Roi-Et Green Company Rice Chaff

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In July 2000, Roi Et Green Company Limited began development of a 10 MW plant contracted under a build, own, and operate scheme. The plant was fuelled by rice chaff. The plant was to sell 8.8 MW to the Electricity Generating Authority of Thailand (EGAT) through a 21-year power purchase agreement under the country's Small Power Producers (SPP) Program. Roi Et Green was owned by EGCO Green Energy Company Limited (95%) and the Som Mai Roi Et Rice Mill Limited Partnership (5%). EGCO Green Energy Company Limited was founded in April 2000 as a joint venture between Japan’s Electric Power Development Co. Ltd. (J-Power, 26%) and the Thai Electric Generating Public Company (EGCO, 74%). EGCO was set up in May of 1992 as a holding company to divest some of the assets of the state-owned Electricity Generating Authority of Thailand (EGAT). In November 1994, EGCO floated 204 million shares, or 51% of the company, at 22 baht each, raising US$178.5 million and effectively making it a privately run company. The shares made their debut on the Thai stock market in January of 1995. Although EGAT retained a 48% interest in EGCO, the company was to be run as a separate entity and was to be out of the EGAT's sphere. In July of 1998, Hong Kong utility firm China Light and Power Co. Ltd. (CLP Power) acquired a 14.9% stake in EGCO for US$241 million. As of 2004, the stake holders of EGCO were EGAT (25.41%), CLP Power (22.42%), Thai investors (30.09%), and foreign investors (22.08%). Financial closure was reached in June 2001. The project cost 600 million baht (roughly US$15m), and financing came from an equity:debt ratio of 3:7. Loans were procured from the Thai Industry Finance Credit Trust (IFCT). Construction began in fourth quarter 2001 and production began in 2003. http://www.jpower.co.jp/english/news_release/news/news030530.pdf 82% private from 100% less EGAT's share. 1 - (0.95*0.74*0.25) = 0.82