Completed Development AidData Chinese Aid

ICBC contributes THB 379,250,000 to syndicated loan for Korat 3, Korat 4 and Korat 7 Solar Power Plant Construction Project

$379.25M USD

Funder	Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBC Thailand)
Recipient Organization	Steel Intertech Public Company Limited (SPCG Public Company Ltd.)
Country	Thailand
Start Date	Jan 01, 2012
End Date	Aug 19, 2027
Duration	5,709 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`64450`

Grant Description

ICBC contributes THB 379,250,000 to syndicated loan for Korat 3, Korat 4 and Korat 7 Solar Power Plant Construction Project In 2012, Steel Intertech Public Company Limited (SPCG Public Company Ltd.) disclosed that it had contracted one or more syndicated loans with the Industrial and Commercial Bank of China (Thai) Public Company Limited (Thai ICBC), Bank of Ayudhya Public Company Limited, and Kasikornbank Public Company Limited for the Korat 3, Korat 4 and Korat 7 Solar Power Plant Construction Project.

Thai ICBC contributed 25% of the value (THB 128,000,000) of a THB 512,000,000 syndicated loan for the Korat 3 Solar Power Plant Construction Project that was issued on February 3, 2012.

Thai ICBC contributed 25% of the value (THB 129,375,000) of a THB 517,500,000 syndicated loan for the Korat 4 Solar Power Plant Construction Project that was issued on February 3, 2012.

Thai ICBC contributed 25% of the value (THB 121,875,000) of a THB 487,500,000 syndicated loan for the Korat 7 Solar Power Plant Construction Project that was issued on February 3, 2012. It is unclear if one loan was issued for all three sub-projects or three separate loans were issued. The borrowing terms of the loan(s) are also unknown.

Solar Power (Korat 3) Co., Ltd. [KR3 or โซล่า เพาเวอร์(โคราช 3] is a solar farm project located in Sam-Muang Sub District, Srida District, Nakhon Ratchasima Province. KR3 commenced operations on 9 March 2012.

Solar Power (Korat 4) Co., Ltd. [KR4 or โซล่า เพาเวอร์(โคราช 4)] is a solar farm project that is located at Tha-Arng Sub District, Choke-chai District, Nakhon Ratchasima Province. KR4 commenced operations on 14 May 2012.

Solar Power (Korat 7) Co., Ltd. [KR7 or โซล่า เพาเวอร์(โคราช 7)] is a solar farm project located in Dann Nai Sub District, Dann Khun-Tod District, Nakhon Ratchasima Province. KR7 commenced operations on 30 May 2012.

📋 Staff Comments

Thai ICBC is 97.24% owned by the Industrial and Commercial Bank of China Limited.On August 4, 2011, Steel Intertech Public Company Limited (SPCG Public Company Ltd.) and Ratchaburi Electricity Generating Holding Public Company Limited signed a joint venture agreement to establish 3 project companies — Solar Power (Korat 3) Company Limited, Solar Power (Korat 4) Company Limited and Solar Power (Korat 7) Company Limited — that would be responsible for the design, financing, implementation, and management of the Korat 3 Solar Power Plant, Korat 4 Solar Power Plant, and the Korat 7 Solar Power Plant. It is unclear if ICBC extended a loan to SPCG Public Company Ltd. (for on-lending to its project companies) or to the project companies themselves. This issue merits further investigation.

📚 Sources & References

LEAGUE TABLES
Background
Solar Power (Korat 3) Co.,Ltd.
Solar Power (Korat 7) Co.,Ltd.
Solar Power (Korat 4) Co.,Ltd.
World Bank PPI
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.