Bangkok--24 Dec--Glow Energy
Glow Energy has secured a THB 3,000 million seven-year corporate loan from Siam Commercial Bank to finance the expansion of its cogeneration business. The company will be constructing new coal-fired and gas-fired facilities, with capacities of 115Mw and 382Mweq respectively.
Mr. Esa Heiskanen, CEO of the Glow Group, said, “Securing this loan was a very good achievement, given the current difficulties in the financial markets. This will reduce our funding requirements for 2009 quite significantly, and means we can move forward with confidence with the expansion of our business”.
The 115 MW coal-fired project is scheduled for completion by the end of 2009, and the 382 MWeq gas-fired project by the second half of 2011. These projects, together with the new 660 MW IPP project to be completed by Q4 2011, will increase Glow Group’s production capacity by more than 50%. All three projects are under construction and are located in the Map Ta Phut Industrial Estate area.
Glow Group has had a very successful track record in securing funding for its projects. In the first half of this year, Glow raised THB 8,000 million, half through a 7 year syndicated loan, and the other half through the issue of 7 and 10 year bonds. In October 2008, Gheco One, Glow’s 65% subsidiary, secured project finance of about THB26,000 million over 20.5 years for a new 660 MW IPP project. With the tightening of financial market conditions toward the end of 2008, Glow has decided to take preemptive measures to secure its financing needs for year 2009.
Mr. Suthiwong Kongsiri, CFO of the Glow Group, said, “We secured this loan at a very competitive price and manageable terms over 7 years. This demonstrates our ability to finance our committed expansion projects, thanks to the sound basis of our business and our strong balance sheet.”
About Glow Energy
Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacities include 1,708 MW of electricity and 967 tons per hour of steam.
Glow Group generate and supply electricity to Electricity Generating Authority of Thailand (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby.
GDF SUEZ Energy International is Glow Energy’s major shareholder and is a division of the GDF SUEZ Group, one of the largest international industrial and services groups in the world.
For more information about GDF SUEZ or GDF SUEZ Energy International, please visit the companies’ websites at www.gdfsuez.com and www.suezenergyint.com. For more information about the Glow Group please go to www.glow.co.th
For further details please contact
Natthapatt Tanboon-ek
Glow Energy Plc.
Tel. 02-670-1500-1
Email : [email protected]