Solar Power (Korat 1) Company Limited

pending

The proposed project is a facility of up to ThB230 million (approximately equivalent to US$7.1 million), to be used to invest equity in Solar Power Company Limited (“SPC”), a Thai developer of grid-tied megawatt-scale solar photo-voltaic (“PV”) projects, and the first four SPC solar farm projects in Thailand (the “Facility”). SPC is developing a pipeline of projects in Thailand and its first project is a green-field 6 megawatt peak (“MWp”) grid-tied solar photovoltaic power plant located in Nakhonratchasima, Thailand, developed as a special purpose vehicle (“SPV”), Solar Power (Korat 1) Company Limited (“SP(KR1)”). SPC has another 33 approved licenses for 6MWp solar farms which it also plans to develop as SPVs, subsequent to the successful operation of SP(KR1). SP(KR1) is expected to go into operation in the second quarter 2010 and the next three projects to be developed (SPC2, SPC3 and SPC4) are expected to start construction by July 2010. Both SP(KR1) and the subsequent solar farms will be developed under Thailand’s Very Small Power Project (“VSPP”) program which supports independent generators smaller than 10MW to sell power to the Provincial Electricity Authority (“PEA”), one of two government owned distribution companies. The power purchase agreement term for such projects is initially for five years with automatic renewal every five years.