy in their electric grids by developing energy storage systems. To date, there are various types of energy storage technologies around the globe. Amongst others, pumped hydro storage is the most mature and largest commercially available.
First Gen Hydro Power, one of the leading providers of clean and renewable power in the Philippines, is currently investing US$124.89 million to develop a storage project with a total capacity of 120 megawatts (MW), namely, the Aya pumped hydro storage in Pantabangan, which could store eight hours straight of energy. This project is the second pumped hydro storage in the country, after the 728 MW Kalayaan I and II complex in 1982.
Indonesia follows suit with the state''s electricity company, Perusahaan Listrik Negara (PLN), targeting the pumped-storage hydroelectric power plant (PLTA) Cisokan, West Java, to start operating by 2025. This pumped storage will store a total capacity of 1000 MW which becomes the first and only pumped storage in the country.
On the other hand, battery energy storage is considered a critical technology in the transition towards sustainable energy. The declining price and increasing use of lithium-ion batteries is proven by the declining price especially in electric vehicles and renewable projects within the region.
Thailand installed two sets of KSTAR 5kW+10kWh energy storage systems (BluE-5000D) in December 2020. The storage already provides a clean and stable night-time power supply at the Chumpoll Temple in Ayutthaya Province, Thailand.
Despite the great potential of the energy storage system for the region''s transition, these technologies, are unfortunately not yet broadly deployed by all AMS.
Policy To Push Further Development
As renewable energy sources will play a more prominent role in the region''s sustainable development, the integration of energy storage systems in Southeast Asia is imminent. Energy storage seems to be facilitating the transition towards clean and sustainable energy, particularly for islands and rural areas within the region.
In the next three years, the World Bank forecasts that approximately 10 GW storage capacity might be realised. Although most of the projected 10 GW capacity would probably be contributed by pumped hydro storage, it deems battery technologies are beginning to make impacts. But for this to happen, there has to be an energy storage target as most countries in ASEAN do not have rules regarding the storage or fundamental commercial structures to support such emerging technologies.
Government support in terms of policies, regulations, and laws are now in the spotlight as the push for the adoption of energy storage takes place. The regulatory uncertainties pose an obstacle to equity investors and debt funders regarding deploying these essential technologies.
ASEAN could learn from Beijing''s policy initiatives, which as of 2019, the central China government had already issued over 10 policy documents. Moreover, of 34 provincial administrative regions, 17, in addition to 22 municipalities, had issued policies to develop hydrogen energy storage for industries and infrastructure.
In addition, the country''s policies are in the midst of reforming its energy markets, thus, the non-state power providers are able to enter the local market, ensuring more opportunities for independent power producers (IPPs) to supply ancillary and capacity services with energy storage systems.
Although several ASEAN countries have already begun to implement the development of energy storage at the technical level, specific policies to encourage further adoption of these storage systems lag behind. According to the ASEAN Centre for Energy (ACE) Policy Brief: Enabling Policies for Promoting Battery Energy Storage in ASEAN, only a few AMS have related policies.
For instance, Thailand''s Ministry of Energy presented its ''Energy 4.0'' strategy by integrating disruptive energy technologies such as energy storage systems. This effort is to ensure the country''s successful transformation towards a low carbon society.
To accommodate this strategy, in September 2019, the Department of Energy issued a circular addressing the need for support from the Energy Regulatory Commission to give cost recovery mechanisms and outline the responsibilities of each stakeholder in the power industry and permit requirements.
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