KBank, LH Bank loan 3.4 billion Baht to B.Grimm Power (Laem Chabang)

Stocks and Financial Services Press Releases Wednesday August 19, 2015 13:23
Bangkok--19 Aug--KASIKORNBANK

KASIKORNBANK and Land and Houses Bank have extended 3.4 billion Baht in loans to finance the operation of two power plants, B.Grimm Power (Laem Chabang) 1 and 2, with a combined capacity of 163 megawatts. The electricity generated is sold under long-term agreements to the Electricity Generating Authority of Thailand (EGAT) and factories in the Laem Chabang Industrial Estate.

Mr. Predee Daochai, KBank President, said B.Grimm Power Group, Thailand’s leading power producer, has appointed KBank and LH Bank as mandated lead arrangers, as well as lenders, for financial facilities provided to B.Grimm Power (Laem Chabang) 1 and 2. The 3.4-billion-Baht syndicated loans are denominated in Baht and US Dollars, of which 2.3 billion Baht is being granted by KBank for their working capital.

Loans offered for B.Grimm Power (Laem Chabang) 1 and 2 reflect the Bank’s confidence in the two power plants operated by B.Grimm Power, Thailand’s leading power producer, which has long been supported by KBank.

Ms. Sasitorn Phongsathorn (Chatsirivichaikul), Land and Houses Bank President, on behalf of the loan lead arranger, said LH Bank has loaned 1.1 billion Baht to these projects on account of the power plants’ potential with long-term power purchase agreements (PPAs), as well as their sound operation under the management of Thailand’s leading power producer.

Ms. Preeyanart Soontornwata, President of B.Grimm Power Group, said B.Grimm Power (Laem Chabang) 1 and 2 — located in the Laem Chabang Industrial Estate, Chon Buri — are cogeneration power plants under the small power producer contract (SPP), with a combined capacity of 163 megawatts. Both power plants have entered into a 21-year PPA with EGAT, and PPAs with factories in the industrial estate having terms of 5-15 years. The cogeneration plants produce a highly stable power supply, thereby being secure in terms of capacity and power purchasers. B.Grimm Power Group currently has 18 power plant projects with a combined capacity of 2,200 megawatts. B.Grimm Power Group targets to expand total capacity to 5,000 megawatts by 2019. Currently, the power producer has already secured licenses for power plants over 3,000 megawatts in the portfolio.

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