ICBC Thailand participates in THB 2.7 billion syndicated loan for 74MW Rayong Industrial Park Power Generation Plant Redevelopment Project

ICBC contibutions to THB 2.7 billion syndicated loan for 74MW Rayong Industrial Park Power Generation Plant Redevelopment Project In June 2022, EGCO Cogeneration Company Limited signed a THB 2.7 billion syndicated loan agreement with Bangkok Bank, Government Savings Bank, and Industrial and Commercial Bank of China (Thai) (ICBC Thailand) for the 74MW Rayong Industrial Park Power Generation Plant Redevelopment Project.

ICBC reportedly contributed THB 900 million to the syndicate.

This replacement project will allow EGCO Cogen to develop and construct a new replacement gas-fired cogeneration power plant, with a net capacity of 74 MW, at the location of its existing gas-fired cogeneration power plant in Rayong Industrial Park, Rayong Province.

The plant EGCO Cogen currently owns and operates in Rayong Industrial Park sells electricity to Electricity Generating Authority of Thailand (“EGAT”) under 21-year Power Purchase Agreement (“PPA”). The new power plant will serve a new 25-year PPA signed January 2022, under which the it will sell electricity to EGAT.

EGCO Cogen is 80% owned by Electricity Generating Public Company (EGCO Group) -- a Thai independent power producer -- and the remaining 20% owned by J-Power Holdings (Thailand) Co., Ltd. -- the Thai subsidiary of Electric Power Development Co., Ltd. (EDPC, or J-Power). The project is being financed by a mix of debt and equity, at a 75:25 debt-equity ratio.

As such, EGCO Group is providing the equivalent of USD $19.92 million and J-Power Holdings (Thailand) is contributing the equivalent of USD $4.98 million. TTCL Public Company Limited and TRC Construction, Inc. are the EPC contractors responsible for implementation.

Although construction was originally scheduled to commence in January 2022, construction began in May 2022 and commercial operation began on January 28, 2024.