Energy Absolute’s Hanuman Wind Farm in Thailand secures ADB funding

The Asian Development Bank (ADB) will be investing Thai baht 3 billion ($98.7 million) in Energy Absolute‘s first green bonds to help finance the latter’s 260MW Hanuman Wind Farm, which has been operating since May 2019 in Chaiyaphum Province, Thailand.

The investment will help Thailand towards achieving its renewable energy objectives and its continued efforts to reduce carbon emissions.

The bond issued sums to a total of Thai baht 10bn ($330m) and is claimed to be the second Climate Bonds Standard-certified bond issued by a Thai energy firm and the first-ever green bond for a wind power project in the country. The funds from the bonds will be used for financing new or existing projects that will bring in environmental and climate-related benefits.

Christopher Thieme – ADB Deputy Director General of Private Sector Operations Department said: “Thailand has ample renewable energy resources and its green and climate bond market has tremendous potential. This maiden green bond issuance by Energy Absolute will contribute to the evolution of that market, while supporting the clean energy ambitions of Thailand’s Power Development Plan by underpinning the growth of wind power generation.”

The Hanuman Wind Farm in Thailand has been operating since May 2019. Photo courtesy of Asian Development Bank.

The Hanuman Wind Farm, which is the largest wind farm in Thailand, is expected to offset the country’s annual carbon emissions by 200,000 tons by the year 2020.

By 2036, the total energy production from renewable sources in Thailand is expected to go up from the current 10% to about 15 to 20%.

Amorn Sapthaweekul – Deputy CEO of Energy Absolute said: “The green bond issuance benefits our company through lower cost of financing and demonstrates our strong commitment to sustainable development including environmental and social dimensions.

“After the success of the 260 MW Hanuman Wind Project, we took another significant step to become a more value-added business by focusing more on patent development and innovation in clean energy and related industries including energy storage systems, electric vehicles (EV) and EV charging stations, and electric ferries.

“We are also preparing to launch an energy trading platform, which we have studied and developed through our own technology and innovation. This platform will play a major role in demand-side management for energy efficiency.”

Energy Absolute, established in 2006, is one of the largest renewable energy producers in Thailand, with an installed capacity of 664MW generated from four solar farms and a couple of wind power plants.