Bowin 1 Gas-fired Power Plant

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132MW SPP gas-fired power plant in Hemaraj Chonburi Industrial Estate in Chonburi reached financial closure in September 2014, as the loan agreement was signed. The total cost of this BOO project was estimated at US$188.92 million and the financing would be used for the development of Bowin1, a 132MW SPP gas-fired power project. The financing includes a term loan of US$85.48 million (THB2.76 billion) provided by Bangkok Bank and TMB Bank. It also included another term loan of US$53.9 million (22 year two months) provided by Mizuho Bank Ltd. and SMBC. It included an equity investment of US$49.54 million provided by the sponsor B. Grimm Power, which owns Bowin Power Co Ltd by 100%, a SPV for the project. The plant was expected to be operational by 2016. EPC contract was awarded to Toshiba Plant Systems & Services Corp and Sumitomo Corp. The power plant would be connected to Electricity Generating Authority of Thailand - EGAT.