Serm Sang Lopburi Solar PV

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In January 2014 Serm Sang Lopburi Solar PV reached financial closure, as the $83.86 million debt financing became secured. This 52MW solar PV greenfield BOO project worth of $111.81 million was to be located in Lopburi, Thailand. The equity sponsor of the project was Tang Kim Heng Group, a parent company of Serm Sang Palang Ngan Co., Ltd., a SPV of this 52MW Solar PV project. Serm Sang Palang Ngan was joined by four high net worth individuals as equity investors. The sponsors have signed a five-year power purchase agreement with the Electricity Generating Authority of Thailand, which would be renewed for another five years provided there is no breach of contract. TMB Bank and Kasikornbank were the two lenders for the debt financing and provided $83.86 million debt facility for 10 years 11 months. The debt/equity ratio was 75:25 with $27.95 million equity for the project.