Green loan set to boost EV charging

Green loan set to boost EV charging

The Asian Development Bank (ADB) and Energy Absolute Plc (EA) have signed a 1.5 billion baht (US$47.6 million) green loan to finance ongoing renewable energy projects and a countrywide electric vehicle (EV) charging network in Thailand.

The loan will be used to finance the Nakhon Sawan solar power 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 forms of 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," said Jackie B. Surtani, ADB's director of the infrastructure finance division 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," according to 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 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.

"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," said Energy Absolute deputy chief executive Amorn Sapthaweekul.

"ADB's continued support not only helps us financially but also highlights our trustworthiness and enhances our reputation," Mr Amorn said.

Do you like the content of this article?
COMMENT

Capital A to launch AirAsia Cambodia as it resumes growth

PHNOM PENH: Capital A, the parent of Malaysian budget carrier AirAsia, plans to launch a new airline in Cambodia with a domestic partner as it resumes expansion plans put on hold during the pandemic, its chief executive said on Friday.

13:48

Hunt for fugitives after foiled gold shop robbery

The police hunt continued on Friday for the remaining two of the four robbers who fled under gunfire during the failed holdup of a gold shop in Muang district of Tak on Thursday.

12:54

Japan, Britain, Italy to jointly develop next-generation fighter jet

TOKYO: Japan, Britain and Italy announced on Friday they will jointly develop a next-generation fighter jet by 2035, Tokyo's first such defence cooperation with countries other than the United States, a key security ally.

12:04