Press Releases
27/01/2010
International Power Completes Financing for 110MW Project in Thailand
(London – 27 January 2010) International Power plc is pleased to announce that it has signed a power purchase agreement (PPA), an engineering procurement and construction (EPC) agreement and has successfully completed the financing for Thai National Power 2 (TNP2), a new 110MW gas-fired cogeneration project in Thailand. The TNP2 project will be located on a site adjacent to International Power's existing 143MW Thai National Power (TNP) gas-fired power plant.
The majority of the output from the new plant (90MW) will be sold to the Energy Generating Authority of Thailand (EGAT), under a 25-year PPA, with the balance of up to 20MW sold to industrial users. The new plant, which will be operational in 2012, will be owned and operated as a 100% subsidiary of the existing TNP project.
Philip Cox, Chief Executive of International Power, said, "The requirement for new generation capacity continues to grow in Thailand, and we are pleased to have successfully developed and financed the TNP2 project on attractive terms."
The total project cost is estimated to be THB4,400 million (£82 million). A total of THB4,100 million (£76 million) will be raised, representing a new term loan to fund the new TNP2 project, and the releveraging of the existing asset. The debt equity ratio of the two projects combined will be 75:25. The balance of THB300 million (£6 million) will be provided by International Power. The financing banks are Kasikorn Bank and Bank of Ayudhya.
The TNP2 project will be constructed by IHI/Jurong under a fixed price, turnkey EPC contract utilising General Electric LM6000PF gas turbines. Natural gas will be supplied by the Petroleum Authority of Thailand under a 25-year gas supply agreement. As a result of its close proximity to the existing plant, the new project will benefit from common facilities and will be operated by TNP under a similar arrangement to the existing plant.
Notes to Editors:
Jurong Engineering is a leading Singapore based construction company and is a subsidiary of Ishikawajima Heavy Industries (IHI) of Japan
International Power owns 100% of the existing TNP plant.
An exchange rate of £1:THB53.37 has been applied in this announcement.
For further information please contact:
International Power
| Investor Contact: | Media Contact: |
| Aarti Singhal | Beth Akers |
| Telephone: +44 (0)20 7320 8681 | Telephone: +44 (0)20 7320 8622 |
About International Power
International Power plc is a leading independent electricity generating company with 32,358MW gross (20,648MW net) in operation and 3,430MW gross (1,128MW net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, Belgium, Canada, France, Germany, Italy, the Netherlands, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Pakistan, Puerto Rico and Thailand. International Power is listed on the London Stock Exchange with ticker symbol IPR. Company website: www.ipplc.com
