Rojana Power Company Ltd.

active

In 1997, Rojana Power Company began development of a 121 MW gas-fired combined cycle plant at the Rojana Industrial Park in Ayudha (Ayutthaya) Province. The plant would sell 90 MW pf power to the Electricity Generating Authority of Thailand (EGAT) under a 25-year power purchase agreement signed in March 1997 and revised in December 1997. The remaining 31 MW capacity would be used to power to industrial users in the Rojana Industrial Park. The plant was developed under the Small Power Producer (SPP) Program that encourages the sale of excess output to EGAT. Rojana Power Company was originally owned by Rojana Group (40%), Ogden Energy Group (25%), Zurn Industries of the US (25%) and Sumikin Bussan Kaisha (15%). By 2004, Rojana Industrial Park had 49%, Kansai Electric Power Co. of Japan had 39%, and Sumikin Bussan with around 10%. Financial closure was reached in August 1997. The total project cost of US$137 million was provided from equity and US$77 million in debt financing. Financing was arranged from local banks, Thai Investment and Securities (TISCO), Thai Farmers Bank, Krung Thai Bank, the Industrial Finance Corp. TISCO and CMIC Finance & Securities are the financial advisors and TISCO was the lead arranger. The project was refinanced in 2001 by Krung Thai, Thai Farmers and the Industrial Finance Corporation. National Energy Production Corp. and Jurong Engineering are the EPC contractors. Ishi Kawajima-Harima of Japan is the primary equipment supplier. Operational Energy Group, a subsidiary of Zurn Industries, was the project operator. Construction began in 1997, and the plant entered service in June 1999. In September 2005, Rojana announced that it would expand the project with a new 46 MW gas-fired cogeneration plant, also at the Rojana Industrial Park. The project was expected to cost 1.6 billion baht (US$39 million), and construction would begin in 2006. Funds for the expansion of the plant were included in the 2001 financing, with the expansion originally intended to enter operation from October 2003. None None