# Thai Bank Loan Options — Solar / EV Charging / Green CapEx

_Research date: 2026-04-25_
_Use case: financing a DS480 + 2× DT800 DC fast-charging site (CapEx ~THB 6.0 M)_

## 1. GSB "พลิกฟื้นธุรกิจไทย" Soft Loan — THB 5,000 M (the poster)

Announced 2026-04-20 by Government Savings Bank. Scoped to **retail adopters**, not commercial charging-site operators.

| Product | Max principal | Rate | Tenor | Notes |
|---|---|---|---|---|
| Solar clean loan (unsecured) | THB 500,000 | 3.50% yr1-2 | ≤7 yr | 20% down, tax-deductible |
| Solar secured loan | THB 1,000,000 | 3.25% yr1-5 | ≤7 yr | 10–20% down |
| EV car (BEV/PHEV/HEV/FCEV) | — | ≤5% effective | — | Via Non-Bank, new plate |
| EV motorcycle | — | ≤10% effective | — | Via Non-Bank |

**Relevance to Autel project:** indirect — the EV car loan expands the retail buyer pool that will use the station. Not usable for THB 6 M commercial site CapEx.

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## 2. EXIM Bank — Soft Loan for SMEs + Solar Orchestra

| Item | Value |
|---|---|
| Program | EXIM SME Soft Loan |
| Max principal | THB 30 M / borrower |
| Rate | **3.00% yr1–2**, then MLR-linked |
| Tenor | ≤5 yr |
| Eligibility | Thai SME engaged in export / supply-chain / green business |
| Secondary programs | Solar Orchestra (rooftop), green lending pool — THB 100 B target by 2027 |
| Precedent | Funded Energy Absolute's EA Anywhere EV charging network |

**Best fit.** Size (30 M cap), rate (3.00% first 2 yr), and precedent all align with a Ratchada-scale charging-site build.

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## 3. SCB — SME Go Green / Sustainable Business Loan

| Item | Value |
|---|---|
| Program | SME Go Green (2 B pool) + Sustainable Business Loan |
| Max principal | Up to 150% of collateral value |
| Rate | **3.25% yr1**, then MLR-linked |
| Tenor | **Up to 10 yr** (longest among Thai banks) + 1-yr grace on principal |
| Coverage | Clean energy, pollution management, logistics, energy-saving equipment |
| Precedent | SCB + PTT OR rollout — solar rooftop loans for PTT stations nationwide |

**Strong alternative.** 10-yr tenor lowers annual debt service and improves equity IRR.

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## 4. Bangkok Bank — Bualuang Green Financing

| Item | Value |
|---|---|
| Program | Bualuang Green Financing for Transition to Environmental Sustainability |
| Total pool | THB 10 B |
| Rate | "Low fixed" (undisclosed — MLR-aligned, typical 4.0–4.5% for ESG-verified) |
| Tenor | ≤8 yr |
| Coverage | Energy-efficient buildings, energy-efficiency retrofits, **replacing fossil-fuel appliances with electric** (EV charging qualifies) |

Credible fit; rate less transparent — request official TS.

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## 5. KBank — K-Energy Saving Guarantee Program

| Item | Value |
|---|---|
| Program | K-Energy Saving Guarantee |
| Max financing | 100% of equipment + consulting + measurement |
| Eligibility | Business with >THB 500,000 / month energy spend |
| Baseline lending rate | MLR 7.05%, MRR 7.08% (green spread discount typical) |
| Extras | ESCO-backed guaranteed-savings contract required; KBank doubled green-finance target to THB 500 B by 2030 |

Good fit at **mature utilisation** (>10% util puts a Ratchada site at ~THB 375 k/mo electricity spend — below KBank threshold until yr3–4). KBank's broader "GO GREEN Together" covers SolarPlus + EV + charging points at branches.

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## 6. Krungsri — SME Transformation Loan / 3GO (GO Green pillar)

| Item | Value |
|---|---|
| Program | Krungsri SME Transformation Loan |
| Focus | ESG transition, digital, international market entry |
| Krungsri Auto | Thailand's largest EV-loan originator (targeting 33% EV loan market share) |
| Rate / tenor | Undisclosed in public docs — MLR-linked |

Useful for bundling **site financing + fleet EV loans** (delivery operator off-take case).

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## 7. SME D Bank — Green Productivity Loan

Cabinet-approved 2026 expansion of the Green Productivity credit ceiling specifically to boost SME green-business investment. Terms undisclosed publicly; typical Thai SME-D rate ~4%.

