Thai wind power producer issues green bonds

Since Green finance is an important component of a green economic transformation, Thailand’s Gulf Energy has issued $233 million in green bonds to fund its latest wind power project as the Kingdom pursues sustainable low-carbon development.
“The proceeds from this transaction will be used to refinance our investment in Borkum Riffgrund 2 project, which is an offshore wind power plant in Germany,” said Yupapin Wangviwat, Deputy Chief Executive and Chief Financial Officer of Gulf Energy.
In addition to the green bonds, Gulf Energy also issued $353 million in standard non-green bonds for a total of $588 million, all of which were rapidly snapped up by investors, signaling strong confidence in the company’s prospects.
“Issuing ($588 million) exceeded our expectation. The total demand more than doubled our target issuance size, coming from asset managers, insurance companies, cooperatives, banks and high net worth investors,” added Yupapin.
This was Gulf’s debut in issuing green bonds for investing in renewable energy and reducing greenhouse gas emissions, both of which support the firm’s clean energy mandate. Yupapin also said that the process would be used for business expansion, debt repayment and as working capital.
Gulf is well known in Thailand as a solar energy installer and provider for major industrial clients such as Sino-Thai Engineering. It has also been making a name for itself with rooftop solar systems for homes and offices, as well as developing floating solar panels for use on reservoirs and lakes.
The company has installed 241 rooftop solar projects generating 245 megawatts of electricity in Thailand to date.
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