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RATCH disclosed NNEG’s BHT4.77 billion loan deal Heading for project construction and dispatch target in 2016

Nonthaburi: Ratchaburi Electricity Generating Holding PCL. (RATCH) today reported development progress of 122-magawatt Nava Nakorn Cogeneration power project operated by Nava Nakorn Electricity Generation Company Limited (NNEG). NNEG has succeeded BHT4.77 billion syndicated loan deal for 20.5-year maturity period with Kasikorn Bank, Bank of Ayudhya and TMB Bank on 28 May 2014. The project is scheduled to start commercial operation in 2016.

Mr. Pongdith Potchana, Chief Executive Officer of RATCH disclosed that the Nava Nakorn Co-generation power plant project has total costs of BHT6.36 billion. The project has been funded from shareholders’ capital of BHT1.59 billion which BHT636 million is RATCH’s portion and long-term debt of BHT4.77 billion. The fund will support the project development and construction to complete as schedule planned in the Power Purchase Agreement entered with Electricity Generating Authority of Thailand (EGAT). The financial deal marks a significant milestone of the project and ensures that it will be completed for operation to serve the national power grid by June 2016.  

“Nava Nakorn Cogeneration project is under pre-construction phase after receiving the approval of Environment Impact Assessment (EIA) by the Office of Natural Resources and Environment Policy and Planning that is regarded as a critical step for project development. To date, it is under process of final design of the power plant’s main engines and equipment. It expects that the first tranche will be withdrawn in June in order to subsidy the project construction expecting start in the third quarter. It assures that Nava Nakorn Cogeneration project will commercially operate and distribute the electricity to EGAT, and generate additional incomes to RATCH since the second half of 2016 onwards,” Mr. Pongdith concluded.

Nava Nakorn Cogeneration project located in Nava Nakorn industrial estate is operated by NNEG, a joint ventures between Ratchaburi Electricity Generating Co., Ltd. with 40% equity stake, Nava Nakorn Public Co., Ltd. and PTT PLC. with 30% equity stake each. Fired by natural gas, the project will generate 90 megawatt power to EGAT according to the 25-year Power Purchase Agreement. The remaining of 32-megawatt electricity generation and 15 tons of by-product steam per hour will be supplied directly to manufacturers in Nava Nakorn industrial estate. In addition, the project was granted the tax privileges from the Office of the Board of Investment for eight years.  

At present, RATCH accounts the total installed capacity of 6,543 MWs deriving from operating and developing projects both in domestic and abroad. According to its investment structure, the 4,834.05MW are capacity of IPPs and SPPs in Thailand, the 102.45 MW of domestic renewable projects and 1,606.5 MW of international projects.


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