The Asian Development Bank (ADB) has signed a 1.5 billion Thai baht (US$47.62 million) green loan to finance renewable energy projects and a nationwide electric vehicle charging network in Thailand. The loan, signed on February 11, is being extended to Energy Absolute Public Company Limited.

It is the first climate loan in Thailand to be certified by the Climate Bond Initiative, which administers the international Climate Bond Standards and Certification Scheme. The loan will finance the Nakornsawan Solar and Hanuman Wind power plants, and deploy fast and standard chargers at charging stations across the country.

Thailand aims to be a regional leader in electric vehicles to reduce greenhouse gas emissions from conventional transportation, which currently accounts for around 26% of the country’s total annual emissions. 

“ADB aims to increase awareness of green financing by continuing to support Thailand’s renewable energy sector and investing in the electrification and decarbonization of its transport sector,” says Jackie Surtani, ADB director of infrastructure finance for East Asia, Southeast Asia, and the Pacific. “ADB sees Energy Absolute’s leadership in green investment as an invaluable step in developing the financing of renewable energy in the region.”

Established in 2006, Energy Absolute is the largest renewable energy company on the Stock Exchange of Thailand. Its six renewable power plants generate a total of 664 megawatts, while its biodiesel production capacity totals 800,000 litres daily.

Energy Absolute has diversified into large-scale production of lithium-ion batteries for transport and power, and electric vehicle charging infrastructure for various types of electric vehicles such as e-ferries, e-buses, and e-cars.