BANGKOK, April 27 (NNN-Bernama) — The Asian Development Bank (ADB) and Energy Absolute Public Company Ltd. (Energy Absolute) had inked a 160 million baht loan agreement to finance an electric ferry fleet for mass rapid transport in Bangkok, Thailand.
ADB led the structuring of the financing for the 600 million baht project which includes 123.7 million baht concessional loan from the Clean Technology Fund, which finances the demonstration, deployment, and transfer of low-carbon technologies with significant potential for long-term greenhouse gas emissions savings, as well as investments from the Japan International Cooperation Agency and Export–Import Bank of Thailand.
In a statement, ADB said the financing would be used for the E Smart Bangkok Mass Rapid Transit Electric Ferries Project, the first such transport system in Southeast Asia.
It said E Smart Transport Company Ltd., a wholly owned subsidiary of Energy Absolute, will operate 27 e-ferries along the Chao Phraya River in Bangkok. Each ferry which can comfortably carry up to 250 passengers per trip.
The project will reduce greenhouse gas emissions by an estimated 18,900 tons of carbon dioxide equivalent a year, it said.
ADB Vice-President for Private Sector Operations and Public–Private Partnerships Ashok Lavasa said the project is a fine example of ADB’s leadership in climate finance and supporting green technologies that help our developing member countries meet the Sustainable Development Goals.
“This project demonstrates the potential for electric mobility solutions beyond road vehicles to be adopted across Asia and the Pacific,” he said.
Meanwhile, Energy Absolute Deputy Chief Executive Officer Amorn Sapthaweekul said the company is proud to continue working with ADB as a trusted finance partner to support the expansion of our clean energy and sustainable transport business.
“This project demonstrates Energy Absolute’s leadership in e-mobility in Thailand and the region, and the potential to use technology developed within the region to reduce greenhouse gas emissions,” he said.
Energy Absolute, which was established in 2006, is one of the largest renewable energy companies in Thailand and a pioneer of sustainable transport in the country. ADB supported the company for its maiden green bond issuance in 2019 and its first certified green loan financing in 2020.
ADB, a regional development bank, established in 1966 and it is owned by 68 members—49 from the region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
