Oct. 12--BANGKOK -- The Asian Development Bank Tuesday signed a loan agreement for 140 million dollars to the Bangchak Petroleum Company to build two solar power plants in Thailand.
Bangchak, a partly state-owned oil refinery and petrol retailer, has already started construction on 8-megawatt and 30-megawatt solar plants in Ayuthaya province to be completed next year.
The investment in solar plants is in line with the government's target to get 20.4 per cent of its energy from renewable sources by the year 2022.
"This marks one of Thailand's biggest solar power plant projects and clearly shows the viability of large-scale solar power generation in the country and, indeed, elsewhere," Joe Yamagata, Deputy Director General in ADB9s Private Sector Operations Department, said.
Bangchak has adopted a zero-carbon strategy which aims at neutralizing its carbon footprint by developing large-scale solar power projects and reducing in carbon emissions in all its operations.
In addition to the 140-million-dollar loan, ADB also agreed to provide Bangchak with 400,000 dollars in technical assistance to help it implement its carbon neutral goals.