The Asian Development Bank (ADB) and Energy Absolute Public Company Limited (Energy Absolute) has announced that it has signed a 1.5 billion Thai baht ($47.62 million) green loan to finance enduring renewable energy projects and a nationwide electric vehicle charging network in Thailand.
The loan will finance the Nakornsawan Solar and Hanuman Wind power plants, and install fast and standard chargers at charging stations across Thailand. Thailand targets to be a regional leader in electric vehicles to reduce greenhouse gas emissions from conventional transportation, which at present accounts for around 26 percent of the country’s total annual emissions.
“ADB aims to increase awareness of green financing by continuing to support Thailand’s renewable energy sector and investing in the electrification and decarbonization of its transport sector,” said ADB Private Sector Operations Department Infrastructure Finance Division Director for East Asia, Southeast Asia, and the Pacific Jackie B. Surtani. “ADB sees Energy Absolute’s leadership in green investment as an invaluable step in developing the financing of renewable energy in the region.”
This green loan is the initial climate loan in Thailand to be certified by the Climate Bond Initiative, which administers the international Climate Bond Standards and Certification Scheme. Green loans are used to fund projects that advantage the environment, while climate loans focus on climate change benefits.
“We are positioned to grow our businesses in green energy and have been investing in modern technology-based industries that offer a total solution for promoting renewable power and electric mobility in Thailand and other countries,” said Energy Absolute Deputy Chief Executive Officer Amorn Sapthaweekul. “ADB’s continued support not only helps us financially but also highlights our trustworthiness and enhances our reputation.”