Thailand - Sustainable and low-carbon development
Gulf Energy, a leading renewable energy company in Thailand, has issued $233 million in green bonds to finance its latest wind power project, as part of the country's pursuit of sustainable and low-carbon development. The proceeds from the bond issuance will be used to refinance Gulf Energy's investment in the Borkum Riffgrund 2 offshore wind power plant in Germany.
In addition to the green bonds, Gulf Energy also issued $353 million in standard non-green bonds, totaling $588 million. The bond issuance was met with strong demand from investors, with the total demand exceeding the target issuance size and coming from various sources such as asset managers, insurance companies, cooperatives, banks, and high net worth investors. This demonstrates the market's confidence in Gulf Energy's prospects.
This marks Gulf Energy's debut in issuing green bonds, which align with the company's clean energy mandate of investing in renewable energy and reducing greenhouse gas emissions. Yupapin Wangviwat, Deputy Chief Executive and Chief Financial Officer of Gulf Energy, stated that the bond proceeds would also be utilized for business expansion, debt repayment, and working capital.
Gulf Energy is well-known in Thailand for its solar energy installations for major industrial clients and rooftop solar systems for homes and offices. The company has also been actively developing floating solar panels for use on reservoirs and lakes. To date, Gulf Energy has installed 241 rooftop solar projects generating a total of 245 megawatts of electricity in Thailand.
The issuance of green bonds by Gulf Energy highlights the growing trend of green finance as a crucial component of the green economic transformation, supporting renewable energy investment and sustainability initiatives in Thailand and beyond.
Source: Thaiembdc.org