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KfW IPEX-Bank arranges 660 MW power project in Map Ta Phut/Thailand
Frankfurt am Main (ots) - KfW IPEX-Bank together with six international banks and two local banks has successfully signed agreements with GHECO-One Co., Ltd.. Under the agreements project financing of USD 460 million and THB 9,960 million will be provided for GHECO-One's 660 MW IPP (Independent Power Producer) coal-fired power project in the Map Ta Phut industrial complex. The project has received EIA (Environmental Impact Assessment) Approval on 15 May 2008. A 25 years Power Purchase Agreement with EGAT (Electricity Generating Authority of Thailand) has been concluded on 10 September 2008. GHECO-One is a Thai company in which Glow Energy Public Company Limited, 70% owned by European utility conglomerate GDF SUEZ, holds 65% while the remainder is held by the local industrial real estate developer Hemaraj Land and Development Public Company Limited.
This new power project, the first IPP in Thailand since years, offers the country a reliable energy source at competitive terms and conditions, contributes to energy diversification, stability of energy supply and will support Thailand's steady economic growth. The project, in combination with other smaller projects already under construction, will further increase Glow Group's production capacity by more than 50% by the end of 2011 and strengthen its position in the Thai power market.
About KfW IPEX-Bank GmbH
KfW IPEX-Bank GmbH is a 100%-subsidiary of KfW Bankengruppe and provides project and corporate financing as well as trade and export financing domestically and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. KfW IPEX-Bank GmbH has been operating as a legally independent subsidiary since 1 January 2008 and contributes significantly to the promotional mission of KfW Bankengruppe. It has approx. 490 employees (as of October 2008) and is represented in the key economic and financial centres throughout the globe.
KfW IPEX-Bank GmbH,
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