Manila, Nov 29 (IANS): The Asian Development Bank (ADB) said that it has signed an $820-million-loan with Gulf Renewable Energy Company Limited, a subsidiary of Gulf Energy Development Public Company Limited (Gulf), to fund the construction of renewable energy projects in Thailand.

The portfolio comprises eight ground-mounted solar photovoltaic (PV) plants with contracted capacity of 393 megawatts (MW) and four ground-mounted solar PV plants with battery energy storage with contracted capacity of 256 MW and 396 MW-hours of energy storage, Xinhua news agency reported.

"This portfolio of projects significantly enhances solar energy and solar energy with battery storage in Thailand, marking a major step forward in the country's goal of achieving carbon neutrality," said ADB Director General for Private Sector Operations Suzanne Gaboury. "It also offers a compelling model that can be replicated throughout the region."

Established in 2011, Gulf is a leading power generation company in Thailand. The company's core businesses are in the energy, infrastructure utilities and digital sectors.