The board of Thai natural gas seller Scan Inter PCL (BKK:SCN) has approved the company’s planned minority investment in the entity that owns a 170-MW solar power project in Minbu City, Myanmar, it was announced on Monday.
Scan Inter has signed a deal to buy a 30% stake in Green Earth Power (Thailand) Co Ltd, or GEP Thailand, from Planet Energy Holdings Pte Ltd for USD 38.5 million (EUR 32.4m). GEP Thailand is the sole owner of the Build-Operate-Transfer (BOT) concessionaire that will develop and operate the above-mentioned project.
The solar park will be developed in four stages, three of 40 MW and one of 50 MW. It has a 30-year power purchase agreement (PPA) with Electric Power Generation Enterprise (EPGE) at a tariff of USD 0.1275 per kWh. Completion of Phase 1 is scheduled for the first quarter of 2019. The total investment value of the project is estimated at USD 292.62 million.
Upon completion of the share purchase transaction, Planet Energy will continue to own an 18% stake in GEP Thailand. The remaining shareholders, in addition to Scan Inter, will continue to be Noble Planet Pte Ltd with a 5% stake, Vintage Engineering PCL with 12%, ECF Power Co Ltd with 20% and QTC Global Power Co Ltd with 15%.
(USD 1.0 = EUR 0.841)