EXIM Thailand Provides Financial Facility to Chow Steel Groups Solar Farm Projects in Japan

Stocks and Financial Services Press Releases Thursday September 15, 2016 12:34
Bangkok--15 Sep--EXIM Bank

Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), jointly with Mr. Anavin Jiratomsiri, Chief Executive Officer, Ms. Man Wai Koo, Director, and Mr. Saguankiat Lewmanomont, Director, Chow Energy Plc., a subsidiary of Chow Steel Group, signed a financial facility agreement worth 9,880 million yen or approximately 3,360 million baht whereby EXIM Thailand extends loans to Chow Energy Plc. to finance its construction of two solar power plant projects in Japan with a combined capacity of 38 megawatts (MW), at EXIM Thailand's Head Office on September 14, 2016.

EXIM Thailand President said the Bank had so far rendered loan facilities to Chow Steel Group to support its expansion of solar farm projects in Japan with a total capacity of more than 47 MW. When combined with the existing capacity of its solar power plants now in commercial operation, the Group's total solar power generating capacity in Japan would increase to more than 70 MW. This has been in line with the Japanese government's policy to promote power generation from renewable energy to level down reliance on nuclear power generation after Fukushima nuclear power plant suffered major damage from an earthquake. Japan's power generation from renewable energy, i.e. solar, wind, hydropower, biomass and geothermal, has been set to increase from the current level of only 12% to 24% of Japan's total power generating capacity by 2030. It is thus a good opportunity for Thai investors to expand energy business in Japan. Chow Steel Group has been among Thai enterprises pioneering solar farm business in Japan over the past two years, with a target to supply solar power to Japan electricity authority on a 20-year term, while EXIM Thailand has vigorously pursued its policy of promoting and supporting Thai investors' business endeavors beyond Thailand as well as development of alternative energy in order to foster sustainable development of the global economy.

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