Gulf Energy Development Plc has raised successfully 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 of non-green bonds will also be used for business expansion, debt repayment and 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 strong demand. Total demand for the issue, coming from various types of investors, was more than double the volume forecast by Gulf.
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Gulf CFO Yupapin Wangviwat said proceeds from the issue 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 is Gulf’s first green bond issuance to invest in renewable energy, reflecting the company’s commitment to its clean energy mandate.
According to the company, 8 billion baht of the total amount was raised through green bonds to finance the company’s wind power project.
Gulf expressed its gratitude to all investors for their interest and investments, which demonstrate their confidence in the company’s good results and its potential for future growth. The bond issue is expected to boost the company’s business expansion plans, debt repayments and working capital needs, while supporting its clean energy mandate.