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## 8. MEA "KEN" — Sustainable Financing for SME

| Item | Value |
|---|---|
| Operator | Metropolitan Electricity Authority (MEA) |
| Rate | **3.99% yr1** |
| Tenor | ≤10 yr |
| Max principal | THB 30 M |
| Coverage | Energy-efficient equipment + EV leasing |
| Unique | Bundles MEA utility relationship — relevant for grid-connection + MDB upgrade co-financing |

Niche but attractive for Bangkok-metro sites (MEA grid territory = our Ratchada case).

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## 9. Quick Compare — Ratchada-scale THB 6 M CapEx

| Lender | Program | Yr-1 rate | Tenor | Max principal | Fit score |
|---|---|---|---|---|---|
| EXIM Bank | SME Soft Loan | **3.00%** | 5 yr | 30 M | ★★★★★ |
| SCB | Sustainable Business Loan | **3.25%** | **10 yr** | flex | ★★★★★ |
| GSB | พลิกฟื้นธุรกิจไทย (Solar secured) | 3.25% | 7 yr | 1 M | ★★☆☆☆ (size-capped) |
| MEA | KEN Sustainable SME | 3.99% | 10 yr | 30 M | ★★★★☆ |
| Bangkok Bank | Bualuang Green | ~4.0–4.5% | 8 yr | flex | ★★★★☆ |
| Krungsri | SME Transformation | MLR-linked | flex | flex | ★★★☆☆ |
| KBank | K-Energy Saving | MLR spread | flex | 100% cost | ★★★☆☆ (util threshold) |
| SME D Bank | Green Productivity | ~4% | 7 yr | flex | ★★★☆☆ |

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## 10. Effect on Project Economics (base-case levered)

Assume **50% debt / 50% equity split** on THB 6.0 M CapEx.

- Debt: THB 3.0 M @ 3.25% yr1–5 (SCB Sustainable), 10-yr amort
- Annual debt service yr1–5: ~THB 352 k (P+I)
- Annual debt service yr6–10: ~THB 390 k (post-promo rate ~5.5%)

Equity CapEx: THB 3.0 M
- Cum. CFO (10 yr, after debt service): THB 22.6 M
- Payback on equity: **~2.3 yr**
- Equity IRR: **~58%** (vs 38% unlevered base)
- NPV @ 10% equity: ~THB 11.2 M

A 3.0–3.25% soft-loan spread means positive cost-of-capital arbitrage vs the 10% equity hurdle — leverage is strongly accretive.

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## 11. Action Plan

1. **Primary RFP:** EXIM Bank (SME Soft Loan) and SCB (Sustainable Business Loan). Request competing term sheets.
2. **Bundled secondary:** MEA KEN — co-fund the utility-side 1 MVA transformer + MDB upgrade alongside the charger CapEx.
3. **Retail layer:** partner with GSB Non-Bank channel so retail EV buyers (drivers of our station throughput) have financing signposted on-site.
4. **BOI overlay:** file BOI Category B application for EV-charging infra (3-yr CIT holiday) — stacks with any soft-loan rate.
5. **Covenants to flag:** Thai green loans typically require annual ESG impact report (kWh delivered, CO₂ avoided). Budget THB 30–50 k/yr compliance.

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## Sources

- GSB / ออมสิน — https://www.gsb.or.th/news/gsbpr14-69/
- ThaiPublica — https://thaipublica.org/2026/04/gsb-soft-loan-solar-cell-pr-20042026/
- ThaiPBS — https://www.thaipbs.or.th/news/content/504845
- EXIM Bank green bond / SME Soft Loan — https://thainews.prd.go.th/en/news/detail/TCATG230607114605705
- EXIM + KBank RE Energy floating-solar — https://www.thaipr.net/en/finance_en/3573794
- Asia Clean Energy Partners — Thai FI Energy Efficiency Financing — https://www.asiacleanenergypartners.com/post/thai-financial-institutions-open-a-new-era-for-energy-efficiency-financing-in-thailand
- SCB SME Go Green — https://www.scb.co.th/en/about-us/news/jul-2020/nws-sme-go-green.html
- SCB Sustainable Financing 2025 — https://www.scb.co.th/en/about-us/news/aug-2025/sustainable-finance-transform-smes
- Bangkok Bank Bualuang Green — https://www.bangkokbank.com/en/Business-Banking/Finance-My-Business/Loans-for-SMEs/Bualuang-Green-Loan
- Krungthai Sustainable Finance — https://krungthai.com/en/sustainability/growing-together/sustainable-finance
- Krungsri 3GO Strategy — https://www.bangkokpost.com/thailand/pr/3224824/krungsri-sets-enhancing-thai-smes-resilience-as-structural-priority
- KBank Green Finance target — https://www.nationthailand.com/business/banking-finance/40056204
- MEA KEN — https://ken.mea.or.th/
- SME D Bank Green Productivity — https://en.thairath.co.th/news/governmentpolicy/2914605
- ADB Green Loan for RE + EV Charging Network — https://www.adb.org/projects/54268-001/main