FIRST TRANSACTION

MARKET DEVELOPMENT

• Strengthening Thailand’s renewable energy capacity: The Projects will increase Thailand’s domestic renewable energy generation capacity. Combining solar projects with utility‑scale battery storage on‑site can also control fluctuations in power output as energy can be stored and released to the grid when demand is highest. This maximizes output revenues, increases power reliability during peak hours, and allows for greater renewable energy integration into the grid. The Projects are expected to support over 1,500 jobs during the construction phase, and over 40 operations and maintenance jobs.

GENDER EQUALITY

• Promoting a gender responsive renewable energy sector in Thailand: GULF’s Diversity Policy outlines several objectives for inclusion including supporting equal pay; ensuring an appropriate and balanced organizational structure where women are fairly represented at the managerial, executive and board levels; and ensuring non‑discrimination and diversity are promoted across the company. As part of this transaction, GULF intends to continue to promote a gender inclusive workplace by incorporating a gender lens to hiring and implementing a career development program and gender equality training, with a particular goal of increasing the number of women in Science, Technology, Engineering and Mathematics fields. 
• 2X Alignment: Women represent a third of GULF’s Board of Directors and they constitute a sufficiently high share of workforce for the renewable energy sector for FinDev Canada to count this transaction as 2X‑aligned vis‑à‑vis 2X Leadership and Employment criteria. In addition, GULF has demonstrated intentionality in supporting the inclusion of women, including through regular collection and analysis of gender pay gap data to identify and address pay gaps.

CLIMATE AND NATURE ACTION

• Contributing to Thailand’s transition to a low‑carbon economy: With a combined installed capacity of 649MW, the Projects supported by this transaction are expected to generate over 1,400 GWh of renewable energy/annum and could help avoid 605k tCO2 emissions/year, equivalent to removing 108,880 passengers on the road.

SECOND TRANSACTION

MARKET DEVELOPMENT

• Increase national availability to reliable, low carbon energy: With per capita energy demand rising steadily since 2000 and projected to grow annually by 4% through 2037,¹Thailand faces mounting pressure to scale its generation capacity.²FinDev Canada’s loan is expected to support the construction of three renewable energy projects. This includes the deployment of 194MW of solar power capacity and 151MWh of battery energy storage systems (BESS).
• Support innovation and grid reliability through energy storage: The transaction is expected to contribute to the deployment and scaling of BESS technology in Thailand, supporting the integration of renewable energy into the national grid and enhancing system resilience by enabling backup power and load balancing for households and businesses, particularly during peak demand or weather‑related disruptions.
• Support local employment and economic activity: The projects are expected to support temporary construction jobs and operational roles over the life of the loan, contributing to local economic activity through employment and skills development.

¹ IEA, 2023. Thailand’s Clean Electricity Transition
² Our World in Data. 2025. Thailand: Energy Country Profile ‑ Our World in Data

GENDER EQUALITY

• 2X alignment: This transaction meets both the 2X Employment and 2X Leadership criteria. As of 31 December 2024, Women accounted for 33% of the company’s workforce, 38% of senior management, and 33% of the Board of Directors. These practices position Gulf above sector averages and support women’s participation in employment within the clean energy sector.
• Strengthen gender‑inclusive workplace practices: Gulf plans to further strengthen diversity and inclusion practices through enhanced policies, and targeted gender equality and disability inclusion training.

CLIMATE AND NATURE ACTION

• Renewable energy generation and GHG emission avoidance: This transaction is expected to contribute to Thailand’s climate mitigation and adaptation targets and strategies through ~480 GWh of renewable energy generated annually and ~192K tCO2e emissions reduced annually. 
• Contribute to Thailand’s national priorities: Projects supported in this transaction will contribute to accelerating the transition toward clean energy by reducing reliance on fossil fuels and supplying backup power during extreme weather events.