Loxley Prachin Buri Solar Plant

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L Solar 1 was a 8.7MW solar farm built in Prachin Buri province of Thailand. Upon completion, it would be the largest solar PV plant in Thailand. Project sponsor L Solar was founded in 2010 in Thailand. Ownership stake is 45% held by Loxley Plc., 24.99% by MFC Asset Management, 14% by a Loxley executive as a private investor, and 16% by Leonics, a Thai supplier of solar cells. Majority owner Loxley Plc. is one of Thailand's largest trading conglomerates. The project company has a Power Purchase Agreement (PPA) in place with the Thai Provincial Electricity Authority, which will supply it to the public grid. Tariff was locked in at US$ 0.21/kWh (THB 6.5/kWh), resulting in a 8-year break even period. Total project costs were estimated to be US$ 27 million (850 million Thai baht). The Export-Import Bank of Thailand provided a loan of US$ 19.18 million (600 million baht) to the project, with the remainder put up by equity investors. Financial closure was reached in March 2011. Construction was expected to complete by November 2011.