The Asian Development Bank (ADB) has issued funding to be used to increase renewable energy and EV charging infrastructure in Thailand.

A $47.62 million green loan issued to the largest renewable energy company on the Stock Exchange of Thailand, Energy Absolute Public Company Limited, will be used to finance ongoing renewable energy projects and a countrywide EV (electric vehicle) charging network.

Energy Absolute Public Company Limited will use the loan to finance the Nakornsawan Solar and Hanuman Wind power plants and deploy fast and standard chargers at charging stations.

Thailand has set a plan to accelerate the adoption of EVs and the installation of EV charging infrastructure to reduce greenhouse gas emissions from conventional transportation, which currently accounts for around 26% of the country’s total annual emissions.

ADB private sector operations department infrastructure finance division director for East Asia, Southeast Asia, and the Pacific Jackie B. Surtani, said: “ADB aims to increase awareness of green financing by continuing to support Thailand’s renewable energy sector and investing in the electrification and decarbonisation of its transport sector.

“ADB sees Energy Absolute’s leadership in green investment as an invaluable step in developing the financing of renewable energy in the region.”

This green loan 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. Green loans are used to fund projects that benefit the environment, while climate loans focus on climate change benefits.

Energy Absolute deputy chief executive officer Amorn Sapthaweekul, adds: “We are positioned to grow our businesses in green energy and have been investing in modern technology-based industries that offer a total solution for promoting renewable power and electric mobility in Thailand and other countries.

“ADB’s continued support not only helps us financially but also highlights our trustworthiness and enhances our reputation.”

Since its launch in 2006, Energy Absolute has installed six renewable power plants generating a total of 664MW and increased its biodiesel production capacity to 800,000 liters daily.