Grimm to finance renewable energy projects in Thailand and establish a low-carbon platform for sustainable economic growth. Credit: Karsten Würth (@inf1783) on Unsplash.

The Asian Development Bank (ADB) will invest THB5bn ($152m) in Thailand’s power producer B.Grimm Power’s maiden five-year and seven-year green bonds, which are claimed to be the first certified climate bonds to be issued in the country.

B.Grimm Power intends to use the proceeds to finance renewable energy projects in the country, in order to establish a low-carbon platform for sustainable economic growth.

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B.Grimm Power president Preeyanart Soontornwata said: “This issuance will foster the development of the green bonds market in Thailand by showcasing international best practice for genuine green and climate bonds.

“ADB’s support was invaluable to ensure the bonds comply with the International Capital Markets Association Green Bond Principles and Climate Bond Initiative standards, building on a long-standing relationship we have forged through multiple transactions.”

“This green bond will help Thailand achieve its target of reducing greenhouse gas emissions by an unconditional 20% by 2030.”

The company said that the proceeds from the green bonds will be earmarked for nine operational solar power plants that will have a total capacity of 67.7MW and seven under construction solar plants with a combined capacity of 30.8MW upon completion.

ADB’s investment is reported to be in line with its Strategy 2030, which mandates that at least 75% of the number of ADB’s committed operations would support climate change mitigation and adaptation by 2030.

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ADB private sector operations department director general Michael Barrow said: “This green bond will help Thailand achieve its target of reducing greenhouse gas emissions by an unconditional 20% by 2030.

“B.Grimm Power is a pioneer of renewable energy and low-carbon growth in Thailand and increasingly across the region, and ADB is honoured to be its long-term partner in this effort.”