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China Eximbank provides loan for 260MW Hanuman Wind Farm Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Banchuan Development Co., Ltd. (BCD)|Benjarat Development Co., Ltd. (BJRD)|Nayangklak Development Co., Ltd. (NYKD)|Nayangklak Wind Power Co., Ltd. (NWP)|Pongnok Development Co., Ltd. (PND) |
| Country | Thailand |
| Start Date | Jan 01, 2017 |
| End Date | Mar 16, 2031 |
| Duration | 5,187 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 62177 |
Grant Description
China Eximbank provides loan for 260MW Hanuman Wind Farm Project Thailand-based, publicly-held Energy Absolute (EA) Public Company Limited is the parent company for the following separate project companies: 1) Nayangklak Development Co., Ltd. (“NYKD”), 2) Pongnok Development Co., Ltd. (“PND”) 3) Nayangklak Wind Power Co., Ltd. (“NWP”), 4) Benjarat Development Co., Ltd. (“BJRD”), and 5) Banchuan Development Co., Ltd. (“BCD”).
These subsidiaries are responsible for designing, financing, implementing, and maintaining five separate wind farms: Hanuman 1 (45MW), Hanuman 5 (48MW), Hanuman 8 (45MW), Hanuman 9 (42MW), Hanuman 10 (80MW) in Thailand.
In 2017, China Eximbank provided debt financing to one or more of EA's project companies for the 260MW Hanuman Wind Farm Project.
The proceeds of the China Eximbank loan appear to have been used by the borrower(s) to finance several commercial contracts between PowerChina and Energy Absolute (EA) Public Company Limited.
However, it is known that the loan was supported by a Sinosure credit insurance policy.
The purpose of the project was to construct a 45MW wind farm in Thebsathit District, Chaiyaphum Province (Hanuman 1), a 48MW wind farm in Thebsathit District, Chaiyaphum Province (Hanuman 5), a 45MW wind farm in Thebsathit District, Chaiyaphum Province (Hanuman 8), a 42MW wind farm in Thebsathit District, Chaiyaphum Province (Hanuman 9), and an 80MW wind farm in Bamnetnarong District, Chaiyaphum Province (Hanuman 10).
PowerChina was the EPC contractor responsible for implementation. The project commenced on or around April 25, 2018. It was completed on January 23, 2019.
The electricity output from the project was expected to be sold to the Electricity Generating Authority of Thailand (EGAT), per the terms of a power purchase agreement (PPA) that was signed on September 25, 2013.
Staff Comments
- This project is also known as the 260MW Hanuman Wind Farm Phase II Project. The Chinese project title is 泰国EA二期风电工程总承包项目.
- Energy Absolute (EA) Public Company Limited is a Thailand-based, publicly-held company engaged in renewable energy businesses. It was founded as Pure Energy PLC in 2008 with 50 million baht and construction of a biodiesel plant at Kabinburi Industrial Estate, Prachinburi Thailand. By 2011 increased capital to THB 305 million and began operational and investment expansion into renewable energy generation with the EA Solar Company Limited and the 8 MW solar PV farm at Lopburi. The company holds NYKD and NWP via Wind Nayangklak Co., Ltd. (“WNYK”) in the amount of 99.99 percent of WNYK’s authorized capital. The company holds PND and BJRD via Wind Progressive Co., Ltd. (“WPGS”) in the amount of 99.99 percent of WPGS’s authorized capital. The company holds BCD via Wind Tossaphum Co., Ltd. (“WTSP”) in the amount of 99.99 percent of WTSP’s authorized capital. It is unclear which project company (companies) benefited from a China Eximbank loan. This issue requires further investigation.
- The estimated face value of the loan ($106,728,293) is drawn from the Lowy Institute's Southeast Asia Aid Map (https://seamap.lowyinstitute.org/analysis/climate-development-finance-southeast-asia/).
Sources & References
- Energy Absolute Public Company Limited
- Eximbank Power Sector Projects in Asia.pdf
- 电力篇
- 电建中南院泰国EA二期风电EPC项目全部机组吊装完成
- 落实“一带一路”倡议 中国进出口银行在行动
- 中国电力建设股份有限公司 2017年1月至9月新签合同情况公告
- Energy Absolute Public Company Limited
- Environmental and Social Compliance Audit
- THA: Green Loan for Renewable Energy and Electric Vehicle Charging Network Project
- Energy Absolute Annual Report 2014, https://www.set.or.th/set/pdfnews.do?newsId=14575680025730&sequence=0
- Disclosure the Information in respect of the acquisition transaction - Wind Farm Project Investment 'Hadkanghan 1-3 Project'
- Pöyry to work in one of the biggest wind farm projects in Thailand
- 中国电建中南院泰国EA二期风电EPC项目全部机组吊装完成
- 合作纽带 共赢之路 & 落实“一带一路”倡议 进出口银行在行动
- 中国出口信用保险公司
- Rising climate development finance yet outlook uncertain
- 电建中南院泰国EA二期风电EPC项目全部机组吊装完成
- Pöyry offers commissioning services 260MW wind farm in Thailand
- 落实“一带一路”倡议 中国进出口银行在行动
- SINOSURE
- 中国出口信用保险公司 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
Banchuan Development Co., Ltd. (BCD)|Benjarat Development Co., Ltd. (BJRD)|Nayangklak Development Co., Ltd. (NYKD)|Nayangklak Wind Power Co., Ltd. (NWP)|Pongnok Development Co., Ltd. (PND)
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