Nong Saeng IPP

Active

The Nong Saeng Independent Power Producer (IPP) project was a 1,600 MW gas combined cycle thermal power plant located in Nong Saeng District, Saraburi Province, 120km north of Bankgkok, in Thailand. The project was awarded through bidding in 2007 under the Thai government’s electric power development plan. The project was developed by the Power Generation Supply Company Limited (PGS), which was established in 2007 to develop, construct, own and operate the Nong Saeng power plant. The project company is 90% owned by J-Power of Japan, and 1d 10% by Gulf Holding Company Ltd. of Thailand. The generation facility consists of 4 combustion turbine generators, 4 heat recovery steam generators, and 2 steam turbine generators operating in combined cycle mode. Turnkey construction contract was given to Mitsubishi Heavy Industries Ltd. Civil construction work and installation at the plant site was handled by Sino-Thai Engineering and Construction Public Company, Ltd., a local construction firm. The project company had a 25-year gas supply agreement with PTT Public Company Limited. Fuel costs were passed through to the offtaker via a a 25-year power purchase agreement (PPA) with the Electricity Generation Authority of Thailand (EGAT). Total project cost was US$ 1,185 million. The Asian Development Bank provided a loan of US$ 170 million. Financial closure was reached on Nov 4, 2011 with US$ 1,184 million of funding provided by Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), Mizuho Corporate Bank, Kasikornbank P CL, and Siam Commercial Bank PCL. This was the first large scale project to reach financial closure in Thailand since the 2008 global financial crisis. http://www.adb.org/sites/default/files/projdocs/2011/44946-01-tha-rrp.pdf Breakdown of debt financing is not available yet. Should be updated later.