Korat 3-5 & 7-9 Solar Plants

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Solar Power Company (SPCG) developed the seven solar plants of 6MW each in 2012: Korat 3, Korat 4, Korat 5, Korat 7, Korat 8, Korat 9, Khon Kaen 3, Khon Kaen 4, Khon Kaen 5, Khon Kaen 8. Total capacity was 42MW. Reported here are the Korat projects: 36MW. Locations: KK3: Nampong Sub District, Nampong District, Khon Kaen Province KK4: Wanghinlard Sub District,Chumpare District, Khon Kaen Province KK5: Thapra Sub District, Mueng District, Khon Kaen Province KK8: Nai Mueng Sub District, Bann-Pai District, Khon Kaen Province KR5: Kudjock Sub District, Bua-Yai District, Nakhon Ratchasima Province KR8: Kudjock Sub District, Bua-Yai District, Nakhon Ratchasima Province KR9: Makleukao District, Soongnen District, Nakhon Ratchasima Province The project companies were: Solar Power (Khon Kaen 3) Company Limited (KK3) Solar Power (Khon Kaen 4) Company Limited (KK4) Solar Power (Khon Kaen 5) Company Limited (KK5) Solar Power (Khon Kaen 8) Company Limited (KK8) For all plants, the policrystalline solar panels were supplied by Kyocera Corporation, Japan. The inverters were supplied by SMA Solar Technology (Germany). The projects by SPCG held a PPA with the Provincial Electricity Authority (PEA), for 5 years - open ended. The PPA provided for a feed-in adder of THB 8.0 on top of the base tariff for 10 years after commissioning. The projects receive tax benefits of 0% for the first 8 years, and half of normal tax rate for the 5 year following. Registered capital for each plant was Baht 157 million (US$6.53 million), making a total of US$65.3 million, and four times $6.53 million (US$39.2 million) towards the 2012 Korat projects. The projects became operational over the course of 2012 and were reported as fully operational by January 2013. Korat 9, valued at US$16.2 million, was financed by Kasikornbank (MLA), Bank of Ayudhya, and Industrial & Commercial Bank of China (ICBC). Legal adviser to the lender was Hunton & Williams. Legal adviser to the sponsor was Clifford Chance. Korat 4 was financed by Kasikornbank, debt provided was US$16.7 million. Legal adviser to the lender was Hunton & Williams. Legal adviser to the sponsor was Clifford Chance. Korat 3 and 7 are financed by the same banks: Kasikornbank (MLA), Bank of Ayudhya. Korat 7 received US$ 15.8 million in debt (12 year tenor). Korat 3 received US$ 15.8 million as well as US$ 0.8 million in debt, with a tenor of 12 and 4 years respectively. With US$6.53 million in equity and US$15.8 million in debt, the debt/equity ratio is 71/29. 10 projects with US$6.53 million in equity implies a total equity base of US$65.3 million, with 70/30 debt to equity this implies US$154.4 million in debt and total project cost of US$218 million. Note that individual amounts have not been verified by project due to lacking information.