Ratchaburi Power Company

active

In 1995, Ratchaburi Power Company (then named Union Power Development Company) began development of a 1,400 MW coal fired project at Hin Krut in Prachuap Khiri Khan province. In 2003, local and environmental opposition meant that the project was changed to a 1,400 MW gas-fired combined cycle plant be located at the site of the existing Ratchaburi Electricity Generating Co. Ltd power complex in Ratchaburi province, 80km west of Bangkok. The plant would sell power to the Electricity Authority of Thailand (EGAT) under a 25-year power purchase agreement. RPC was initially owned by Union Energy (Thailand, 51%), Tomen (Japan, 34%) and Fortum (15%). By 2004, the project was owned by Ratchaburi Energy (Thailand, 25), Hong Kong Electric International (25%), Petroleum Authority of Thailand (Thailand, 15%), Chubu Energy (15%), Toyota Tsusho (Japan, 10%) and Union Energy (Thailand, 10%). Ratchaburi Energy was owned by Ratchaburi Electricity Generating Holding Plc, which was 45% owned by EGAT and 55% owned by private shareholders. Financial closure was reached in December 2005. The expected project cost of US$640 million was supported by the Japan Bank for International Cooperation with financing from the Sumitomo Mitsui Banking Corporation, Calyon, the Hong Kong and Shanghai Banking Corporation, the Bangkok Bank and the Krung Thai Bank. The plant would be operated and managed by a 50:50 joint venture between Ratchaburi Energy and Chubu Electric Power. The two 700 MW units were scheduled to be completed in March and June 2008.