The Asian Development Bank and Gulf Renewable Energy Company Limited have signed a $350mn financing agreement to support the construction of two solar power projects paired with battery energy storage systems in Thailand, alongside a separate 68-MW solar plant, POWERLINE reports.

The two hybrid solar-plus-storage facilities will have a combined contracted capacity of 126MW and 151MWh of battery energy storage. The additional 68-MW solar power plant will expand Thailand’s renewable generation capacity as the country seeks to strengthen grid resilience and accelerate its energy transition.

ADB acted as sole mandated lead arranger and bookrunner for the transaction. The funding package comprises $75mn from ADB’s ordinary capital resources and a $50mn B-loan provided by DBS Bank. A further $150mn will be extended in parallel loans by DEG Deutsche Investitions- und Entwicklungsgesellschaft, Development Finance Institute Canada Inc and Export Finance Australia.

The agreement demonstrates continued appetite among development finance institutions and commercial lenders to support renewable energy and storage projects in south-east Asia, particularly in markets such as Thailand where solar generation is increasingly being complemented by battery capacity to manage intermittency and stabilise supply.