Hin Kong CCGT power plant

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This project entails the construction of the two 700 MW combined-cycle gas turbine units in Muong district, Ratchaburi province of Thailand. The project company is Hin Kong Power Holding, owned by Ratch Group with 51% stake and Gulf Energy with 49% stake. In July 2019, the sponsors signed a 25-year PPA with the state-owned Electricity Generating Authority of Thailand (EGAT) that requires the project to achieve financial close by H1 2022. In February 2022, AIIB stepped away from financing the project and finalized the cancellation document as the board considered the plant not aligned with its climate-related policy. The total investment stands at $1,269.85 million and is financed on a 70:30 debt-to-equity ratio. The $889.85 million debt package includes a $350 million term loan, a $421.03 million term loan, a $57.69 million working capital facility, a $22.18 million term loan and a $38.96 million VAT facility. Lenders on the deal are: Mizuho Financial Group, Sumitomo Mitsui Banking Corporation, Societe Generale, Natixis, Standard Chartered Bank, Bank of China, OCBC Bank, ICBC, Bank of Ayudhya, Siam Commercial Bank and Bangkok Bank. Financial close took place on 31 March, 2022. Realfin https://www.forum-adb.org/post/aiib-withdraw-proposed-financing-for-1-4gw-gas-project-and-pipeline-in-thailand