Hongsa Coal Plant

Active

Prospective

Ratchabury Electricity Generating Holding (RATCH) (40%), Banpu Power (40%), a subsidiary of Thai coal miner Banpu, and Lao state-owned enterprise LHSE (20%) developed the 1878MW Hongsa power plant, Hongsa District, Xayabury Province. Annual output was expected to be 12,249 GWh/year. The developers hold a concession for 25 years. The project is developed as a BOT. Output was to be sold to EGAT (1437MW of the net electrical output under the EGAT PPA), Electricite du Lao (EDL, 100MW under the EdL PPA), and nearby mining facilities (75MW, captured). The project was fueled by Lignite. Commissioning was expected for 2015 for the first 2 generators, the last one in 2016. The shareholders agreement was signed in February 2009. The concession agreement was signed in November 2009. The PPA with EGAT was signed in April 2010. The PPA with EdL was signed in May 2011. Total project cost was US$3.71 billion, including US$ 213 million contingent equity. The debt/equity ratio was 75/25. The LHSE equity portion of US$220 million was financed by the Government Savings Bank (GSB) with US$70 million and the KrungThai Bank (KTB) with US$150 million. Government revenues were guaranteed by the World Bank, and earmarked for poverty alleviation. Based on D/E ratio, total debt was calculated at US$2.78 billion and total equity at US$927.5 million. The project reached financial closure on 5 August, 2010 when the debt component (US$ 2.7 billion) was arranged by Nine Thai banks: Bangkok Bank (lead arranger, administrative agent and financial adviser) Siam Commercial Bank (lead arranger), Krung Thai Bank, Government Saving Bank, Kasikorn Bank, Bank of Ayudhya, Siam City Bank, Export-Import Bank of Thailand and TMB Bank. First draw down was 29 October 2010. http://www.ubifrance.com/medias/press/present-to-lenders-2012---version-2-lhse_20_2_2012_34_28.pdf http://www.nationmultimedia.com/business/Construction-works-begin-for-Hongsa-Power-30170763.html

Energy

World Bank Group

Project

Commercial, Power Generation (CCGT), Government