Bangkok--20 Aug--SET
The Stock Exchange of Thailand (SET) will list Super Energy Power Plant Infrastructure Fund, the first SET-listed solar power plant infrastructure fund, on August 21, under the ticker symbol "SUPEREIF", with a market capitalization at its initial public offering (IPO) of THB 5.15 billion (approx. USD 166 million).
SET Senior Executive Vice President Manpong Senanarong said that SUPEREIF would list and start trading on SET in the Resources industry group, Energy & Utilities sector.
SUPEREIF has invested in the rights of net income derived from 19 projects of ground-mounted photovoltaic power plants, with a combined installed capacity of 118 megawatts, under the Very Small Power Producer (VSPP) scheme of "17 Aunyavee Holding Co., Ltd." and "Health Planet Management (Thailand) Co., Ltd." The major income contributor is the selling of electricity to the Provincial Electricity Authority (PEA) and the Metropolitan Electricity Authority (MEA), whichever the case may be. Power purchase agreement was made under fixed price or the feed-in tariff (FiT) scheme at THB 5.66/unit, with 21-22 years remaining for each project (counting from August 2019). Each power plant project has started commercial operation for over three years.
SUPEREIF offered 515 million newly issued units to general public during July 22 - 26 and July 30 - 31, 2019, and institutional investors as well as patronages on August 5, 2019, at a par value of THB 10 per unit, for a total of THB 5.15 billion. BBL Asset Management Co., Ltd. (BBLAM) is its fund manager, and Bangkok Bank pcl is its financial advisor and lead underwriter.
BBLAM Chief Executive Officer Peerapong Jirasevijinda stated that SUPEREIF has potential to generate a consistent income stream from the 22 years remaining of power purchase agreement under fixed price with MEA and PEA, so the fund provides opportunities for investors to jointly invest in alternative energy business that yields steady and long-term returns.
SUPEREIF's dividend policy is to pay no less than 90 percent of the adjusted net profit to unit holders at least twice a year. SUPEREIF's three major unit holders after IPO are Super Energy Corporation pcl (SUPER) (20 percent), KRUNGTHAI-AXA Life Insurance pcl (9.07 percent), Muang Thai Life Assurance pcl (9.07 percent).
For more information on SUPEREIF, please see the fund's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.supereif.com and www.set.or.th.