SCB and Mizuho Bank join hands to support Gunkul Engineering solar farm expansion in Japan

Stocks and Financial Services Press Releases Tuesday October 4, 2016 15:44
Bangkok--4 Oct--Siam Commercial Bank

Siam Commercial Bank (SCB) has joined its main Japanese business partner, Mizuho Bank, in a deal to provide financing to expand a Thai-owned solar power plant in Japan. Worth 11.8 billion yen, or some 4.1 billion baht, and backed by eight other strategic partner banks in Japan, the deal supports Gunkul Engineering PCL in in an investment in Sendai Okura Solar Farm Project in Sendai, Miyagi Prefecture, Japan. This deal to facilitate a large Thai corporate investment in Japan is the latest example of the successful business collaboration between SCB and Mizuho, which supports customers that are expanding business between the two countries.

"Siam Commercial Bank is proud and delighted to support this major achievement by Gunkul Engineering as it expands its renewable power business in Japan. This investment would not be possible without SCB's close collaboration with Mizuho Bank, which will fully serve all of Gunkul's financial services requirements and business objectives. SCB has had a strategic partnership with Mizuho since 2014 that is successfully facilitating Thai and Japanese customers as they expand their business overseas, backed by the extensive networks of both banks," Mr. Arthid Nanthawithaya, SCB's president and CEO, said.

"SCB is facilitating Gunkul's effort to invest in the power generation business overseas. Mizuho can provide the financial services that these projects need in Japan, including guidance on the Japanese banking system. SCB and Mizuho have worked in tandem to design financial products that match Gunkul's specific requirements in terms of loans, payment systems, currency exchange, business matching and other services."

Many Thai corporations are now increasing their focus on business opportunities overseas. Japan has a number of industries that are attractive, particularly renewable energy, technology, retail, fashion and hotels. Japan's sound framework for doing business is also an attraction, and the government is preparing to reduce the corporate income tax rate to incentivize investors. Beyond Gunkul's new power plant, SComB is handling some 10 billion baht in futher investment projects in Japan by Thai companies.

Likewise SCB and Mizuho are working together to bring Japanese investment to Thailand, and new projects are expected to materialize soon. SCB currently serves some 700 Japanese customers. With its strong partnership with Mizuho Bank, SCB is able to provide a full suite of advisory and financial products and services to both Thai and Japanese customers.

Photo Caption: Mr. Arthid Nanthawithaya, President and CEO of Siam Commercial Bank recently witnessed the signing ceremony of financial agreement between Gunkul Engineering Public Company Limited and Mizuho Bank, as the mandated lead arranger, and eight partner banks in Japan. Worth 11.8 billion yen, or some 4.1 billion baht, the deal supports Gunkul Engineering PCL in an investment in Sendai Okura Solar Farm Project in Sendai, Miyagi Prefecture, Japan. This deal to facilitate a large Thai corporate investment in Japan is the latest example of the successful business collaboration between SCB and Mizuho, which supports customers that are expanding business between the two countries.


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