Bangkok--Mar 25--124 Communications
Glow Energy Public Company Limited (“Glow”), the Thai company of SUEZ Energy International (“SUEZ”), and Hemaraj Land and Development Public Company Limited (“Hemaraj”) have entered into a Joint Development and Venture Agreement (“JDA”) in order to develop potential Independent Power Producer (“IPP”) projects to supply power to the Electricity Generating Authority of Thailand (“EGAT”).
In accordance with Thailand’s Power Development Plan 12,755 MW of net new electricity generating capacity is expected to come on line between 2011 and 2015. It is expected that part of this new capacity would be tendered for bidding by private IPPs, who would supply power to EGAT under long term agreements. Glow and Hemaraj have entered into an exclusive agreement to develop any such IPPs and will set up a joint development company for this purpose. The company will be called Glow Hemaraj Energy Company Limited. Hemaraj will have a 50% stake in projects of 350 MW and a 35-40% stake in larger projects. Glow will be in charge of the general and operational management of the new project companies and of the construction supervision.
“Glow has worked with Hemaraj during the first round of IPP projects in Thailand and successfully developed the 713 MW Glow IPP combined cycle plant located in Chonburi Industrial Estate, which began commercial operations in January 2003. We have been partners in Glow IPP Co.,Ltd. since 1997. We are pleased to continue our cooperation with Hemaraj and believe that by combining Glow’s experience in power generation and IPP bidding and Hemaraj’s local knowledge of property and business development, the joint venture will be well positioned for developing new IPP projects to supply power to EGAT, if and when such opportunities arise.”, quoted Peter Termote, CEO of Glow Energy.
Glow Energy owns power producers and utility providers which generate and supply electricity to the Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, processed water and services to large industrial customers principally located in the Map Ta Phut area. Glow energy had, in 2004, annual revenues in excess of 27 Bn THB and posted a net profit in excess of 4 Bn THB.
Hemaraj is the world class developer in Thailand of industrial estates and infrastructure development. The 4 industrial estates under development; Chonburi Industrial Estate (Bo-Win), Eastern Seaboard Industrial Estate (Rayong), Eastern Industrial Estate (Map Ta Phut), and Hemaraj Eastern Seaboard Industrial Estate comprise a land area of 24,000 rai (9,600 acres), 226 industrial customers, approximately USD 9 billion customer investment, and comprehensive utilities including 2 of Glow’s power plants.
“We are delighted to renew our 10 year history with the Suez Energy Group through Glow and this joint venture Glow Hemaraj Energy. Despite Hemaraj reducing our earlier joint investment in the mid 90’s, we have maintained our relationship through joint venture Elyo-H Facilities Management and continuing cooperation. Glow and Hemaraj possess complementary development skills and mutual respect working together”, commented David Nardone, President & CEO of Hemaraj.
For more information about SUEZ, Glow or Hemaraj, please visit the companies' websites at www.suezenergyint.com, www.glow.co.th or www.hemaraj.com.
For more information, please contact
Hemaraj Land And Development Plc.
Mr. David Nardone
President & CEO
Mr. Paopitaya Smutrakalin
Director, Investor Relations
18/F UM Tower, 9 Ramkhamhaeng
Suanluang, Bangkok 10250, Thailand
Tel: 662-719-9555 to 9
Fax: 662-719-9546 to 7
Or
Ravipim Kingwattanant
Tongchan Boonyapataro
124 Communications
Tel. 0-2662-2266
E-mail [email protected] End.