Khanom 4 CCGT

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In January 2014, Khanom 4 Gas-fired Combined Cycle Power Generation Project reached financial closure, as the $622 million 23-year debt financing got secured. This greenfield project worth of $822 million involved the development of a gas-fired combined cycle power plant with a capacity of 970 MW (485 MW×2), in Nakhon Si Thammarat Province, about 700 km south of the country's capital, Bangkok. Sponsors of the project are Tokyo Electric Power (50%) and Mitsubishi Corp (50%) and each of them has $54.8 million for the total equity of $109.16 million. The project is financed at a debt/equity ratio of 87:13 and the debt financing of $712.85 million breaks into 1) export credit facility of $186.73 million by Japan Bank for International Cooperation; 2) 23 year term loan of $124.49 by OCBC Bank and Mizhuho Financial Group; 3) THB denominated 23 year term loan of $306.06 million by Bangkok Bank, Sumitomo Mitsui Banking Corporation and Bank of Tokyo-Mitsubishi UFJ; 4) Working capital of $56.13 million by Bangkok Bank; 5) VAT facility of $24.94 million by Bangkok Bank; and 5) $14.5 million guarantee from Bangkok Bank. Electricity generated will be sold to Electricity Generating Authority of Thailand (EGAT) for 25 years. As of Jan 2015, the plant is under construction.