ADB invests in 396 MWh of storage in Thailand, Sri Lanka’s first grid-scale battery

The Asian Development Bank (ADB) has announced funding for large-scale battery storage projects in Thailand and Sri Lanka.

ADB, alongside Gulf Renewable Energy Company Limited, has signed an $820 million loan of construction financing for twelve renewable energy projects across Thailand.

The portfolio comprises eight ground-mounted solar plants totaling 393 MW and four ground-mounted solar PV plants with battery energy storage with contracted capacity of 256 MW/396 MWh

The financing package comprises $260 million from ADB’s ordinary capital resources and $529 million in parallel loans from the Asian Infrastructure Investment Bank, Deutsche Investitions- und Entwicklungsgesellschaft, the Export-Import Bank of China and KEXIM Global. ADB will also provide blended concessional finance worth $31.35 million from its Clean Technology Fund.

ADB Director General for Private Sector Operations, Suzanne Gaboury, said the portfolio “offers a compelling model that can be replicated throughout the region”.

 ”By integrating battery storage with solar power, these projects will help to provide clean energy during non-daylight hours, grid stability, and facilitate further integration of solar power which will enhance Thailand’s energy mix.,” Gaboury added.

ADB is also investing $200 million in Sri Lanka through its Power System Strengthening and Renewable Energy Integration Project.

The funding, consisting of $150m to Ceylon Electricity Board and $50m to Lanka Electric Company, will help introduce Sri Lanka’s first grid-scale battery energy storage system at the transmission level.

It will also go towards expanding Sri Lanka’s transmission infrastructure, establishing a renewable energy centre for forecasting and monitoring and implementing network automation systems.

“By expanding and modernising infrastructure and incorporating digitalisation solutions, this project will support the government’s goal of increased integration of renewable energy in the electricity mix, reduce power interruptions, and minimise transmission and distribution losses,” said ADB Country Director for Sri Lanka, Takafumi Kadono.