SCB and 15 Top Banks Ink the Loan Agreement for GULF to Proceed the Phase Two 2,650MW IPP
SCB and 15 Leading Banks Ink the Loan Agreement for GULF to Proceed the Phase Two 2,650 MW IPP.
Gulf Energy Development Public Company Limited (GULF) has announced on November 18, 2019, that Gulf PD Company Limited (GPD), a subsidiary of GULF, holding 70% through Independent Power Development Company Limited (IPD), and an Independent Power Producer (IPP) with an installed capacity of 2,650 MW, has signed a loan agreement for a total of 41,000 million baht with domestic and international financial institutions, including the Siam Commercial Bank Public Company Limited (SCB), the Asian Development Bank (ADB) and the Japan Bank for International Cooperation (JBIC).
The company has stated that the GPD project has interest cost lower than what had been anticipated as GULF had made an interest rate swap for 20 years at a very low rate, which will protect GPD from the fluctuation of foreign exchange rate. The project is expected to be commercialized in 2023 and 2024.
All 16 financial institutions includes; Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), The Siam Commercial Bank Plc. (SCB), Bank of Ayudhya Plc. (BAY), Krung Thai Bank Plc. (KTB), Sumitomo Mitsui Banking Corporation (SMBC), Kasikorn Bank Plc. (KBANK), Land and Houses Bank Plc. (LH Bank), the Government Savings Bank, CIMB Thai Bank Plc. (CIMBT), Oversea-Chinese Banking Corporation Limited (OCBC), The Export–Import Bank of Thailand (EXIM), Mizuho Bank Plc., Sumitomo Mitsui Trust Bank, and DZ Bank.
Earlier, GULF had signed an agreement “MitPower and Independent” to invest in two power plant projects in Sriracha and Rayong with a total installed capacity of 5,300 MW through GULF’s subsidiary, Gulf SRC Company Limited (GSRC), an operator of Gulf Sriracha Power Plant Project, and Gulf PD Company Limited (GPD), an operator of Gulf Pluak Daeng Power Plant Project with a capacity of 2,650 MW.
The GSRC Power Plant Project, as an IPP with an installed capacity of 2,650 MW had already been proceeded with the loan with a credit limit of 38,000 million baht.