In 2008, solar power capacity in Thailand was just 2MW. Today, it’s a leader in the Southeast Asian region, thanks in part to the efforts of Wandee Khunchornyakong.
Ms. Khunchornyakong was a winner of this year’s UN Momentum for Change awards for her work in significantly boosting Thailand’s renewable energy capacity with utility-scale solar farms.
Her company, Solar Power Company Group, accessed private financing to build 36 solar photovoltaic farms in northeast Thailand, accounting for 250 MW of installed capacity so far. This translates into potential avoidance of 200,000 tonnes of carbon dioxide-equivalent per year compared to Thailand’s fossil-fuel driven electricity generation.
Additionally, the projects have provided much needed jobs in particularly impoverished areas of Thailand.
Ms. Khunchornyakong worked with the World Bank Group’s International Finance Corporation (IFC) and the Clean Technology Fund to access USD $12 million in blended finance for an initial 20MW of installed solar capacity.
According to the World Bank, the funding provided the boost required to attract investors to what was a then-untested sector in Thailand. Since then, Ms. Khunchornyakong and SPCG have able to attract more than $800 million of investment.
“Blended Climate Finance is one of the tools that IFC has available to help pave the way for these types of transformational projects to catalyze climate-smart, private sector investments,” said Kruskaia Sierra-Escalante, head of Blended Climate Finance at IFC.
“We have been honored to work with Wandee in support of her vision, and are convinced that helping visionary entrepreneurs like her through blended finance investments can help unlock markets.”
The success of these early solar PV projects has triggered increased private investment in Thailand’s clean energy sector and it is now one of the most attractive among the world’s emerging economies. Thailand aims to generate at least 20 percent of its energy from renewable sources by 2022.
Momentum for Change is an initiative led by the UN Climate Change secretariat to recognise activities around the world that are moving humanity toward a highly sustainable, low-carbon future.
