Eight banks back Gulf JP power plant

Construction News

Gulf JP UT Co, a subsidiary of Gulf JP Co, has clinched a Bt39-billion financing facility from eight banks for a gas-fired power-plant project in Ayutthaya’s Uthai district, with commercial operations set to commence in 2015.
Four of the eight banks are Thai – Kasikornbank, Bangkok Bank, Siam Commercial Bank and Land and Houses Bank.

The four foreign banks are Japan Bank for International Cooperation, Asian Development Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation.

The credit facility is in both baht and US dollars.

The project is under the independent power producer (IPP) scheme.

Using natural gas as its primary fuel, the 1.6-gigawatt-rated, combined-cycle plant will sell all of its electricity to the Electricity Generating Authority of Thailand (Egat) under a 25-year power purchase agreement and its steam to users in Rojana Industrial Park, where it is located.

According to the latest Power Development Plan, the current generating capacity of 34GW must be increased to 56GW in 10 years to meet rising demand, and closing this 22GW gap will be achieved through public (Egat) and private investment.

Gulf JP UT was established to develop and operate the Uthai plant – one of the two IPP projects of Gulf JP, which is now developing nine power plants with a combined capacity of 3.99GW.

Source: http://www.nationmultimedia.com/business/Eight-banks-back-Gulf-JP-power-plant-30193039.html

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