Completed Development AidData Chinese Aid

ICBC contributes USD 5.27 million to syndicated loan for Surin 1, Surin 2, and Surin 3 Solar Power Plant Construction Project

$5.27M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Steel Intertech Public Company Limited (SPCG Public Company Ltd.)
Country	Thailand
Start Date	Oct 04, 2013
End Date	Nov 24, 2030
Duration	6,260 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`110243`

Grant Description

ICBC contributes USD 5.27 million to syndicated loan for Surin 1, Surin 2, and Surin 3 Solar Power Plant Construction Project On October 4, 2013, Solar Power Company secured a syndicated loan from the Industrial and Commercial Bank of China (ICBC), Kasikornbank (KBank), and Bank of Ayudhya (Krungsri) for the construction of the Surin 1, Surin 2, and Surin 3 Solar Power Plants in Thailand.

Each funding agency contributed 33.33% of the value (USD 5.27 million) of a USD 15.81 million syndicated term loan.

📋 Loan / Grant Terms

💰 Loan Amounthas a 10-year tenor

It is unclear whether the loan was extended to Solar Power Company Limited (for on-lending to its project companies) or directly to the special-purpose vehicles established for each sub-project: Solar Power (Surin 1) Co., Ltd. [บริษัท โซล่า เพาเวอร์ (สุรินทร์ 1) จำกัด], Solar Power (Surin 2) Co., Ltd.[บริษัท โซล่า เพาเวอร์ (สุรินทร์ 2) จำกัด], and Solar Power (Surin 3) Co., Ltd [บริษัท โซล่า เพาเวอร์ (สุรินทร์ 3) จำกัด].

All three SPVs are subsidiaries of Solar Power Company Limited, which is itself a subsidiary of SPCG Public Company Limited (SPCG, formerly Steel Intertech Public Company Limited).

📋 Loan / Grant Terms

💰 Loan Amountare unknown

Surin 3, Surin 1, and Surin 2 are the 29th, 33rd, and 34th projects in SPCG’s nationwide portfolio of 36 solar farms constructed between 2010–2014.

Surin 3 is located in PhonKhrok Subdistrict, Tha Tum District, Surin Province, and commenced operations on April 29, 2014.

Surin 2 is located in Ban Sob Subdistrict, Samrong Thap District, Surin Province, and commenced operations on June 27, 2014.

Surin 1 is located in Nong Ha Subdistrict, Samrong Thap District, Surin Province, and commenced operations on June 27, 2014.

PEA ENCOM International Co., Ltd. is a shareholder in the Surin 1 and Surin 2 projects, while SPCG holds 100% equity in Surin 3. Each facility has a planned capacity of 7.46 MW (22.38 MW total).

📋 Staff Comments

This record covers three SPCG solar farm projects (Surin 1, Surin 2, and Surin 3). It is unclear whether they were financed under the same syndicated loan agreement or separately. It’s also unclear whether ICBC extended the loan to Solar Power Company Limited or to the individual SPVs. These issues warrant further investigation.
Equity ownership varies across the three projects: Surin 3 is wholly owned by Solar Power Company, while Surin 1 and Surin 2 are partly owned with PEA ENCOM International Co., Ltd, a wholly owned subsidiary of Thailand’s Provincial Electricity Authority (PEA).
The World Bank Private Participation in Infrastructure (PPI) document lists SPC Power Corp, a Philippines-based energy company, as the sponsor/recipient of the Surin solar projects. This doesn't match any other records however.
Surin 1, 2, and 3 are a part of a portfolio of solar farms developed across Thailand by SPCG Public Company Limited between 2010–2014. See record IDs: 64450 (Korat 3, 4, and 7), 73189 (Khon Kaen 5 and 8), 110169 (Korat 5), 110219 (Khon Kaen 3), and 110220 (Khon Kaen 4).
Legal advisers to the transaction included Clifford Chance (for the sponsor) and Hunton & Williams (for the lenders).

📚 Sources & References

World Bank PPI
LEAGUE TABLES
Annual Report 2012
Surin Solar PV (22.38MW) - Transaction - IJGlobal
Solar Power (Surin 3) Co.,Ltd.
Solar Power (Surin 2) Co.,Ltd.
Solar Power (Surin 1) Co.,Ltd.
SPCG COMPANY BACKGROUND
Thai SPCG concludes work on 250-MW solar portfolio
Planning for Better Performance: Solar Farm Projects in Thailand
Solar Power Surin 2 Co Ltd
How Thailand’s Energy System Is Structured 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.