The Asian Development Bank (ADB) and Energy Absolute Public Company Limited signed a green loan agreement worth 47.62 million USD to support renewable energy projects and expand the electric vehicle charging network in Thailand. The funding will be used for the Nakornsawan Solar and Hanuman Wind power plants and to install fast and standard electric vehicle chargers across the country.
Thailand aims to become a regional hub for electric vehicles as part of its strategy to reduce greenhouse gas emissions. The transport sector is responsible for about 26% of the country’s total annual emissions. ADB has expressed its intention to continue supporting Thailand’s efforts to electrify and decarbonize its transport system and promote green financing.
This is the first climate loan in Thailand to receive certification from the Climate Bond Initiative, which sets international standards for climate-related financing. Green loans are intended to support environmentally beneficial projects, while climate loans specifically target actions that address climate change.
Energy Absolute, founded in 2006, is the largest renewable energy firm listed on the Stock Exchange of Thailand. The company operates six renewable energy plants with a combined capacity of 664 megawatts and produces up to 800,000 liters of biodiesel per day. It has also expanded into manufacturing lithium-ion batteries and developing charging infrastructure for various electric vehicles including electric ferries, buses, and cars.
ADB’s involvement in this project aims to strengthen the financing landscape for renewable energy and electric mobility in Thailand and the wider region.
(Source: Asian Development Bank)
