Thai state utility operator to raise $35m through first sustainability bond

This has a five-year maturity.

Thailand’s Provincial Electric Authority (PEA) is aiming to raise $35m through its first sustainability bond to support the development of renewable energy projects and improve energy access across the country.

In a statement, the Asian Development Bank, which has expressed its support for the issuance, said the bond has a five-year maturity and will be issued on 21 August.

The proceeds will support PEA's sustainability agenda, which aims to develop projects that will promote renewable energy, such as microgrid development, and enhance climate resilience and climate adaptation initiatives, such as submarine cables to remote islands. This will also help improve energy accessibility, particularly to areas without access to electricity.

“PEA is committed to achieving carbon neutrality by 2037, which is 13 years earlier than the national target, and net zero by 2065, in line with the Government of Thailand’s policy. PEA will issue sustainability bonds and promote both green and social finance,” said PEA Governor Supachai Ek-Un. 

“In collaboration with ADB, PEA has developed a sustainable finance framework that adheres to international and regional standards, aimed at building investor confidence and aligning with the Sustainable Development Goals,” he added.