The 260-megawatt (MW) wind power project aligns with Thailand’s energy development plan for 2015–2036 and its goal to generate 30% of its primary energy needs from renewable sources by 2036. 3 This would avoid 140 million tons of carbon emissions annually. 4 Despite strong government commitment to and incentives for renewable energy development since 2010, only 225 MW of wind power capacity had been installed in the country as of July 2015. Major private sector investments are needed if the current plan’s target to increase this installed capacity to 3,002 MW by 2036 is to be met. The project is part of the long-term growth strategy of the sponsor, Energy Absolute, which aims to expand its investments in renewable energy generation and become one of the leading alternative energy companies in Southeast Asia.
The project entails the construction and operation of wind power facilities with a total installed power generation capacity of 260 MW in Chaiyaphum Province, about 300 kilometers northeast of Bangkok.
Sponsor: Energy Absolute was established in 2006 and focuses on solar and wind power generation and biodiesel production and distribution. As of June 2015, the company had four solar power projects in operation with a capacity of 188 MW and one 90 MW project under construction. Its total solar capacity is expected to be 278 MW once construction of that project is completed. The company is also constructing a 126 MW wind farm in southern Thailand with commercial operations expected in the second quarter of 2016. Energy Absolute is listed on the Stock Exchange of Thailand in the market for alternative investments. Its current market capitalization is about $2.26 billion.9
The borrower companies are:
BANCHUAN DEVELOPMENT LN3366
Energy Absolute Public Company Limited
NAYANGKLAK DEVELOPMENT CTF8304
PONGNOK DEVELOPMENT CTF8306
BANCHUAN DEVELOPMENT CTF8301
BENJARAT DEVELOPMENT CTF8303
NAYANGKLAK WIND POWER CTF8305
ACCOUNTABILITY MECHANISM OF ADB
The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main