Thailand: Thailand Green Bond Project

Nonsovereign Project | 52292-001

Refinancing and financing of B.Grimm's existing solar assets of 68MW and of 31 MW solar assets under

construction in Thailand

Project Details

  • Project Officer
    Mokroussov, Sergey
    Private Sector Operations Department
    Request for information
  • Country/Economy
  • Sector
    • Energy
Project Name Thailand Green Bond Project
Project Number 52292-001
Borrower / Company B.Grimm Power Public Company Limited
Country / Economy Thailand
Location Nation-wide
Type or Modality of Assistance
3753 Debt Security Ordinary capital resources THB 3,500.00 million Committed
3754 Debt Security Ordinary capital resources THB 1,500.00 million Committed
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Drivers of Change Partnerships
Private sector development
Sector / Subsector

Energy / Renewable energy generation - solar

Gender Equity and Mainstreaming No gender elements
Responsible ADB Department Private Sector Operations Department
Responsible ADB Division Portfolio Management Division, PSOD
Responsible ADB Officer Mokroussov, Sergey
Project Sponsor(s)

Refinancing and financing of B.Grimm's existing solar assets of 68MW and of 31 MW solar assets under

construction in Thailand

Objectives and Scope The project entails the construction and refinancing of 16 solar power plants in Thailand, for a total of 98.5 megawatts (MW). B.Grimm issues corporate bonds to finance these solar assets, to which the Asian Development Bank (ADB) will subscribe to. The bonds are the first Green Bond Principles-compliant green bonds issued by a Thai energy company, and the first Climate Bond Initiative-certified climate bonds in Thailand.
Status of Development Objectives The project is aligned with the following impact: diversified energy mix through the addition of renewable energy capacity under the Power Development Plan of the government.
Status of Operation/Construction The bonds have been issued and the construction is complete. The solar plants are operational.
Linkage to Country/Regional Strategy The project is consistent with ADB's Strategy 2030, which has a target of 75% of ADB operations to support climate change mitigation and adaptation by 2030. Strategy 2030 also emphasizes the expansion of private sector operations. ADB's support for the project is also in line with its country partnership strategy, 2013-2016 for Thailand and its country operations business plan, 2018-2020, both of which promote private sector development and support two core strategic areas for ADB's focus: infrastructure development and environmentally sustainable development.
Safeguard Categories
Environment B
Involuntary Resettlement C
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects An existing facilities audit was undertaken by an external party to assess the subprojects' compliance with B.Grimm's ESMS and ADB's Safeguard Policy Statement during project processing. The project's corrective action plan was completed in January 2019. The implementation of the biodiversity habitat enhancement plan was delayed and started implementation in December 2020. The project's environmental performance is compliant the local regulations and IFC EHS Guidelines. There are no recorded accidents during the first monitoring period.
Involuntary Resettlement The operation of the solar plants did not require additional land acquisition. Prior to ADB's investment, the lands were purchased through negotiated settlements with individual landowners on mutually agreed terms. There are no reported grievances received related to land acquisition and land-use restrictions.
Indigenous Peoples The solar plants were established on land previously utilized for private agricultural enterprises. The audit conducted by an external party confirmed that the establishments of the solar subprojects do not impact Indigenous Peoples.
Stakeholder Communication, Participation, and Consultation There were no issues recorded during stakeholder consultations undertaken for the solar plants.
Timetable for assistance design, processing and implementation
Concept Clearance 03 Sep 2018
Credit Committee Meeting -
Approval 05 Dec 2018
Last PDS Update 13 Oct 2021

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

Title Document Type Document Date
Thailand Green Bond Project: Initial Poverty and Social Analysis Initial Poverty and Social Analysis Feb 2019
Thailand Green Bond Project: Report and Recommendation of the President Reports and Recommendations of the President Nov 2018

Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

Evaluation Documents See also: Independent Evaluation

None currently available.

Related Publications

None currently available.

The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.