Gulf Pluak Daeng CCGT plant closes financing
Gulf Energy (70%) and Mitsui & Co (30%) have reached financial close on a ECA/DFI-backed loan to finance the Bt50 billion ($1.655 billion) 2,650MW Gulf Pluak Daeng CCGT plant in Thailand.
The project, which will be financed via a 50/50 split between Thai Baht and US dollars, is located in Rojana Rayong 2 Industrial in Pluak Daeng district, and is backed by a 25-year PPA with state-owned offtaker EGAT. Commercial operation is scheduled across 2023 and 2024.
The 23-year Bt41 billion facility is being provided by ADB - $180 million ($50 million direct loan, up to $85 million B loan, with $45 million mobilised through the Leading Asia' Private Infrastructure Fund (LEAP), Bank of Ayudhya, Bangkok Bank, CIMB Thai Bank, DZ Bank, Government Savings Bank, Kasikornbank, Krung Thai Bank, Land and Houses Bank, Mizuho Bank, OCBC, Siam Commercial Bank, SMBC and SMTB. JBIC is putting up a $208 million direct loan, while Thai Exim is also funding a portion of the debt.
Japan’s JICA will support LEAP, which ADB established in March 2016. Singapore's OCBC and Germany's DZ Bank are funding ADB's B loan. The sponsor consortium has entered a 20-year swap converting the debt’s interest rate from floating to fixed rate. The interest rate was fixed at 3.3%, or about 135bp over 20-year Thailand Government bond yield as of 18 November 2019.
