Bangkok--6 Aug--Ratchaburi Electricity Generating Holding PCL.
Ratchaburi Electricity Generating Holding PCL. (Ratchaburi Holding) reported that Hongsa Power Co., Ltd., has successfully completed project financing arrangements totaling 2,783 million USD or approximately 94,620 million Baht. The financing will facilitate the project development of the 1,878 MW-Hongsa Thermal Power Plant in the Lao PDR. The Company has undertaken the signing of the financing covenants with 9 financial institutions on August 5, 2010.
Mr. Noppol Milinthanggoon, President of Ratchaburi Electricity Generating Holding PCL., as a Chairman of Hongsa Power Co., Ltd. stated the 94,620 MB project financing is a syndicated loan from 9 Thai financial institutions, and is considered to be the largest project financing syndication ever in Thailand. This reflects the reliability and trustworthiness of the project, which is an IPP generating electricity for the Electricity Authority of Thailand (EGAT) in order to strengthen the country's power system. The Company strongly believes the investment funds will help drive the project to achieve its commercial operation date (COD) in 2015.
The syndicated loan of 2,783 million USD is from 9 financial institutions, which are 1. Siam Commercial Bank 2. Bangkok Bank 3. Krung Thai Bank 4. Government Saving Bank 5. Kasikorn Bank 6. Bank of Ayudhya 7.Siam City Bank 8. Export-Import Bank of Thailand and 9. TMB Bank. The Hongsa Thermal Power Plant has a project value of 3,710 million USD, with an operative debt to equity ratio of 75:25.
The Hongsa Thermal Power Plant project is an electricity generation project using lignite as a primary fuel. Located in the Hongsa district, Xayaburi province, the Lao People’s Democratic Republic, the project has 1,878 MW in its total installed capacity and is expected to start the commercial operation date in 2015.
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