Montreal (Quebec), 10 February 2026 – Canada’s bilateral development finance institution (DFI), FinDev Canada announces the signing of a USD 50 million loan to Gulf Renewable Energy Company Limited, a subsidiary of Gulf Development Public Company Limited (or GULF) to advance renewable energy and support a low-carbon and climate-resilient economy in Thailand. This represents FinDev Canada’s second transaction with GULF.
The loan facility will support the construction of three renewable energy projects in Suphanburi and Phetchaburi, Thailand. These include two solar projects with battery energy storage systems totaling 126 MW and 151 MWh, as well as one 68 MW solar project. The three projects will support over 1,500 construction jobs, and twelve operational jobs.
FinDev Canada’s commitment is part of USD 350 million loan facility led by the Asian Development Bank, with additional funding from Export Finance Australia, the Australian export credit agency, DEG, the German DFI, and commercial banks.
Thailand is Canada's second-largest trading partner within the Association of Southeast Asian Nations. As Thailand's economy continues to expand, energy demand is rising due to growth in transportation and digital infrastructure. This signals a critical need to increase clean, reliable energy capacity as the country transitions toward renewable energy sources.
Battery storage will play a key role in maintaining grid reliability during this transition, particularly given Thailand’s historical reliance on fossil fuels and relatively slow solar adoption. Recognizing these challenges, the country has strengthened its climate commitments by setting a 47% emissions-reduction target by 2035 under its updated Nationally Determined Contribution. With the energy sector accounting for half of national emissions, the target of generating 51% of electricity from renewable sources by 2037 marks a significant shift in Thailand’s energy transition.
In line with Thailand's priorities, the three projects aim to accelerate the transition toward clean energy by reducing fossil fuel dependence, delivering backup power during extreme weather events, and protecting essential infrastructure. This transaction is expected to increase renewable energy generation to the domestic grid by 480 GWh, avoiding an estimated 191,500 tons of emissions annually.
GULF is committed to strengthening gender equality within its operations by increasing women’s participation in the renewable energy sector across various roles and leadership positions. Beyond its 2X alignment, GULF aims to advance gender inclusive practices in the workplace and across construction sites.
“FinDev Canada is pleased to work with committed strategic partners to advance the sustainable energy sector. By aligning resources and capabilities, we can continue to enhance system reliability for households and businesses, and deliver more consistent access to energy and backup power in the Indo-Pacific, a priority region for FinDev Canada,” said Paulo Martelli, VP and Chief Investment Officer, FinDev Canada.
“We would like to express our gratitude to the Multilateral Development Banks (MDBs), Development Finance Institutions (DFIs) such as the ADB, as well as leading onshore and offshore commercial banks for their financial support. This success reflects the strong confidence that both local and international financial institutions have in GULF. Currently, GULF has a diverse portfolio of projects under development, encompassing solar farms, solar with BESS, wind farms, hydropower, and waste-to-energy projects. The support from the financial sector reinforces our shared commitment to driving clean energy initiatives, which align with Thailand’s decarbonization policy and the national goal of achieving Net Zero Emissions by 2050,” said Mr. Sarath Ratanavadi, Chief Executive Officer, GULF.
About FinDev Canada
FinDev Canada is Canada’s bilateral development finance institution, supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. Find out more about FinDev Canada at www.findevcanada.ca.
About Gulf Renewable Energy Company Limited
Gulf Renewable Energy Company Limited is a holding company and a wholly owned subsidiary of GULF, engaged in the investment and development of solar farms, solar farms with battery energy storage systems, and wind farms in Thailand and overseas.
Media Contact
FinDev Canada: Media@findevcanada.ca