Industrial Power Company Ltd.

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The 125-MW Industrial Power Company (IPCO) Combined-Cycle Power Plant at Map Ta Phut is being developed at an estimated project cost of $206.1 million. IPCO is a consortium comprised of local firms Hemaraj Land & Development Plc. (85%), Suntech Group (5%), Jatatus Project Co. (5%), and Anut Chatikavanij Group (5%). Hemaraj Land & Development Plc., also known as H-Power, is 50% owned by Tractabel (SUEZ). The plant, which is under construction will use gas and combined cycle technologies. The project also includes construction of a 132kv transmission line. Asea Brown Boveri is the equipment supplier and turnkey contractor. Two PPAs were signed on February 1, 1996 and February 10, 1997 with Electricity Generating Authority of Thailand (EGAT) to sell 110-MW (2x55-MW) of the plant's output under the Small Producers program (SPP). Nominal levelized tariffs are set at 160bht per Kwh. Remaining output generated by the project will be sold to nearby industrial customers. $176.0 million in 15-yr local and 17-yr foreign currency loans have been obtained from domestic and international banks, respectively. None None