Loading grant details…
ICBC contributes USD 5.29 million to syndicated loan for Korat 5 Solar Power Plant Construction Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Steel Intertech Public Company Limited (SPCG Public Company Ltd.) |
| Country | Thailand |
| Start Date | Feb 01, 2013 |
| End Date | Dec 12, 2026 |
| Duration | 5,062 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 110169 |
Grant Description
ICBC contributes USD 5.29 million to syndicated loan for Korat 5 Solar Power Plant Construction Project in 2013 On February 1, 2013, Solar Power Company secured a syndicated loan from the Industrial and Commercial Bank of China (ICBC), Bank of Ayudhya (Krungsri), and Kasikornbank (KBank) for the construction of the Korat 5 Solar Power Plant.
ICBC contributed USD 5.29 million of a USD 15.89 million syndicated loan. The remaining contributions were made by Bank of Ayudhya (USD 5.31 million) and Kasikornbank (USD 5.29 million). The loan has a 10-year tenor.
It is unclear whether the loan was extended to Solar Power Company (for on-lending to its project companies) or to Solar Power (Korat 5) Co., Ltd. [KR5 or บริษัท โซล่า เพาเวอร์ (โคราช 5) จำกัด], a special-purpose vehicle created to manage the Korat 5 project.
KR5 is wholly owned by Solar Power Co., Ltd., which is itself a subsidiary of SPCG Public Company Limited (formerly Steel Intertech Public Company Limited).
The Korat 5 Solar Power Plant is a solar photovoltaic facility located in Kudjock Subdistrict, Bua-Yai District, Nakhon Ratchasima Province, Thailand. According to IJGlobal, the facility has a capacity of 5.88 MW, although other sources list the capacity as 7.4 MW.
The plant commenced operation on January 15, 2013, and was the tenth of 34 solar projects launched by SPCG under a long-term electricity distribution agreement with Thailand’s Provincial Electricity Authority (PEA). The facility is equipped with Kyocera solar panels and SMA inverters.
Staff Comments
- Korat 5 (KR5) is listed in SPCG’s 2012 investor presentation (GIZ slides) as Project 10 and part of a separate implementation and financing group from Korat 3, 4, and 7 (see Record ID: 64450). It was under construction in mid-2012 and achieved COD in January 2013, while Korat 3–7 were completed and operational by May 2012. Additionally, Korat 5 is 100% SPCG-owned, unlike the earlier Korat projects which were joint ventures with Ratchaburi Electricity Holding (RATCH) as a 40% equity partner.
- Korat 5 is the 10th project in a portfolio of 34 solar farms developed across Thailand by SPCG Public Company Limited between 2010–2014. See record ID: 64450 (Korat 3, 4, 7), ID: 110220 (Khon Kaen 4), and ID: 73189 (Khon Kaen 5 and 8).
- It is unclear if ICBC extended a loan to SPCG Public Company Ltd. (for on-lending) or to Solar Power (Korat 5) Co., Ltd.
- Legal advisers to the transaction included Clifford Chance (for the sponsor) and Hunton & Williams (for the lenders).
Sources & References
- Korat 5 Solar PV (5.88 MW) - Transaction - IJGlobal
- Solar Power (Korat 5) Co.,Ltd.
- Planning for Better Performance: Solar Farm Projects in Thailand
- Thai SPCG launches commercial operation of seven 6-MW solar projects
- SOLAR POWER ( KORAT 5 ) COMPANY LIMITED - Company Profile
- World Bank PPI
- SPCG COMPANY BACKGROUND
- LEAGUE TABLES
- Annual Report 2012 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Steel Intertech Public Company Limited (SPCG Public Company Ltd.)
Interested in applying for this grant?
Complete our application form to express your interest and we'll guide you through the process.
Apply for This GrantQuick Summary
Related Grants
