The Asian Development Bank (ADB) has signed a $227.7m loan deal with Gulf SRC Company to build a 2,500MW combined cycle power plant (CCPP) in Thailand’s Chonburi Province.

Established in 2012, Gulf SRC builds and operates power plants and is completely owned by Independent Power Development, a joint venture (JV) between Thailand-based power generation company Gulf Energy Development (GED) and Japans trading company Mitsui & Co.

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GED CEO Sarath Ratanavadi said: “This project is important as it will help produce the growth and industrial transformation that is expected under the Government of Thailand’s Eastern Economic Corridor (EEC) programme.

“We appreciate ADB’s leadership in mobilising the finance to make the project possible.”

The loan for the Chonburi natural gas power project is expected to help reliable and cost-effective power generation in the region.

“Increased capacity for power generation is essential for rapidly growing countries like Thailand as energy demand will continue to rise.”

ADB signed the loan agreement with its co-financiers including the Japan Bank for International Cooperation and ten other international and local commercial banks.

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The new plant will feature combined-cycle gas turbine technology and is expected to be operational by 2022.

Once commissioned, the power plant will be the largest in Thailand that will use natural gas as a resource for power generation.

In addition to supplying clean and cost-effective energy to the country’s electricity grid, the project will provide employment opportunity to the local population.

ADB deputy private sector operations director general Christopher Thieme said: “Increased capacity for power generation is essential for rapidly growing countries like Thailand as energy demand will continue to rise.

“ADB’s financing of Gulf SRC will support the creation of a cleaner and more affordable source of energy generation in Thailand.”