Gulf Energy Development Public Company Limited (GULF) has notified that the TTC Energy Development Investment Joint Stock Company (TTCGreen), a subsidiary in which GULF holds 90% shares through Gulf International Holding Pte. Ltd. and the operator of TTCIZ-02 project, has signed an agreements to obtain long-term loan with an amount of approx. USD 37.8 million for a term of 15-17 years.
TTCIZ-02 project is a solar power with an installed power generation capacity of 50.0 megawatts in Thanh Thanh Cong Industial Zone, Tay Ninh, Vietnam with an approximate project value of USD 50.0 million.
GULF has a financial agreement on loan with 5 financial intuitions lenders, including Asian Development Bank, Bangkok Bank Plc., Siam Commercial Bank Plc., Standard Chartered Bank Plc. (Thai) and Leading Asia’s Private Infrastructure Fund (LEAP)
TTC Green commenced commercial operation on April 19, 2019 and has a power purchase agreement with Vietnam Electricity for 20 years under agreed tariff of US 9.35 cents/kWh.