Chonburi Natural Gas Power Plant

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The project entails the construction of the 2500MW Chonburi Gas-Fired Thermal Power Plant, located in Thailand. The project comapny, Gulf SRC Company Limited (GSRC), is owned by Gulf Energy Development (70%) and and Japanese Mitsui & Co (30%). The BOO project has a total value of $1.53 billion with a debt-to-equity ratio of 75:25. The sponsors have signed a 25-year PPA wiyh Electricity Generating Authority of Thailand (EGAT). Co-financiers of the $1.1 billion loan package are: ADB, Bangkok Bank, Bank of Ayudhya, CIMB Thai Bank, Export-Import Bank of Thailand, Industrial and Commercial Bank of China (Thai) , JBIC, represented by King & Spalding, Land and Houses Bank , Mizuho Bank, Siam Commercial Bank, Sumitomo Mitsui Trust Bank and TMB Bank. The project is important as it will help produce the growth and industrial transformation that is expected under the Government of Thailand’s Eastern Economic Corridor (EEC) program. https://ijglobal.com/articles/136513/updategulf-and-mitsui-agree-equity-for-thai-gas-fired https://www.adb.org/news/adb-gulf-src-sign-deal-build-2500-mw-high-efficiency-power-plant-chonburi https://www.jbic.go.jp/en/information/press/press-2018/1109-011580.html D/E ratio - https://www.txfnews.com/News/Article/6632/Gulf-Sriracha-IPP-Long-tenor-tight-pricing-and-Thai-debt