Thai energy company Gulf Energy Development Plc has successfully raised a total of 20 billion baht ($625 million) through the issuance of green and non-green bonds. The company raised 8 billion baht through green bonds to finance its wind power project and reduce greenhouse gas emissions. The remaining 12 billion baht worth of non-green bonds will be used for business expansion, debt repayment, and as working capital.
Initially, Gulf Energy had planned to issue 5 billion baht worth of green bonds but later increased the issue size to 8 billion baht due to high demand. The total demand for the issuance more than doubled Gulf Energy’s target issuance size, coming from various types of investors.
Gulf Energy’s Chief Financial Officer, Yupapin Wangviwat, stated that the proceeds from the issuance will be used to refinance the company’s investment in the Borkum Riffgrund 2 project, an offshore wind power plant in Germany. She added that this marks Gulf Energy’s first green bond issuance for investing in renewable energy, reflecting the company’s commitment to its clean energy mandate.
Gulf Energy expressed gratitude to all investors for their interest and investments, which showed confidence in the company’s strong performance and future growth potential. The bond issuance is expected to drive the company’s business expansion plans, debt repayment, and working capital needs while supporting its clean energy mandate.
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