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NEXIF ENERGY AND RATCH GROUP’S NEXIF ENERGY RAYONG GAS-FIRED POWER PROJECT IN THAILAND ACHIEVES FINANCIAL CLOSE AND COMMENCES CONSTRUCTION

Nonthaburi: Nexif Energy and the Ratch Group are pleased to announce the financial close of their 92MW gas-fired co-generation project in the Rayong province of Thailand.

The NEXIF Energy Rayong power plant project, which has now commenced construction, will sell electricity under a 25-year power purchase agreement (PPA) with the Electricity Generating Authority of Thailand (EGAT). The project will serve industrial customers in the SSP Industrial Estate located in the fast-growing ‘Eastern Economic Corridor’ of Thailand. It will utilize the latest, most efficient combined cycle gas turbine technology available at this scale.

Debt funding for the project is provided by a consortium of Kasikornbank Public Company Ltd., Sumitomo Mitsui Banking Corporation and Standard Chartered Bank (Thai) Public Company Ltd.

Nexif Energy owns 51% of the project, and RATCH Group Public Company Limited, a leading power and infrastructure company active in Thailand and across the APAC region, owns the remaining 49% after the two entered into a partnership agreement in March 2020.

Mr. Kijja Sripatthangkura, Chief Executive Officer, RATCH Group Public Company Limited, said: “I am pleased to note that with RATCH and Nexif close and energetic teams working, the project has reached financial close, a crucial milestone, and commenced construction. The achievement reflects credibility and confidence of financial institutions towards the Rayong project and its partners as well. The NEXIF Energy Rayong power plant project will be among the most efficient industrial co-generation projects of its kind.”

Nexif Founder and Co-Chief Executive Officer, Surender Singh added: “Nexif Energy is pleased to achieve this important project milestone which comes despite the challenges posed by the Covid-19 pandemic. Breaking ground at Rayong is a testament to our ability to execute and our commitment to deliver clean, reliable power to our customers. With expertise in gas-to-power and a wide range of renewable energy technologies including hydro, wind, solar, and battery storage, Nexif Energy continually aims to be a preferred developer and investor for energy solutions in the region.”

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