Sermsang Solar

active

The proposed investment consists of an IFC A loan of $34 Million to SPN (the Company or the Borrower), a wholly owned subsidiary of Sermsang Power Corporation Public Company (SSP or the Sponsor). The Sponsor was founded in 2015 and is a growing RE player based out of Thailand with a portfolio of around 370 MW RE projects across Japan, Thailand, Vietnam, Mongolia and Indonesia.  The IFC A loan to SPN will refinance existing debt of a 52 MWp operational solar power plant located in Lopburi, Thailand and prepay a corporate loan of the Sponsor (the Project). IFC is mobilizing another US$33 million parallel loan from a Thai commercial bank. The parallel loan will be used to pay off existing debts and the balance will be used by the Sponsor to finance potential acquisition, development and construction of renewable energy (RE) projects potentially solar farms, solar rooftops, wind and biomass across Asia. No IFC funds will be used to acquire or develop other projects identified by the Sponsor. The IFC loan and the parallel loan will be repaid from cashflows of the operational solar power plant in Lopburi under a ring fenced SPV structure with limited recourse to the Sponsor.