Bangkok--25 Oct--KASIKORNBANK
The 39-billion-Baht credit, provided to Gulf JP UT Co., Ltd., will be used to finance the construction of a gas-fired combined-cycle power plant, located in Uthai District, Ayutthaya, and scheduled for delivery in 2015.
On October 24, 2012, Gulf JP UT Co., Ltd. signed a financial agreement with four Thai financial institutions, namely KASIKORNBANK, Bangkok Bank, Siam Commercial Bank and Land and Houses Bank, and four foreign financial institutions: Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), The Bank of Tokyo-Mitsubishi UFJ (BTMU) and Sumitomo Mitsui Banking Corporation (SMBC). The 39-billion-Baht financial facility, granted in Baht and US dollars, will be used to finance the power plant, to be located in Rojana Industrial Park Phase 8/2, Uthai District, Ayutthaya, under the Independent Power Producer (IPP) scheme, with a total electricity generating capacity of 1,600 megawatts. Using natural gas as its primary fuel, the power plant will sell all of the electricity it generates to the Electricity Generating Authority of Thailand (EGAT), under a 25-year Power Purchase Agreement (PPA). The power plant will be able to start commercial operations in 2015.
According to Thailand’s Power Development Plan, the country’s current electricity generating capacity of 34,000 megawatts must be increased to 56,000 megawatts within the next 10 years in order to match the anticipated rise in demand for power, and closing this 22,000-megawatt power gap will be achieved through public (EGAT) and private investments.
Gulf JP UT Co., Ltd., a subsidiary of Gulf JP Co., Ltd. has been established to develop and operate the 1,600-megawatt gas-fired, combined-cycle power plant, under the Power Development Plan of the Ministry of Energy. The power plant in Uthai District, Ayutthaya, is one of the two IPP projects of Gulf JP. The Gulf JP Group is one of the country’s high-potential firms in the energy industry, now developing nine power plants with a combined capacity of 3,990 megawatts.