Glow IPP

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In September 1998 Glow IPP Company Limited (formerly known as Bowin Power Company) began development of the Bowin Power Plant, 740 MW gas-fired combined cycle power plant located in Chonburi Industrial Estate. The plant intended to sell power to the Electricity Generating Authority of Thailand (EGAT, the state-owned utility) under a 25-year power purchase agreement. Bowin Power Company was initially owned by H-Power Company, which in turn was jointly owned by SUEZ-Tractabel (75%) and Hemaraj (25%). By 2005, Glow IPP was owned by Glow Energy, created in March 2005 by SUEZ-Tractebel to own and operate its activities in Thailand. In April 2005, Glow Energy conducted an IPO on the Stock Exchange of Thailand, floating 506 million shares (31%) at 24 baht (US$0.63) per share. 253 million shares were sold to foreign institutional investors, 203 million shares to domestic institutional investors and 50 million with retail investors. SUEZ Energy International retained a 69% ownership stake. Financial closure was reached in September 2000. The financing package included a US$ 70.3 million loan from the EIB, US$ 150 million syndication from ERG and US$ 62.8 million syndication from OND (ERG and OND are the Belgian and Swiss Export Credit Agencies). The remaining project cost was financed through equity. The plant began commercial operations in January 2003. http://www.suezenergyint.com/content/activities/middleeastasia/thailandlaos_glow.asp None