Export Finance Australia backs major renewable energy project in Thailand

Media release

12 December 2024

Export Finance Australia (EFA) is providing a USD79 million loan to a major renewable energy project in Thailand, supporting a USD820 million equivalent construction facility arranged by the Asian Development Bank (ADB). 

This financing will enable Gulf Energy Development Public Company Limited (Gulf Energy) to develop 8 solar and 4 solar plus battery energy storage system (BESS) projects, with a total capacity of 649 MW.

This project is part of Thailand’s utility-scale renewable energy program and is expected to play a key role in doubling the country’s wind and solar capacity. It also marks one of the first large-scale deployments of BESS technology in Southeast Asia.

John Hopkins, CEO and Managing Director of EFA remarked, “this is EFA’s first major infrastructure project in Thailand, which fits into our broader commitment to support the energy transition across Southeast Asia.”

“The project also aligns with the Australian Government’s priorities in the region, as outlined in Invested: Australia’s Southeast Asia Economic Strategy to 2040, developed by Special Envoy for Southeast Asia, Nicholas Moore. As part of the Strategy, EFA now has financing specialists based in Jakarta, Ho Chi Minh City and Singapore to support increased trade and investment with the region. 

ENDS

Media Contact:

Eleanor Brophy, +61 400 806 103, media@exportfinance.gov.au  

About Export Finance Australia (EFA)

EFA is Australia’s export credit agency. EFA provides commercial finance for export trade and overseas infrastructure development. From small and medium sized enterprises to large corporates, foreign governments and infrastructure projects, we help Australian businesses take on the world. In doing so, EFA finance supports Australia’s economic security and regional resilience.

EFA administers the Australian Government’s National Interest Account, which currently includes the Southeast Asia Investment Financing Facility, the Critical Minerals Facility, the Defence Export Facility and lending for the Australian Infrastructure Financing Facility for the Pacific. EFA also provides support to other Commonwealth entities, including Housing Australia and the Northern Australia Infrastructure Facility.