Mr. Vorapote Uchoepaiboonvong, Managing Director of Xayaburi Power Company Limited (XPCL), an associate company of CK Power Public Company Limited (SET: CKP), which is one of the region's largest producers of electricity from renewables with one of the lowest carbon footprints, and the operator of the Xayaburi Hydroelectric Power Plant, announced the highly successful closing of its latest Thai baht-denominated green debenture offering. The offering comprised two series: the Unsubordinated and Unsecured Thai baht-denominated Green Debentures No. 1/2025 with a debentureholders' representative, and the Unsubordinated and Guaranteed Green Debentures No. 2/2025 with a debentureholders' representative. The debentures were offered for subscription by institutional and/or high-net-worth investors on July 18, 21, and 22, 2025. The offering was met with overwhelming demand, reflecting strong investors' confidence in XPCL's potential and its pivotal role in strengthening Thailand's energy security and accelerating the nation's transition to renewable energy.
Mr. Vorapote stated, "We would like to extend our sincere gratitude to all institutional and high-net-worth investors for their trust and confidence in our resilient business operations. Their overwhelming interest resulted in the offering being oversubscribed. The proceeds from this issuance will be used to refinance debentures issued in 2022 that are due to mature in July 2025 and to fortify and support the transition toward a more sustainable energy future."
The issuance consisted of two series:
- The THB 3 billion Green Debentures No: 1/2025 (BBB+/Stable by TRIS Rating), comprising:
- Tranche 1 debentures with a tenor of 3 years and an interest rate of 4.85% per annum;
- Tranche 2 debentures with a tenor of 4 years and an interest rate of 5.00% per annum; and
- Tranche 3 debentures with a tenor of 5 years and an interest rate of 5.15% per annum.
- The THB 1 billion Guaranteed Green Debentures No: 2/2025 with a tenor of 5 years and an interest rate of [2.80%]. (AAA/Stable by TRIS Rating)
XPCL's green debentures were issued and managed under the Green Financing Framework, which aligns with the Green Bond Principles 2021, Green Loan Principles 2021, and ASEAN Green Bond Standards 2018. The framework has been independently verified by DNV, a leading global assurance provider, serving as an independent external reviewer. The offering was jointly arranged by six financial institutions: Bangkok Bank, Krungthai Bank, Siam Commercial Bank, Kiatnakin Phatra Securities, Krungthai XSpring Securities, and Asia Plus Securities.
XPCL was granted a concession from the Government of the Lao People's Democratic Republic to design, develop, construct, and operate the 1,285 MW Xayaburi Hydroelectric Power Plant. Almost all of electricity generated by the plant is sold to EGAT under a 29-year PPA from the plant's commercial operation date of October 29, 2019. XPCL generates an average of over 7,000 GWh of renewable energy annually, helping Thailand avoid approximately 3.8 million tons of carbon dioxide equivalent (tCO2e) emissions per year.