The Asian Development Bank (ADB) has signed a $227.7m loan deal with Gulf SRC Company to build a 2,500MW combined cycle power plant (CCPP) in Thailand’s Chonburi Province.

Established in 2012, Gulf SRC builds and operates power plants and is completely owned by Independent Power Development, a joint venture (JV) between Thailand-based power generation company Gulf Energy Development (GED) and Japans trading company Mitsui & Co.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

GED CEO Sarath Ratanavadi said: “This project is important as it will help produce the growth and industrial transformation that is expected under the Government of Thailand’s Eastern Economic Corridor (EEC) programme.

“We appreciate ADB’s leadership in mobilising the finance to make the project possible.”

The loan for the Chonburi natural gas power project is expected to help reliable and cost-effective power generation in the region.

“Increased capacity for power generation is essential for rapidly growing countries like Thailand as energy demand will continue to rise.”

ADB signed the loan agreement with its co-financiers including the Japan Bank for International Cooperation and ten other international and local commercial banks.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The new plant will feature combined-cycle gas turbine technology and is expected to be operational by 2022.

Once commissioned, the power plant will be the largest in Thailand that will use natural gas as a resource for power generation.

In addition to supplying clean and cost-effective energy to the country’s electricity grid, the project will provide employment opportunity to the local population.

ADB deputy private sector operations director general Christopher Thieme said: “Increased capacity for power generation is essential for rapidly growing countries like Thailand as energy demand will continue to rise.

“ADB’s financing of Gulf SRC will support the creation of a cleaner and more affordable source of energy generation in Thailand.”