IFC supports clean energy development and job creation through strategic financing, aligning with corporate sustainability and responsible business goals. ESG BROADCAST shares key takeaways.
This move aimed at meeting rising energy demand and catalyzing regional economic growth, the International Finance Corporation (IFC), a member of the World Bank Group, has announced a financing package of THB3,140 million (approximately $92 million) to Winchai Company Limited, a wholly-owned subsidiary of Sermsang Power Corporation Public Company Limited (SSP). The package is intended to facilitate the development and continued operation of renewable energy infrastructure across Thailand and Southeast Asia.
The financing comprises a THB1,570 million loan from IFC’s own account and an equivalent amount mobilized through a parallel loan by Sumitomo Mitsui Banking Corporation. This structure not only provides SSP with access to local currency funding but also helps the company refinance its existing U.S. dollar-denominated loan for a 45 MW operational wind power project in Thailand. The refinancing will stabilize SSP’s financial structure and bolster its investment capacity for further renewable energy expansion throughout the region.
According to SSP’s CEO, Varut Tummavaranukub, the collaboration with IFC is pivotal in achieving the company’s electricity generation goal of 1 gigawatt by 2032. “IFC’s long-term local currency financing package and its expertise in environmental and social risk management will enable us to sustainably operate the existing wind project and expand our presence across Southeast Asia,” he said.
The broader context underscores Thailand’s rapid industrial development and its increasing reliance on energy-intensive sectors such as aviation, robotics, and digital technology. To support these emerging industries, the country’s draft Power Development Plan (PDP) proposes a target of sourcing 51% of electricity from renewables by 2037, with a strong emphasis on solar, wind, and energy storage technologies.
Speaking on the significance of the initiative, Jane Yuan Xu, IFC Country Manager for Thailand and Myanmar, stated, “Energy access is a strategic priority for the World Bank Group. Diversifying Thailand’s energy mix is essential to meet the country’s energy demand sustainably. By supporting a leading private sector player, IFC aims to help Thailand increase national competitiveness, create jobs, and promote economic development—while shifting to a low-carbon growth path.”
The loan agreement reinforces Thailand’s energy resilience agenda and showcases a model for clean energy financing in developing economies. As the region faces mounting pressure to decarbonize, mechanisms such as this are instrumental in bridging the gap between policy ambition and actionable investment.
Strategic significance lies in the fact that the IFC-SSP partnership exemplifies a scalable blueprint for integrating renewable energy goals with financial de-risking and private sector participation. For ESG stakeholders, the deal represents not just progress in energy transition, but also a strengthening of corporate sustainability narratives across Asia’s power markets.
ESG BROADCAST will continue monitoring the updates related to this topic. Stay tuned to be updated on the related policy and pivotal regulatory shift.
