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ICBC contributes USD 5.29 million to syndicated loan for Khon Kaen 3 Solar Power Plant Construction Project (linked to record IDs #73189, #110220)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Steel Intertech Public Company Limited (SPCG Public Company Ltd.) |
| Country | Thailand |
| Start Date | Feb 12, 2013 |
| End Date | Oct 07, 2028 |
| Duration | 5,716 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 110219 |
Grant Description
ICBC contributes USD 5.29 million to syndicated loan for Khon Kaen 3 Solar Power Plant Construction Project On February 12, 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 Khon Kaen 3 Solar Power Plant.
Each funding agency contributed 33.33% of the value (USD 5.29 million) of a USD 15.87 million syndicated loan. The loan has a 10-year tenor.
It is unclear whether the loan was extended to Solar Power Company (for on-lending) or to Solar Power (Khon Kaen 3) Co., Ltd. [KK3 or บริษัท โซล่า เพาเวอร์ (ขอนแก่น 3) จำกัด], a special-purpose vehicle created to manage the KK3 project.
KK3 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 remaining borrowing terms are unknown.
The Khon Kaen 3 Solar Power Plant is a solar photovoltaic facility located in Nampong Sub District, Nampong District, Khon Kaen Province, Thailand. According to IJGlobal, the facility has a capacity of 7.4 MW.
The plant commenced operation on January 17, 2013 and was part of SPCG’s portfolio of solar farms launched 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
- It's unclear if ICBC extended a loan to SPCG Public Company Ltd. (for on-lending to its project companies) or to Solar Power (Khon Kaen 3) Co., Ltd directly.
- Khon Kaen 3 is the 13th project in a portfolio of 34 solar farms developed across Thailand by SPCG Public Company Limited between 2010–2014. See record ID #110220 (Khon Kaen 4) and #73189 (Khon Kaen 5 and 8).
- Legal advisers to the transaction included Clifford Chance (for the sponsor) and Hunton & Williams (for the lenders).
Sources & References
- Khon Kaen 3 Solar Power Project (5.88MW) - Transaction - IJGlobal
- World Bank PPI
- Solar Power (Khon Kaen 3) Co.,Ltd.
- Khon Kaen 3 Solar Power Plant (Solar)
- SPCG COMPANY BACKGROUND
- Planning for Better Performance: Solar Farm Projects in Thailand
- Thai SPCG launches commercial operation of seven 6-MW solar projects
- 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.)
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