Gulf Energy Development Plc has successfully raised a total of 20 billion baht through the issuance of green and non-green bonds.
According to the company, 8 billion baht of the total amount was raised through green bonds to finance the company’s wind power project and reduce greenhouse gas emissions. The remaining 12 billion baht worth of non-green bonds will also be used for business expansion, debt repayment, and as working capital.
The power producer had initially planned to issue 5 billion baht worth of green bonds but decided to increase the issue size to 8 billion baht due to heavy demand. The total demand for the issuance more than doubled Gulf’s target issuance size, coming from various types of investors.
Gulf’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’s first green bond issuance for investing in renewable energy, reflecting the company’s commitment to its clean energy mandate.
Gulf 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. (NNT)
