A green loan intended to stimulate the charging of electric vehicles
The Asian Development Bank (AfDB) and Energy Absolute Plc (EA) signed a 1.5 billion baht (US $ 47.6 million) green loan to finance ongoing renewable energy projects and a network of nationwide electric vehicle (EV) charging in Thailand.
The loan will be used to finance solar power plants in Nakhon Sawan and wind power plants in Hanuman, 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 modes of transport, which currently account for around 26% of the country’s total annual emissions.
“The AfDB aims to increase awareness of green finance by continuing to support Thailand’s renewable energy sector and investing in the electrification and decarbonization of its transport sector,” said Jackie B. the Pacific.
“The AfDB regards Energy Absolute’s leadership in green investment as an invaluable step in the development of renewable energy finance in the region,” said Mr. Surtani.
This green loan is the first climate loan in Thailand to be certified by the Climate Bond Initiative, which is responsible for administering the international system of standards and certification of climate bonds.
Green loans are used to finance projects that benefit the environment, while consolidation loans focus on the benefits of climate change.
“We are positioned to develop our business in the field of green energy and have invested in modern technological industries which offer a total solution for the promotion of renewable energy and electric mobility in Thailand and other countries”, said Amorn Sapthaweekul, Deputy Managing Director of Energy Absolute.
“AfDB’s continued support not only helps us financially, but also underlines our reliability and improves our reputation,” Mr. Amorn said.