Bangkok--Nov 13--Shandwick International (Thailand)
This strategic operation will, from the first year onwards, contribute positively to the results and add value for Tractebel and Suez Lyonnaise des Eaux
Tractebel today closed the purchase of all of Sithe Energies Inc.'s companies in Thailand.
This includes an approximately 62% stake in the Cogeneration Public Company Limited (COCO), a listed company on the Stock Exchange of Thailand. The Cogeneration Public Company Limited is 100% owner of three cogeneration plants located on the Map Ta Phut Industrial Estate, very close to where Tractebel's 75% subsidiary H-Power has been operating the Industrial Power plant. The Map Ta Phut Industrial Estate, Thailand's prime petrochemical estate, is located on the Eastern Seaboard, the most industrialised area of the Kingdom. It is also in this same area that H-Power is constructing the Bowin Power plant.
The first of COCO's three plants is a utilities plant producing 1370 m3/h of water and 250 t/h of steam (200MWth). The second is a gas-fired combined cycle cogeneration plant with a capacity of 300 MW of electricity, 320 t/h of steam (260MWth) and 1180 m3/h of water. The third is a "hybrid" cogeneration plant, incorporating both coal-fired circulating fluidized bed boilers and gas-fired turbines, with a capacity of 470 MW of electricity, 360 t/h of steam (300MWth) and 150 m3/h of water. The plants sell a substantial part of their electricity, as well as the produced steam and water, directly to industrial customers under long-term agreements. The rest of the electricity produced is sold to the Electricity Generating Authority of Thailand (EGAT), also under long term power purchase agreements.
The transaction closed today will also result in Tractebel acquiring 100% of Samut Prakarn Cogeneration Company Limited and 100% of Nong Khae Cogeneration Company Limited. Samut Prakarn and Nong Khae are both located in the greater Bangkok area and are cogeneration plants, with each a capacity of 126 MW and 35 t/h of steam (30MWth), and industrial clients and EGAT as offtakers.
The total capacity of the assets acquired amounts to 1022 MW of electricity and 820 MW of thermal energy. The total acquisition cost is approximately 490 Million USD. This operation will, from the first year onwards, contribute positively to the results and add value for Tractebel and Suez Lyonnaise des Eaux.
Dirk Beeuwsaert, CEO of Tractebel's Electricity and Gas International division, commented: "This acquisition will consolidate Tractebel's position in Thailand's promising energy business, in which Tractebel now becomes the largest private investor, with, after completion of Bowin, an installed electricity capacity of around 1900 MW, representing close to 10% of the total installed capacity in Thailand, and with substantial steam, water and gas sales. The transaction will also allow us to build operational and marketing synergies with H-Power and PTT NGD, and will reinforce Tractebel's existing industrial client base, enabling us to offer them an even broader range of services."
Previous to the above mentioned transaction, the Tractebel Group has already been very active in Thailand. Through H-Power, the joint venture company between Hemaraj Land and Development Co Ltd (25%) and Tractebel (75%), the Group owns :
-Bowin Power (100% H-Power) : a 741 MW IPP (Independent Power Producer) facility consisting of two gas-fired combined cycle turbines, under construction at the Chonburi Industrial Estate on the Kingdom's Eastern Seaboard. Bowin Power closed its financing on July 14th 2000;
-Industrial Power (100% H-Power): a 120 MW/ 100 t/h steam gas-fired cogeneration plant at the Eastern Industrial Estate in Map Ta Phut (Eastern Seaboard) supplying steam and 10MW to industrial clients and the rest to EGAT;
-Industrial Water Supply (100% H-Power), which provides 80m?/h demineralised water to industrial customers in the same area.
Tractebel is also a founding member of PTT Natural Gas Distribution Co Ltd, Thailand's largest natural gas distribution company and one of the first in Asia. It distributes natural gas to industrial estates in the greater Bangkok area. Tractebel's partners in this joint venture are the Petroleum Authority of Thailand (PTT) and the Crown Property Bureau. Tractebel owns an equivalent stake with PTT (49%) in the joint venture.
Tractebel Engineering has an operational base in Bangkok, Pro-En Technologies Ltd. The company employs 85 people and offers engineering services in the following areas: project management, power and energy, water and environment, mechanical, electrical, civil and structural engineering.
Since 1992, Elyo (Tractebel's subsidiary specialised in energy services) has also been active in Thailand, with a local partner (Teo Hong Group) to provide on-site services for commercial and industrial companies. Moreover, Elyo has set up a partnership in Facilities Management with Hemaraj Land and Development. Employing more than 300 people, Elyo's subsidiary in Thailand completes Tractebel's multi-services offer.
Elsewhere in South-East Asia, Tractebel EGI has operations and interests in Singapore and South Korea, while it is developing projects in various other Asian markets.
The global energy and services business Tractebel is the Suez Lyonnaise des Eaux group's sole arm for all energy activities.
Contacts
Johan De Saeger
Vice President, Development
Tel 7172232
Fax 7173048
e-mail : [email protected]
Anut Chatikavanij
Managing Director, H-Power
Tel 7172244
Fax 7172240
e-mail : [email protected]
Khuntira Natvatananon
Team Assistant
Shandwick International (Thailand) Limited
10/F Ton Son Tower, 900 Ploenchit Road
Lumpini, Pathumwan, Bangkok 10330
Tel (66 2) 257 0300 ext. 316
Fax (662) 257 0312
www.shandwick.com End.
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