Bangkok--9 Oct--Glow Energy
GHECO-One, in which Glow holds 65%, has today (9 October 2008) successfully signed an agreement for project financing of USD 460 million and THB 9,960 million for its 660 MW IPP Power Project. The project was granted EIA (Environmental Impact Assessment) approval on 15 May 2008 and entered into a 25 years Power Purchase Agreement with EGAT (Electricity Generating Authority of Thailand) on 10 September 2008.
The IPP project will be financed in US Dollars by seven international banks: Bank of Tokyo-Mitsubishi UFJ, Calyon, Fortis, KBC, KfW, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. Financing in Thai Baht will be provided by Bank of Ayudhya and Kasikornbank. The equity contribution represents approximately 35% of the total costs of the project.
This new power project together with Glow Energy’s 382 MW cogeneration expansion and 115 MW CFB expansion, both currently under construction are all located in Map Ta Phut. These investments will increase Glow Group’s production capacity by more than 50% by the end of 2011.
Mr. Esa Heiskanen, the newly appointed CEO of the Glow Group said, “We are very pleased that we are able to reach agreement on the financing of our new IPP project. Despite the recent turmoil in the financial markets, we were still able to achieve very competitive terms and conditions. The support of our financial partners reflects the strong credit rating of the project. This has been a very successful period for Glow. With our recent investments, the company will be much larger in terms of capacity and earnings by the end of 2011.”
About Glow Energy
Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacities include 1,708 MW of electricity and 967 tons per hour of steam.
Glow Group generate and supply electricity to EGAT Public Company Limited (EGAT) under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby.
GDF SUEZ Energy International is Glow Energy’s major shareholder and is a division of the GDF SUEZ Group, one of the largest international industrial and services groups in the world.
For more information about GDF SUEZ or GDF SUEZ Energy International, please visit the companies’ websites at www.gdfsuez.com and www.suezenergyint.com. For more information about the Glow Group please go to www.glow.co.th
For further details please contact
Suthiwong Kongsiri
Glow Energy Plc.
Tel. 02-670-1500-1
Email : [email protected]