Bangkok--9 Jul--Ratchaburi Electricity Generating Holding
- Completing its 80% shareholding in RAC
- Moving forward for more deals in Australia to strengthen RATCH offshore income
Ratchaburi Electricity Generating Holding PCL. (RATCH) today announced that RH International (Singapore) Corporation Pte. Ltd. (“RHIS”) its wholly-owned subsidiary through RH International Corporation Limited and RH International (Mauritius) Corporation Limited, has invested additional THB 1.386 billion baht for share purchase of RATCH-Australia Corporation Limited (RAC--formerly known as TSIF) and increased its shareholding to 80% as earlier targeted.
Mr. Peerawat Pumthong, Chief Operating Officer of Ratchaburi Electricity Generating Holding PCL., disclosed that, since the deal took place in July 2011, the company today has successfully become a major shareholder of TSIF (renamed as RAC) after completing the last investment of BT1.386 billion for another share purchase. RATCH subsequently holds 80% RAC’s stake and RAC is henceforth considered as a substance income source of the company apart from its existing domestic revenue.
"RAC's operating performance is of our satisfaction thanks to the efficiency of all eight power plants which run under their full capacity. Also, RAC is currently conducting the feasibility studies of three more wind farms in Australia to be finalized by the year end. Moreover, it is under negotiation with potential partners for coalmine investment with an aim to supply coal-fuel to coal-fired power plants. An accomplishment of the deals would strengthen and stabilize the Company's financial position and enhance RATCH’s positioning as the leading Thai independent power producer in the region".
Since July 2011, RATCH acquired its first 56.16% shares of Transfield Services Infrastructure Fund (TSIF). After renamed RATCH-Australia Corporation Limited (RAC), the company achieved the second purchase of RAC stake accumulated to 68.08% in January 2012. The completion of the last purchase of 11.92% RAC’s shares results the company to own 80% RAC’s stake. The THB 1.386 billion investment was funded by loan granted from RATCH to RHIS. The total amount of this transaction is about THB 25 billion.
At present, RAC has interests in eight large scale power plants located in many states across Australia. Total combined capacity is 1,126 megawatts in accordance with its shareholding. Three out of the eight are gas-fired plants with 569 megawatts generating capacity. There are two coal fired facilities generating 489 megawatts capacity and three wind farms with 67.5 megawatts. 90% of RAC assets have a remaining 11 years of power purchase agreement in average.
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