Gulf Utai Power Plant

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Gulf JP UT Company (GUT) was planning the development of the 1,600MW natural gas fired combined cycle power plant in Rojana Industrial Park Phase 8.2, Uthai District, Ayutthaya. The project consists of two blocks of 800MW with dual fuel capacity (natural gas and diesel oil). GUT is a wholly-owned subsidiary of Gulf JP Company Limited, which in turn is 90% owned by Electric Power Development Co., Ltd. (J-Power) of Japan via a local subsidiary and Gulf Energy Development Company Limited (10%), a local power developer. The output was sold to the Electricity Generating Authority of Thailand (EGAT) under a 25 year PPA signed in October 2008. In November 2008 GUT signed a 25 year Gas Supply Agreement with PTT PLC. Commissioning was expected for 2015. The land was purchased in October 2010 (300 rai). The turn-key EPC contract was awarded to Mitsubishi Heavy Industries, Ltd. (MHI). MHI also closed the long term parts contract. The plant consisted of four M701F4 gas turbines, two steam turbines and six generators. The generators are supplied by Mitsubishi Electric Corporation. Civil works was done by Sino-Thai Engineering and Construction Public Company, Ltd. Total project cost was THB 38 billion (US$1.28 billion). Financial closure was reported in November 2012. Banks involved were Kasikorn Bank, Bangkok Bank, Siam Commercial Bank, and Land and Houses Bank, as well as four foreign banks: Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), The Bank of Tokyo-Mitsubishi (BTMU) and Sumitorno Mitsui Banking Corporation (SMBC). The facility contained a THB portion and a USD portion. The debt financing consisted of two tranches of US$600 million. The first tranche was THB denominated, with KasikornBank as lead arranger and also including The Bank of Tokyo-Mitsubishi (BTMU) and Sumitorno Mitsui Banking Corporation (SMBC), Bangkok Bank and Land and Houses Bank. The US denominated tranche was lead arranged by JBIC, followed by BTMU and ADB. The division was as follows: JBIC: US$284 million ADB: US$185 million http://www.nationmultimedia.com/business/Gulf-Group-wins-Bt39bn-syndicated-loan-30192984.html http://www.mhi.co.jp/en/news/story/1212201609.html Funding Information fields are not completed because current information suggests a D/E ratio of 93/7, which is unrealistic for a power plant. http://www.nationmultimedia.com/home/2010/10/05/business/Gulf-JP-buys-300-rai-in-Rojana-estate-30139413.html http://www.jpower.co.jp/english/news_release/news/news111107.pdf