Navanakorn Gas-Fired Power Plant

active

Navanakorn Electric Co. Ltd. was created to build and operate a 110-MW gas-fired, combined-cycle cogeneration project at in the Navanakorn Industrial Estate in Pathum Thani province. The project company agreed to sell most of its output to the state-owned Electricity Generating Authority of Thailand (Egat) under a 25-year power purchase agreement (PPA). Commissioning was expected for March 2012. In November 2010, Toyo-Thai Corporation Plc, acquired the preferred shares in Navanakorn Electric Co. Ltd, becoming the largest investor in the project company. After that transaction, Navanakorn Electric Co. Ltd was owned by Toyo-Thai Corporation Public Company Limited (71%) and the Navanakorn Public Company Limited (29%). In December 2011, Korea Midland Power, a subsidiary of KEPCO, purchased 29% for US$15.6 million and was to be the operator for the first 25 years. One source says the equity was bought from Toyo-Thai Corp, indicating their share went down, but this is not confirmed (therefore, no equity % reported below). The project cost is estimated to be Baht 4 billion ($133 million). In September 2010, the project company signed an EPC contract with Toyo-Thai Corporation Plc, which became in charge of building the power plant. As of December 2010, the power plant was under construction. The project is scheduled for completion in the third quarter of 2012.